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| Image Source: Wikipedia |
Whether you’re buying or selling gold, there are a few things to know.
Smart Tips For Selling Gold
If you want to sell gold, it’s worth knowing that you may not get the market or appraisal price for your scraps.
Similar to purchasing a car or home, selling gold takes some negotiation. If you have a piece you believe is valuable, shop around for a buyer. Other than jewellers, there are other services as well as pawn shops that specialise in buying gold. The ideal is to approach a long standing and reputable business. Trustworthy stores like Gold Buyers Melbourne are selling gold bullion.
Another thing to keep in mind is that the market price for gold is typically based on 24 karat, pure gold. Jewellery is usually 10, 14, or 18 karat gold, which means your jewellery doesn’t contain a whole lot of pure gold. As the karats decrease, so does the amount your piece will fetch.
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| Image Source: Wikipedia |
The drop in price, though, isn’t just based on karats. If you’re the seller, this is just the start of the process. Once a jeweller buys gold from you, they send the scraps to a refinery that then sells it to a manufacturer. The scraps are made into new jewellery to sell to the jeweller and on to customers. Everybody along the way wants to make money, which is why your gold pieces may not sell for as much as you would like.
On the whole, you can expect more money for your gold when market prices are high.
Smart Tips For Buying Gold
More and more people are looking to invest in gold. But it might not necessarily be the best time to buy. If you are eager to invest in gold, though, it’s wiser to invest about 5 to 15 percent of your investment portfolio into gold, just be sure you understand the risk factors and that gold should serve as a long-term investment.
While there is inflation, and many argue you should buy gold as a reserve currency, it’s worth noting that there will be a lack of cash flow from gold, and there can even be years when the rate of return is either flat or negative.
Make Sure You Get A Fair Rate
So, how do you find a fair and reputable gold buying service for your needs? Take a look at these tips:
- If you have any concerns or queries about the accuracy of a scale, ask questions
- Look for authoritative and relevant inspection stickers
- Make sure you see the gold being weighed yourself. It’s entirely fair to ask for the scale to be tested in front of you, too
- Get a professional appraisal. Jewellery appraisals are usually done for the purpose of insurance, but it’s a great way to get an idea of how much your items are worth. You can then decide if you want to sell the gold on its own or the jewellery as a whole.
Keep these smart tips in mind when buying or selling your gold!
