Gold Prices: 5 Best Steps to Sell Your Gold
Gold prices will always be volatile.
However, there is no doubt that gold will always be one of the most valuable things you can sell. It’s enticing, luxurious, and relatively scarce. To ensure that you don’t undersell this hot commodity, I’ll guide you on the best ways to sell your gold for a pretty penny.
Determine The Right Time to Sell For You
Selling your gold can be an emotional decision. If you’ve just inherited a prized family heirloom or been gifted gold from a beloved relative, consider whether the financial value is worth more than the sentimental value of your precious metal.
However, if your only reason for selling gold is to liquidate an investment, check out Monex’s spot prices to keep up-to-date on the value of your gold.
Whatever your reason for parting with this item, the right time to give up your gold is only when You deem it is.
Be Aware of The Types of Gold
When you’re selling gold, you’re likely going to come across a few unsavory types. They’ll deceive you into thinking your gold is worth less than it is, so they’ll gain more of a profit from the transaction.
This is where knowing your gold comes in.
Below are some of the few different types of gold:
- Bullion is a type of gold that comes in various shapes and sizes from both private and public mints. There’s a lot you can learn about bullion, but simply put, its value is inherent in the countless options investors can choose from in buying bullion. From coins to bars big or smile, bullion appeals to every buyer
- Numismatic (collectibles) and bullion golds are often used interchangeably, but it’s important to know the difference. While they both hold equal value, a numismatic is valuable due to the popularity of gold collecting that has arisen during inflation and political turmoil and the important history held in ancient coins.
- Sovereign mints also known as government mints often are legal tender and have an official value placed on them by a political entity.
- Private mints, on the other hand, are privately owned and made with their own branding, design, and metal content.
- Coins and rounds usually have a higher price point than bars.
- Bars are still worth a pretty penny since gold is measured by weight and bars are usually bought in larger weights.
Get a Quote
If you remember anything from this article, it’s GET A QUOTE. Please do this; it’ll save you time and effort that could be used elsewhere, like deciding where you want to invest your capital after selling your gold.
First, take it to a gold testing lab to have your gold tested for its purity.
The lab will then give you a report stating: the weight of your sample and its purity in percentage or karats.
Finally, here’s the fun part, you can determine the value of your own gold from the results with this quick and easy method provided by the Gem Society.
If you rather someone do the work for you, you can find a trusted gold representative in-person or online. We recommend APMEX. This business is accredited by the Better Business Bureau (BBB) and has a quality A- rating.
Find a Trusted Buyer
As mentioned previously, there are many shady types in the gold buying game, finding a reputable buyer that you can trust is crucial in getting the money you deserve for your goal.
Here are the best ways to determine whether the person you’re working with is honest:
- Check if they’re accredited by the BBB. If they are, they’re probably in a good standing with the law.
- Look at reviews on them. Are the reviews good or bad? And most importantly, are the reviews legitimate. It’s easy for someone to write fake reviews to present themselves as reputable. One surefire way that shows whether the reviews are real is if all of them sound too good to be true, “X is amazing. I always work with him!” or “No matter what, X will give you the money you deserve for your gold jewelry.” Remember the saying that ‘you can’t please everyone,’ well if everyone’s satisfied in their reviews, then more than likely something is a bit off.
- Trust your gut, if something seems off about the buyer or their shop, be okay with walking away.
Learn How to Negotiate
First things first, know when to hold your ground. Always have a number (i.e. your walkaway number) that you won’t go below when selling your gold.
And with a walkaway number comes concessions, be willing to give up the number you hoped your gold would be sold for to ensure reciprocity. Meaning that to get something as a seller, you must be willing to give something up, so the buyer is willing to do the same for you.
And finally to get what you want from the other party, know who they are. If possible, research the buyer to understand their motives for buying your gold, so you both can reach an agreement.