Are you ready to sell some of your gold? Whether you own gold bullion such as coins or bars, gold rounds, gold jewellery, or even high-end gold watches, there’s a market to sell them. Gold investors who deal chiefly with bullion have the easiest time selling gold, but to keep down costs and fees, they may need to do some digging to get the best return. If you’re selling gold jewellery or other types of gold, you face a tough marketplace where you will have to do your research to get the best possible price.
Follow these 4 steps to get a better price on your gold. You don’t have to accept the first offer you get.
1) Look up Gold Prices
The spot price of gold is constantly changing. Before you sell gold, look up the spot price of 1 oz. of gold bullion on any number of gold price charts available online. You can easily see where gold is trading right now as well as how it’s performed in recent days, weeks, months, or years.
2) Research Your Gold
Once you know the spot price of gold, it’s time to learn about what kind of gold you have. If you have bullion gold coins, do some digging into its purity and the kind of premiums associated with them. It’s easy to find details online about minted gold coins. For gold jewellery, you may want to get it appraised. If there is any collectible value to the jewellery, try a jewellery reseller. You won’t be able to get spot prices for gold jewellery, since jewellery is often only 14 or 16 karat, compared to 22 to 24 karat gold bullion, and it is often melted down. But certain dealers will still offer better prices than others.
3) Get a Quote
A big part of getting a better price is finding out where to sell gold online or in person. You can do that by taking your time to get quotes from different dealers, whether they’re online or at jewellery stores.
4) Find Insurance & Shipping Rates
If you’re selling gold online, you will need to ship the gold to the dealer. That means you need to find good shipping rates and insurance, in case something should happen to your shipment in the mail. One gold dealer, Silver Gold Bull, will email you a prepaid shipping label that you can use for your package. It simplifies the process so that you can quickly send your gold with full protection. One often cited disadvantage to selling gold online is having to wait for payment. A good online gold dealer will take extra steps to reduce the waiting time for your payment. When you sell your gold online to Silver Gold Bull, you receive payment 3 to 4 days after your shipment has been reviewed and confirmed.
Taking a bit more time to get paid for your gold often means getting a better price. Don’t get shortchanged by businesses that have too much overhead and need to undercut when they buy gold. Get a fair price for gold coins, gold bars, gold jewellery, and silver.