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How do I get a good deal from buyers of gold?

by Aishwarya Gaikwad
How do I get a good deal from buyers of gold?

Gold is a reliable safety net that can help you out in case of an immediate requirement of cash. It is considered to be the most rewarding investments long-term and can be a profitable asset if you know how to buy and sell it properly. Whether it’s a medical emergency that has bills piling up or you are just in a pickle about your finances, gold can come to your rescue. It can buy you some time to plan your finances. Alternatively, people also sell gold when they expect it to yield a high value or simply wish to redistribute their investments.

Selling gold requires you to be good at negotiation. To get cash for gold, you need to find the best buyer. You also need to know the type of gold you have and determine its value. The resale value of gold is based on the market price of  24 carat gold. The lesser is the karat of the gold you have, the lesser will be the amount that you receive on selling it.

To get a fair price for the gold you are selling, you need to keep certain factors in mind. Educating yourself on this matter can help you save yourself from any scammers who may use your ignorance to earn more profits for themselves. The first step of the same is to understand how gold buyers function. This comprehensive guide can help you recognize the nitty-gritty of selling gold and getting the best deal from the buyers.

Know where to sell

To get cash for gold offers, you need to know the best place to sell the gold. Following are the merchants that you can go for:

  • Online gold buyers- Some people have reservations about selling gold online. But with a reputable online buyer, you can be assured about the safety of the transaction. You can get your money 24-48 hours after mailing the gold to the buyer. When selling to an online buyer, make sure to check the credentials and reputation of the company.
  • Local jewelry store- You can choose to sell the gold to your local jewelry stores. This is convenient and helps you get cash immediately. A trusted local jewelry store can be the most secure bet if you want to get instant money. Make sure to know that you can end up bearing some loss in the price when you sell to a local jeweler.
  • Pawn stores- Many pawn shops also deal in gold jewelry and coins. Using this method, you can get cash instantly but be aware that you will get a much lower price as compared to when you sell to an online gold buyer.

Another option can be a refining company. Even though they offer full market value, the problem is that they only deal in bulk. So it is implausible for such companies to trade with sellers with a small amount of gold.

Find out the value

It is important to figure out the value of the gold before you head out for selling it. You can weigh your gold using a kitchen scale and use an online calculator to determine the value. The price is not difficult to find out if you know the gold’s weight and purity. Once you have determined the value on your own, call around local buyers to find out how much they will pay for your gold. You can also choose calculators available online to find out the value of your gold items. This price is affected by today’s gold price, the karat of your gold, and the weight. When you are selling gold bars or coins, you can expect to get up to 90% of the market value, but in the case of jewelry, you may only get 70-80%. Keep this in mind when looking for a buyer.

The right time to sell

You can get the right value for your gold when the economy is weak. This means that when the stock market and other assets are not performing well, gold is likely to be valued higher. If you can afford to, hold on to the gold until it’s the right time to sell it.

Following are some of the practices that can help you get the best price for your gold:

  • Whether you are selling to online gold buyers or choosing local jewelers, make sure to negotiate the price with them. Try asking for the amount you think is fair. You could benefit from a friendly negotiation if you quote reasonable prices.
  • Look for a buyer that specializes in the type of gold you are looking to sell. This will help you get the most optimal prices.
  • If you think that the price being offered is too low or unfair, don’t be afraid of saying no.
  • Compare multiple buyers if you have the time to do so. This will help you get the best deal possible.
  • You should make sure to check the company’s reputation. Read up experiences that previous customers have had with the online buyer to find out what you are getting yourself into.
  • You can get a better price for the gold jewelry you sell if you have the original receipts and other associated items.
  • If you have an item that is a valuable or antique piece, look for authentic cash for gold dealer to get the right deal and do not end up selling it for scraps.

The bottom line

With gold prices at high levels, now is an excellent time to look for gold buyers for the old jewelry or scraps that you have lying around. Dedicating time to do proper research on the best possible prices can help you get a profitable deal. Make sure you trust the buyer that you are selling the gold to. If the buyer is low-balling the price, don’t be afraid to walk out. With some comparison and research, you can find out the best buyer for your gold.

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