In the economy today, stocks are out and gold is in. The price of gold has been continually going up for the last few years. If you think it is time to cash in, take some time and learn about the trade. Just like any other trade, you cannot go in blindly or else you will be reaped off. This article will cover a few tricks that you can use to ensure you get the highest amount of money for your gold as you learn how to sell gold.
Learn about the scales
When selling gold, it is its weight that will determine its value. However, they do not use the standard scale. They use a scale known as Troy ounce. While the standard scale will measure about 28 grams per ounce the gold scale is usually 31.1 grams for each Troy ounce. Some of the dealers will measure in pennyweight while others use grams. Be keen on the scale used by the trader to avoid being reaped off.
Know the current market value
By knowing the market value before selling, you are in a position to decide if you are being offered a good deal or not. Some dealers will offer you market value for your gold but others will offer s lower price especially if they are used to buying from people looking for quick cash. If you do not want money in a rush, shop around and find the dealer offering you the best price. Stash your gold away until you can find that one dealer with a good deal.
Get it appraised
Gold is soft and it is therefore mixed with other metals so as to give it durability. This will influence the value of your gold. If you are not so sure about the value of the gold, you can always opt to have it appraised. That way you know exactly how much you should get for it. When getting it appraised always use an accredited appraiser so that you get the best results. It is an extra cost but it is worth the effort.
Where do you wish to sell your gold piece?
There are any places that you can sell your gold pieces. You can sell to pawn shops, jewelry shops or even look for online gold purchasers. The dealers will give you a percentage of the market value of the gold. The percentage will vary widely. Some will give you just 11% while others will offer you up to 70% of the market value. As mentioned above you should shop around and find the place you get most value for your piece.
While looking for ways on how to sell gold, make sure that you remain realistic. Do not expect to get high amounts juts because the market value is high. There are so many other factors that should be put into consideration.