Many articles and reviews can be found on how to get the best bargains while purchasing gold and silver, but what about when you want to sell?
When it comes to making a profit from a precious metal investment, it is critical that you know what you are doing; otherwise, you may end up accepting a low value for what you want to sell. It pays to do your research, use common sense, and not rush things. Here are some of the steps you should go through:
- Determine the monetary value.
Before you can determine what to expect from your gold or silver bullion, you must first understand what you have. Consider the weight, cleanliness, and condition of the products you want to sell, as these factors determine their worth. (Note: the quality of gold coins may or may not affect their worth; if your coins are unclean, do not attempt to clean them. Cleaning coins might cause them to lose value.)
Then conduct research to develop a strategy. If you want to sell gold or silver coins, make sure they have any worth other than the melt value. It is also beneficial to be aware of the current gold or silver price. The spot price is the price at which physical metal is transferred, which in this market is two days after the trade day and changes every day. Spot gold prices are expressed in troy ounces, or 31.1035 grams.
- Shop around.
Compare both local and internetgold dealers. Online retailers might offer best “prices” because they operate on smaller premises than physical stores. They also allow you to sell your jewelry from the comfort of your own home. If you choose to conduct your business online, you must take all required safeguards. Begin by visiting consumer websites such as the Better Business Bureau and looking for customer company evaluations. When selecting an online buyer, trust is essential, so if you have any reservations about a company’s reputation, walk away. Whoever you sell your gold or silver to, make sure you read the terms and conditions carefully. Even if you use the right site to buy a machine online, good reading is important to avoid costly mistakes. Some websites offer free shipping to send gold, but the shipping rate is negotiable if you change your mind. Check the buyer’s policy for refunds if you lose your gold. Most offer only limited fees. You can find good gold buyers virtually everywhere in Australia. If you are not comfortable with doing business online, you should find gold dealers in your area.
- Check credentials.
Finally, ask the potential gold dealers to show you their credentials that show they are authorized by the state to buy gold and silver. As required by law, the buyer will also ask you, as the seller, for government-issued identification (such as your driver’s license or passport). This act aims to prevent money laundering and make it difficult to sell stolen goods. If the buyer doesn’t ask for your ID, keep looking for one that does.