If you’ve been hanging onto some gold coins or jewellery for years, you might be wondering if now is a good time to sell. Depending on several factors, your gold could fetch a handsome price, but you need to know what you’re doing. Here are some insider tips for selling your gold and yielding the highest price.
Do Your Research
Before you even think about going to a buyer, you want to do some homework. For one thing, check out the rates so that you know what gold is currently going for. This will give you a better idea of how much you can expect to earn when you go to sell. As you’re looking for jewellery exchanges and gold buyers in your area, do some digging around so you can learn more about them. What do their previous clients say? Do they have any accreditation? How long have they been in business? Avoid pop-up kiosks or large-scale exchanges, as these are usually full of less-than-honest buyers.
If you have the time and patience, you can do some of your own research to learn more about how buyers appraise gold bars, coins, jewellery, and more. Besides looking at weight, they test the purity of the gold. In addition, they will determine the price based on whether the gold is free-standing or part of a larger accessory.
Explore Your Options
Another tip is not to sell gold to the first buyer that you come in contact with. Each jeweller uses a different scale, and there could be some buyers that have inaccurate readings. It is in your best interest to go to several buyers so that you can get a reading from each of their scales. Keep a small notebook and pen with you so that you can jot the weights down for future reference. Even though it can be tempting to take the first good offer you hear, wait it out until you have explored all of your options.
Speaking of which, you should check the credentials of each buyer. Do they have a licence to sell gold? If not, you are better off taking your business elsewhere.
It is your right as a customer and seller to ask any questions that you might have. Don’t feel as though you’re being pushy or annoying. Professionals always have a list of questions that they ask their buyers before clinching a deal. This includes questions about the buyer’s certification and experience, the equipment they use, and details on their policies.
Amateur buyers might get upset that you’re bothering them with queries, but if they were seasoned professionals, they would have no problem revealing their credentials or business practices. Impatience and a pushy attitude are signs that this person is trying to take advantage of you.