How to Get the Best Price for Your Gold

How to Get the Best Price for Your Gold

How to Get the Best Price for Your Gold

Gold is a valuable commodity and over the years the price of this precious metal has been steadily rising. There are now many companies out there that specialize in buying and selling scrap gold and this is a profitable industry that is currently experiencing a boom. However although there are many reputable scrap gold dealers around there are also a number of dishonest people in the industry whose only aim is to make money at the expense of the customers. This means that if you want to sell your scrap gold then you will need to make sure you understand how to get the best for your money.

Step 1: Type of Gold

The first step is to find out exactly what type of gold you have. This means checking for hallmarks and any other distinguishing features. The hallmarks will tell you how pure the gold is such as 9ct, 18ct, etc and this will affect the total worth of the gold. If you are unsure then take the gold to a reputable jewellers who will be able to help you identify exactly what it is. The gold may be solid, plated or even fake (costume jewellery made to look like gold) and so it does help to get a professional opinion. The jeweller will also be able to help you value any precious stones you may have set into gold jewellery which will affect how much the piece may be worth.

Step 2: Weigh the gold

Remove any stones and other fixings from the jewellery or gold item and then weight it using accurate electronic scales. Gold is valued by weight so you need to know the exact weight before you sell.

Step 3: Gold Prices

Next you need to understand exactly what gold is worth in its base state on the market. This is known as the spot price and you can find out the latest prices from looking at the market indexes. You can find these quickly online through websites like Kitco.com. This will tell you the value of gold next to the main world currencies to give you a good idea of how much your gold would be worth. The market changes every day so make sure you are up to date when it comes time to sell your gold.

Step 4: Shop Around

There are many ways to sell scrap gold. Pawnbrokers, auction houses, jewellers and dedicated scrap gold merchants will all buy scrap gold but you do need to shop around to make sure you are getting the best prices. If you are thinking of selling to an online scrap merchant then make sure you read all the small print and check the company's reputation before you sell. You will need to post your scrap gold to an online merchant in order for you to get a valuation. It is a good idea to get a jeweller to value the items before you send them and provide you with some documents. Also take plenty of photos of the gold so that if it is returned you will know you have got back exactly what you sent. Make sure you send the gold through recorded delivery service with postage insurance just in case it does get lost during delivery.

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