Have you seen the news? According to Reuters, gold prices have seen significant gains over the last few days as tensions escalate between Ukraine and Russia. Prices for gold rose by as much as 1.1% today, marking the biggest gain since the ore recently dropped to a two and a half month low. Currently, the precious ore is valued at $1,300 per ounce.
Of course, if you want to sell your gold, you need to know how to find the best price and avoid getting ripped off. Remember, gold dealers and buyers need to make a profit, too, but that doesn’t mean you shouldn’t walk away with the best price possible. With these tips on how to sell gold, you can do exactly that.
Three Tips on How to Sell Gold Coins and Jewelry
- Know the Scale Your Buyer Deals In
- Pay Attention to the Market
- Research Your Buyer
As ABC News writes, different dealers working to buy and sell gold work in different scales. Gold weighs in at 28 grams an ounce, but a Troy ounce, the scale that most jewelers and precious metal salesmen use, has 31 grams to an ounce. It might not seem like a huge difference, but paying attention to the type of measurement used, whether ounce, Troy ounce, or pennyweight, can help you get what you deserve.
Nothing will help you command a better price for your gold items than being knowledgeable about the current state of the market. For example, if you were to walk into a dealer right now and be offered $500 for an ounce of gold, having read the aforementioned Reuters story, you’d know that price is way too low. For the American Numismatic Association, this is one of the most important tips on how to sell gold anyone can be given.
Look, we’ve all heard tales of the unscrupulous purveyor of precious metals who is constantly looking to buy cheap and sell for as high as possible. Those people do exist. However, by doing your research on Google and elsewhere, you can find one of the many reputable dealers who want to reach a mutually beneficial arrangement. They’ll make a nice profit, and they’ll help you make a nice profit. You just have to spend the time by doing your research.
As you’ve seen, now is a great time to sell your gold, if you’re looking for some extra income. Follow these tips on how to sell your gold, stay smart, and you could walk away with a nice stack of bills in your pocket. Continue your research here.