Are you thinking of selling some of your gold but not sure it’s worth it? The good news is that there are plenty of gold buyers out there who would be interested in taking gold jewelry, coins, platinum, diamond jewelry, or even gold bars (if you’re lying around!) Off their hands, but want to make sure you get the best deal possible.
The last thing you want is to go through the hassle of selling your gold only to find out that you have been given an unfair hand. There are many considerations to be made before you do so Sell gold To make sure you are getting a fair price, and there are also factors that contribute to gold prices that you should know about (don’t worry, we’ll cover these later).
Read on for tips on selling your precious metals and the pros and cons of redeeming your gold.
Benefits of Selling Gold for Cash
- You can get Money fast – You have a few options to sell your gold, but if you want easy cash, online sales can be explored. Lots of online gold buyers like Postgoldforcash.com Try to send you payment for your gold within 24 hours of receiving it.
- There is always a demand for it – Gold is the type of valuable commodity that is always bought and sold (although demand can fluctuate depending on the supply of gold and economic changes that can affect the value of gold).
- Many different types of gold can be sold – Whether you have gold coins, gold bars, watches or other gold jewelry, all types of scrap gold can be sold for a decent profit.
Disadvantages of selling gold for cash
- You may not always get a fair deal – Ultimately, businesses want to make a profit, and there are buyers to take advantage of those who don’t know the real value of their gold or are desperate for some easy buck. This means that it is important to look for gold buyers first. We’ll share some tips later on how to sell gold at the best price.
- Gold can be a great investment – Since gold has been viewed as a valuable asset in the past, it may be worth holding onto your scrap gold in case it increases in value over time.
- Gold jewelry can have sentimental value – Sometimes gold objects have more value to us in terms of mood than something more tangible. Unfortunately, scrap gold buyers do not pay any additional costs for specific background stories about their gold. If you have gold jewelry that you care about, selling it may not be a good idea.
How to sell gold at the best price
Here are our top tips on how to sell gold at the best price:
1. Understand the value of your gold
Check the characteristics of your gold and weigh it to get an idea of how much your gold items could be worth based on the current gold price. Gold is weighed using the Troy measuring system.
Alternatively, you can reach out to some of your local jewelers and ask if they could rate your gold items (chances are they have more accurate scales and, with their expert eye, give you a clearer idea of what it’s worth). Keep in mind, however, that if they are interested in buying your gold for themselves, they may not give you full value! It is therefore a good idea to have your gold valued by more than one jeweler.
Remember that a number of factors can affect the price of gold, including the current price of gold (based on supply and demand), the weight and purity of the gold, and any changes in the economy.
2. Sell at the right time
You may not know this, but the price of gold changes daily based on supply and demand. The UK gold price per gram is determined by the London Bullion Market Association (LBMA) and is changed twice a day depending on the amount of gold traded on online auctions. In essence, when there is low supply but high demand, the price of gold goes up. When there is high supply but low demand, the price of gold will go down – so sell when the price of gold is high! You can see gold prices live here.
3. Compare gold buyers
If you’re looking for quick money, it can be tempting to sell to one of the first gold buyers you come across … but you risk not getting the best deal on your gold. Try to do your research on a few different jewelers and online gold buyers, and make note of all the other benefits of their services. Here are some things to ask yourself while looking at gold buyers:
How much experience do you have?
Everyone has to start somewhere, but if you’re looking to sell to a relatively new company it might be worth selling to reputable gold buyers who have years of experience valuing and buying gold.
Do you offer a price guarantee?
Companies that offer a price match guarantee promise to match the price of the offers you have received from other gold buyers.
Do you have positive reviews?
Be sure to check a company’s customer reviews before deciding to sell gold to that company. Most companies will post their reviews and testimonials on their websites, but you can check this out too Trustpilot for a deeper insight.
For online gold buyers, what is their postal service and are you obliged to sell to them once you have sent your gold?
The last thing you want to do is lose valuable items or spend your own money on safe postage. Find out how the gold sales process works and see if your gold items are returned if you are not satisfied with the offer.
Alternatively, you can save time by checking out a comparison page to see someone else’s experience with various online gold buyers.
4. Know who you are selling to
Even if you get a pretty deal, make sure you can trust the gold buyer. Check out the online customer reviews to see what others are saying about their services before deciding to ship your gold jewelry or other precious metal items.
5. Don’t be afraid to haggle for the best price
If you get an offer that you are not entirely satisfied with, try your luck at haggling to get the price higher. Whether you want to sell gold online or through local jewelers, try to get quotes from a number of gold buyers so you are ready to negotiate. After all … there’s no harm in trying!
But remember, if you want to haggle successfully, you should stay friendly and ask for one realistic Price to pit the company against competing gold buyers who sent you offers if you can – remember these should be real offers that you received as they will likely ask for evidence of this.
So there you have it – gold can be worth selling for cash if you find the right buyer and sell gold at the right time and at the best price.
Check out some of our other articles make money fast and Sell your stuff for more ideas?
* This is not financial or investment advice. Remember to do your own research and speak to a professional advisor before parting with any money or property.