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Mandatory steps to do before selling your gold

Tips for selling gold

Tips for selling gold

Price of gold can be volatile in the short term, but it has always maintained its value over the long term thus giving people great trust years over years. Gold has served as a barrier wall against inflation and the erosion of major currencies. Thus it is worth to invest in gold, and when time come to return on investment gold selling in a good idea but with due diligence.

Tips for selling gold

Check if gold buyer is listed with BBB

Check the status of gold buyer if listed with the BBB (Better Business Bureau).  This will declare if any complaints have been made against him/her. If business not listed with the BBB, this should make you worry. Not registered gold buyers may frequently change names and locations. If gold buying business is accredited by BBB, it will be an extra level of confidence. All businesses should be listed regardless of whether or not they are accredited. This home work gives you peace of mind on selling your gold.

Check current gold prices and your gold weight

Before going to gold store, check gold price in the market by checking different websites and avoid going to those who don’t announce gold price on their websites. It is also mandatory to know the estimate of your gold weight and it will be better if you have purchase bill. You can use quarters or loonies as a reference. Quarters weigh 4 grams and loonies weigh 7 grams.

Do your homework and shop around

It is more that easy to open some websites in your area to check gold price per gram for the specific karat of your gold. It is also much easier to drop some phone calls to gold shops asking for price of the day.

Search for hidden conditions

After check of price, make sure that this price apply to the gold weight you want to sell. Some buyers put conditions for price for example if you sell value of $10,000

Refuse price range

Avoid buyer who gives price range, gold has fixed price but it may change from day to day.

Sorting by Karat value

Gold is sorted by Karat which range from 8 K to 24 K. Karat value usually stamped on gold, if not the the gold buyer might do some tests to determine Karat value of your gold. Ask gold buyer how he will determine Karat value of your gold peice and get confirmation that this will not damage your gold piece if you decided not to sell. There are different methods to determine Karat value and it might require to remove any stones from the gold piece. Confirm the agreement first.

References

Canada Gold

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These tips are brief information and action is your decision