Precautions To Follow Before Selling Gold For Cash
People have always sold gold and other unused jewellery to raise cash required on an urgent basis
. Gold is one asset that continues to have intrinsic value and is considered as the perfect hedge as compared to other volatile assets. The current economic situation is something that is forcing many to sell gold for cash as they feel that rather than leave such unused gold to gather dust, it is better to utilise it to the maximum and make do with the cash it can bring. The price of gold has been rising very rapidly as people seek stronger and more durable assets to park their funds and we thus have a scenario where there is aggressive buying of old gold or scrap gold. This is evident in the many advertisements that flash across cable television and in the print media.
People wishing to sell gold for cash know that this is the best time for them to capitalize on the fact that their old gold will attract a very handsome price. Recently however, certain unscrupulous traders have sabotaged the market by paying prices that are much below the usual norm and despite complaints lodged against them; some customers have been left short changed. It is therefore essential to observe some precautions when you wish to sell gold for cash.
a)Enter into deals only with trusted companies that have a strong image. These companies will let you know the price you can expect before hand and will also provide you with a guarantee on the price negotiated. These companies typically will have their own smelting arrangements and will be able to give you a fair price for your gold. You thus need to do some research on the company you wish to deal with before going ahead.
b)Use the Internet rather than local print ads to compare prices and then strike the deal.
c)Shortlist only those companies whose website mentions terms and conditions that are suitable to you and who also provide for a gold calculator.
d)Ascertain the value of the old gold yourself before entering into negotiation. Failure to do so can expose you to an unsatisfactory deal with you at the receiving end. Not knowing the value of one's own gold is one of the most common mistakes made by people. Resulting in them being totally ignorant of whether the buyer has been fair, or ripped them off.
e)Do not sell gold to dealers as they are mere middlemen and will have their own cut. Here again due to the dealers being present all over the place, people find them easy to locate and make the mistake of selling their gold to them. This has to be avoided and it is always better to deal with direct gold refiners and it is well worth the time and effort you put in locating them.
Observing the above suggestions will ensure that you are able to strike good deals and sell gold for cash without feeling shortchanged.
by: Lawrence White
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