Selling gold much like buying gold requires research
Before looking for the best places to sell gold, you will benefit greatly from researching gold and understanding the value it holds.
Gold is a precious metal that has been increasing in value since the 1930s. This makes gold a great investment whether you purchased some gold coins in the last ten years or have some old broken jewelry given to you from an older relative. Having gold in any quantity or quality is a good investment as long as you educate yourself on how to sell gold effectively. With the right amount of knowledge and patience, anyone can turn gold into cash. Research is what helps first time gold sellers avoid costly mistakes that may affect the amount you receive when selling your gold. To sell gold effectively you will need to first determine what you have, find gold buyers in your area that you can trust, and then negotiate with those gold buyers.
Determining what type of item you have will by far be the easiest task as long as you don’t have a foreign or vintage coin that you are not familiar with. If you want to sell your gold jewelry start basic, you will need to know what type of jewelry you have such as ring, bracelet, necklace, or just some broken scrap jewelry. Once you know what type of item you have, it is helpful to determine the karat of your item to sell gold jewelry. The karat stamp is normally stenciled in on the item in plain sight on the inside of a ring or end of a chain. If you cannot locate a karat stamp on your item then that does not mean that your item is not gold. Some custom made jewelry will not be stamped and in some cases older jewelry’s karat stamp can wear off over time. In this case you can determine that your item is 10 karat as an industry standard and the lowest karat most gold buyers will purchase.
Now that you can give a description of your item, you are ready to sell gold effectively. You will need to start to contact gold buyers who look for people who are trying to sell their gold. To save time it is best to call around first before making a trip and wasting time and gas. When on the phone with a gold buyer take notes on what the gold buyer says. These notes will be helpful for you when selling your gold because gold buyers speak with people who want to sell gold frequently and obtain a lot of information doing so. If you are considering selling your gold, the most important notes you will need from each gold buyer is how much they are offering and what is their business called. Gold buyers look for people who are willing to sell gold frequently and will became more aggressive with their quoting if they think it will steal business from a competitor.
After you call around and locate your top 5 highest quoting gold buyers, you will need to map out a route to be able to visit each store. This seems as if it may cost you some money in gas but the amount of money that you will make over what you were quoted will be worth it. The reason you need to approach each gold buyer in person to sell gold is that gold buyers are very competitive with each other. It is common practices in the buy gold sell gold industry because gold buyers know that if they can beat a competitors price it will be unlikely that you will return to that competitor. This is based on the assumption that you would not want to sell gold to the lowest bidder. Once you view a gold buyer as the lowest bidder it would be unreasonable for you to return to their store to sell gold with high hopes that they will beat your highest bidder’s price. Gold buyers will also be more aggressive with their quotes when you are in the store to keep you from leaving and speaking to another competitor.