Everyone who intends to sell gold wants to get the best price possible. It could be that you’ve been investing in this precious metal for years, and you want to sell from your collection, or you may have inherited it from a family member, or maybe you’re just emptying your jewelry drawer. Whatever the case, you need to get the best value for your gold.
Gold is mostly sold in jewelry or pawn shops. Unfortunately, some jewelers subtract huge amounts of money from the gold price, thus reducing its real value. If you don’t know any shop where you can sell your gold, you can do a quick search of the words ‘sell gold near me,’ and you may find one that’s close to you.
Before you sell your gold, here are some things you need to consider:
1. Know The Peak Season
Supply and demand affect the prices of goods in any market. A higher demand and few goods can generate a higher return for you as a seller. Therefore, as a good seller, you need to know when the price of gold is at its maximum. For example, during the 2011 recession, gold prices went up significantly. At that time, most gold sellers earned fortunes from the sale of their gold.
Another factor that can influence the fluctuation of gold prices is currency depreciation. When the value of the dollar drops, the prices of gold increase. This may favor investors and not sellers. You need to know the market trends and periods when there are fluctuations to get the highest price for your gold. You can follow these trends by reading financial magazines and doing research over the internet.
2. Shop Around For Gold Prices
To know what prices to expect from your gold sale, you need to do some research. You can check the global gold pricing from the LBMA (London Bullion Market Association). This association is responsible for setting gold market standards and sets prices twice every day.
Another institution that also sets a gold benchmark is the IBA (Ice Benchmark Institution). This institution is a third-party committee that works with the LBMA to give investors gold prices in real-time. Checking out prices from these institutions may provide you with a rough idea of what to expect from the sale of your wares.
After getting such information, find buyers who can provide you with a fair offer. Some buyers have a bad reputation and may scam you. Therefore, it’s vital to do a background check of the potential buyer on sites such as the Better Business Bureau and Yelp to avoid being scammed.
3. Don’t Let Impulse Control You
Before selling your gold, ensure you have information about what to do and expect. Don’t rush to sell your gold just because you need some cash in your pocket. If you do this, you may end up with less money. Your buyer should buy your gold according to the industry price. If he gives you a lower proposition, why not find another buyer?
The sale of gold can be rewarding if you know how to do it. Before making a sale, you want to have information about its price. Studying fluctuations and exploring many shops can also help you to make informed decisions.