subject: When Selling Gold - Biggest Mistakes to Avoid [print this page] How to Sell Gold How to Sell Gold
People rush to sell off the gold they have as soon as the gold prices rise.They are not to be blamed you know?Prices have NEVER been this high before!Where usually people go wrong is that they don't always make the best decision or choise while selling gold.
Out of greed they just sell it to the first buyer they meet, this is a very big mistake. One should never do this, and you should ascertain exactly what the dealer is paying per gram for each different karat. An honest dealer never has a problem with telling you what he pays, and the percentage of the spot price that he pays will be the same every day, for every client- period.
The second biggest mistake most people make is not knowing exactly what they have before they try to sell it.
Though all dealers will be familiar with the current standard value of gold, there will always be debate as to whether current gold prices will rise or fall in the near future. That's the reason for small discrepancies in offers when selling gold coins. Even with bullion like the American Eagle gold coins, this is the case, which is why it's so important that you look around before deciding where to sell gold. Contact multiple dealers and shop around before you buy or sell gold. Look for the best prices when you put up your gold coins for sale. Because the standard gold value is updated and relied on by everyone, you won't encounter radically different offers, but the percent premium could be slightly better from some dealers than from others.
Any gold seller should be willing to tell you what they are paying for gram of 10K, 14K, 18K, and 24K gold according to today's market price. The amount of money your gold is worth depends on the gold purity (known as karat), weight in grams, and the daily spot gold price, which is determined on the open market. Just as the stock market goes up and down every day, so does the price of gold. Expect a used gold buyer to pay about 80-90% of the top value of your gold. Check the daily price online or in your newspaper before selling your gold so that you know if they're using a price that is too low.
All this can be a bit time consuming, but I assure you that all this is well worth the efforts, because gold is Gold.
