How to Sell Your Gold
With the prices of gold touching all-time high, it is becoming very common for people to sell gold. If you’re keeping a watch on the news and Internet, you would have noticed that suddenly there are a lot of companies interested in buying your gold. It seems, there has never been a better time to sell your gold. The sudden popularity and search in prices of gold has also attracted a lot of bad people in the industry.
Tips to sell gold in New York
There are a lot of things, you should keep in mind while selling your gold. If you’re not careful, it is very likely that you will be receiving a lot less value than what your gold is actually worth based on today’s prices. If you have a very small quantity of gold, you have many places to sell your gold. You can sell it online on eBay, in a pawn shop or at a local jeweler.
The first thing which you need to ensure to get full value for your gold is to shop around. If you’re going to sell gold in New York, the best place is 47th Street. There are a lot of shops available and you should definitely check out three or four shops before deciding to sell your gold. Once you have checked the price, which the local jeweler is ready to pay, you can use that as baseline price for online quotes. Also, get quotes from your local pawnshops.
With so much interest being generated in the gold buying setting industry due to steep rise in price, a lot of rogue players have entered the industry. One should be very careful in dealing with such buyers. There modus operandi is usually advertisements in local papers with high gold prices. Most of the times, they underpay the sellers or do not pay at all. Usually, they do not have a permanent office or shop. Beware of such buyers.
Know the purity of your gold
Another practice which is becoming popular these days is gold selling parties at a friends house. What usually happens is, some friends who want to sell gold get together. Since most of the sellers in this gold selling party are not aware of the way the gold selling market works, more often than not they tend to sell their gold at a much lesser value as compared to what they would have got, had they sold it in the market. One common malpractice, which regularly happens at such parties is bundling of all kind of golds in one lump regardless of the purity of the gold. Purity of gold is measured in carats. Pure gold is 24 karat gold. At such parties, all the gold whether pure or impure is lumped together and the price of least pure gold is paid for all the gold. So, a ring made of 22 carat gold is lumped together with a necklace which is made of 18 carat gold and the ring is bought at 18 carat price. Therefore, to ensure that one gets a full value of one’s gold, always check the price of different purity of gold.
Another major malpractice which happens at such parties or at your local pawnshops or jeweller is the misuse of the scale used to weigh gold. Some unscrupulous dealers/gold buyers do not use the right scale to weigh gold and therefore buy the gold at a much lesser price.There are many weight systems in use for buying of gold. Some of the jewellers use Troy which is equal to 31.1 gram, whereas some use an ounce, which is equal to 28 grams. Also, there are some buyers, who use pennyweight which is 1.555 grams. While selling gold, you need to ensure that you get paid according to the weighing system, which has been used for weighing gold elseyou may end up selling your gold for less than half of what it is actually worth.
Choosing a gold buyer
The most important thing in selling gold is trust. Do you trust the buyer? Have you dealt with the buyer earlier? It is a good practice to go to the jeweler from whom the jewelry was initially purchased as that jeweler will be sure of the gold purity. If you are unable to reach the jeweler from whom the gold was bought, you should look around. Every gold buyer need to have a license from the state permitting him/her to buy gold from you. As a seller, you should ask the buyer to show you the license. Also, the buyer should ask you for proper identification before buying your gold. If the buyer does nto ask you to provide any kind of identification, be assured that he/she is not acting with the laws and may also get the seller in trouble.
So, it is necessary to take precautions while selling your gold if you want to get the full value of your precious gold. Selling gold is also as much an art as is buying gold. Do not show haste while selling gold.