If you’re wondering where to sell your gold in Toronto, you need to know what your options are.
Gold can be valuable as a personal possession and an asset, sentimentally and financially. But it’s not always easy to sell your gold for the price it is worth.
That’s why finding the right gold buyer in Toronto can make all the difference. You wouldn’t want to sell your old collectible hockey cards for less than the price they’re worth. The same holds true for your gold.
Before you figure out which option is right for you, it helps to know what kinds of gold are sellable, and how buyers in Toronto will evaluate the price of your gold.
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What Kinds of Gold are Sellable?
Gold coins, jewellery, cutlery, and other objects made of the precious metal are sellable. So too is gold bullion: gold bars, ingots, rounds, and coins that are officially recognized for being at least 95.5% pure gold and are often kept as a reserve by government, central banks, and institutional investors.
1 oz is the standard size for gold coins (and bars), but they also come in other sizes. In Canada, sales taxes don’t apply to gold bullion, and you can include gold bullion in your RRSP. That means that, by investing in physical bullion, you gain the tax advantages that come with contributing to your retirement savings.
How is Gold Evaluated?
If you’d like to try to evaluate your gold on your own, before you take it to a buyer, there are a few reliable methods. To determine whether an object is made of authentic gold, for instance, you can use a magnet: if the gold sticks to the magnet, it’s not pure. You can also use a magnifying glass to determine the karat or purity percentage number of your gold. The numbers should be on the gold objects themselves.
However, there’s only so much you can do on your own. So, when looking for the best place to sell gold in Toronto, it’s important to understand what additional factors expert gold buyers may take into consideration when evaluating your gold, especially your gold coins or jewellery. These factors may include
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- Purity (22 karat gold will typically sell for more than 14 karat gold)
- Current market value
- Production cost
- Melt Price
The right gold seller will explain how they evaluate each factor so that you fully understand the value of your gold.
Keep in mind that experts at gold sellers in Toronto might offer you more for your gold than banks, and experts at some individual gold sellers will evaluate your gold for free.
Finding an affordable expert at a gold buyer in Toronto that will offer you an honest price is essential. That’s why it’s wise to shop around and look up reviews.