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3 Things to Know Before You Sell Gold

Gold has rarely been easier to sell!

Unfortunately, on the flip side of this, it has also rarely been riskier to sell…

The risk involved with sell gold is due to the precious metal’s habit of hitting price records so often – at times, daily.  Add to that the fear and unpredictability of financial markets and selling can be daunting!

That’s why it is important to use a trusted platform that minimises your risk and offers guarantees!

Let’s take a look at 3 things you should know before selling your gold.

Know Your Gold

You could find all sorts of horror stories about people not fully understanding the gold they had until they sold it off or melted it down.  I won’t bore you with those stories here…

Instead, I’ll advise you to make sure you know what you own before you do anything with it.

The two worries here are that you:

  1. Sell a piece of gold without knowing its true value and therefore sell it for much less than it is worth, and that you;
  2. Melt down some gold to sell, not realising that it is more valuable in its current form than it is as scrap.

Make sure you know the value of your possession and find out whether it is more valuable as it is or as scrap.

Know Your Karats

Similarly, know the karat value of your gold!

And don’t let anyone try and undervalue your gold by ignoring its karat value.

This is why selling your gold in a social setting, such as in “gold parties” organised by neighbours or friends, can be difficult – it’s best for your gold to be professionally evaluated.  Unless one of your friends is a professional, it’s likely that the gold on sale will not be evaluated very well…

On top of that, in these kinds of group settings, often gold is bunched together and sold as a package.  In these cases, sellers are often paid according to the lowest karat value of an item in the collection.  Do not accept those terms.

Know Your Buyer

Finally, like anything, figuring out where to sell your gold can be difficult.  Also like anything, often the most visible, most advertised methods are not the most reliable.  In particular, we recommend avoiding your local gold kiosk…

There are three main avenues for you to sell your gold:

  1. Reputable online gold buyers;
  2. Bullion pawnshops, and;
  3. Local jewellers.

This is very important: selling online will almost always get you the best price!

The internet has provided us with markets of seemingly infinite size, certainly much bigger than you could find in any store or kiosk.  So make use of it!

In Sum

There are a fair few considerations to make when selling things in general – gold in particular is complicated.

Knowledge is key – you ought to know exactly what it is you own, what its karat value is, and where best to sell it.

Professionals should be involved at some stage in the process to help with this information.  And make use of online resources.

Good luck with your gold!

Author Bio:
Rajiv Sinha is a writer at La Dolce Studio, a researcher, and a musician. When he isn’t reading or working, he can be found in one of London’s treasured parks.