Gold has remained a favourite metal to invest in for many people across the globe. People have more faith in buying gold in any form be it in the form of gold bars or gold or gold jewellery because they trust that what they have will always have value. Experienced investors have learnt the value of diversifying their portfolios by investing in precious metals and not to only put their money in stocks and bonds. In 2008, the world economy crashed and a lot of stocks and bonds lost their value. People who had gold were able to weather that storm better. Those who learnt from that market crash have since increased their investment portfolios to include gold because it has proven to be more reliable even when faced with factors like inflation, deflation, and a general unstable economy.
Whilst it is easy to walk into a gold dealer’s shop and get cash for your gold but you need to do your homework and know what the best way of selling gold for a good price is. First of all, you need to make an inventory of the gold you have. Separate the gold by karats and condition. When you have done that, weigh your gold.
Once you have chosen which pieces of your gold jewellery you want to sell, look into the possible gold buyers in your area that you can sell to. Make a list of those you can visit and those you can research online. Visit all of them to get a sense of how much you can hope to sell your gold for.
You need to know the processes that gold buyers go through to determine the price of the gold you are selling to them. They will verify the quality by doing more than just checking your jewellery’s hallmarks. They may perform other test like the acid test and the electric conductivity test. They will also weigh your gold. However, they may have a different unit of weight than what your kitchen scale has. Gold is measured in what is called troy ounces. 1 Troy ounce is equal to 31.103 grams. So, you do the math.
It is important to understand what to look for when dealing with a gold buyer.
It is best to work with a buyer who has been in the business for a number of years. They have experience and have built a reputation over the years. Check what other customers have to say about the prices and the service they have received from individual gold buyers.
Check their assets
Most gold buyers will have some gold on display in their shops that they sell to the public. Check the quality and the pricing of these assets. A gold dealer’s shop with authentic coins show that they are a financial stable entity.
What do other gold dealers says about them?
A great way to determine whether a prospective gold buyer is reputable is to find out what other dealers have to say about them. Do their peers respect them or not? Peer reviews can help you learn more about your prospective gold buyers.
Gold is expensive and valuable, so you should make sure that you are dealing with the right gold buyer. Educate yourself, do necessary checks and keep your guard up.