Eight Things to Remember When You Sell Your Gold

Posted on: 10 February 2020

Your gold is a huge asset. When it comes time to selling it, you want to make sure that you get maximum value for it. Unfortunately, many people make big mistakes when selling their gold that diminish the amount they make.

The following are eight things to keep in mind when you want to sell gold jewelry

Be aware of what you have

Before you get started looking for a buyer, take stock of what you've got. You should even make an inventory list if you have a considerable amount of gold jewelry. Look deeper and make sure you know whether you've got solid gold or gold-plated jewelry. Also, find out how many carats your gold is to get more insights into its true worth. 

Research current gold values before selling

The market gold values are constantly fluctuating. You should check where they stand when you're getting ready to sell your goal. This will create a good starting point for negotiations between you and possible buyers. 

Understand you may not get the appraised value for your gold jewelry pieces

A lot of gold jewelry owners who have had their gold jewelry appraised have an inaccurate idea of what their gold jewelry is worth exactly. It's important to realize that appraised values are basically just for insurance claims. They indicate how much your insurance provider will reimburse you if you lose your gold jewelry, but not how much a buyer is likely to pay you for the gold itself. 

Sell at the right time

Gold sells better at certain times than it does at others. Any time gold is in higher in demand, it will sell better. Gold is often in higher demand at times when the economy is not doing well because gold is considered a safe investment. Therefore, it's a good idea to sell at times when the economy is weak. 

Don't take the first offer you're given

Knowing how to haggle is important when it comes to selling gold. Don't simply take any offer you receive. Negotiate and start with a high asking price to sell at the highest possible amount. 

Take advantage of online selling opportunities

You can really expand your market by using the Internet to find selling opportunities. If you're not selling online, you can expect to get less because you'll only be working with a limited number of local buyers. 

Know about buyers you're working with

Different gold buying companies have different reputations and tendencies. You should do some research on particular buyers before working with them. Try to find a buyer that is known in particular for giving good prices on the types of gold jewelry you're selling. 

Don't think that only the gold is valuable

You have to look at the big picture with your jewelry pieces. Not only is the gold you have worth money, but also any embedded gems or other precious metals included in the jewelry piece. Don't limit your expectations to getting money for just the value of your gold alone.