Have you been holding onto precious metals — like heirloom jewelry, luxury timepieces, or collectible coins? Or maybe you’ve invested in gold bullion or coins and are considering selling them. If so, you’ll no doubt want to get the best price for your assets.
There are many places for you to sell your precious metals. Some are good, and others aren’t so great. For this reason, selling gold can be confusing, overwhelming and a tad stressful for both novice and veteran sellers alike. Knowing how to navigate the process can throw up a series of hurdles.
Here, we’ll provide you with some tips so you can get the best price for your precious metals.
Consider Your Options
You can sell precious metals privately yourself, both in person and online. This does, however, involve negotiating the selling process yourself. Further, selling precious metals on your own does pose some risks — it can leave you open to being taken advantage of and wide open to elaborate scams.
Ultimately, the best and most secure option for getting the best price for gold is to seek out a reputable, local buyer who offers gold buying and selling as a speciality.
Check Websites and Monitor the Market Value
The amount you’ll receive when you sell your gold is based on the ‘spot price.’ The spot price is determined by global trade, which dictates the market rate at which your assets can be sold. It’s the basis that gold buyers and sellers operate within, so it’s a good gauge for choosing a time to sell. Keep in mind that the amount you’re offered won’t always exactly match the market value as the gold will still need to be processed into its purest form.
Whenever you’re considering cashing in a commodity like gold — where the price fluctuates based on economic factors — the best idea is to research the price history over the last few months. This will help you ascertain if this is a good time to sell. That said, the price of gold remains relatively stable, so if you need cash now, you’re highly unlikely to regret selling.
When you are looking for the best price for your precious metals like gold, seek a buyer who posts their rates publicly. A business that operates with peak transparency online is highly likely to be just as transparent and upfront in person — offering you, as a seller, optimum confidence and value!
Look for a Seller Who Offers Free Appraisals
You should never be charged to receive a quote for any product or service relating to the selling of your precious metals. A legitimate, trustworthy seller should offer you a free, no-pressure, risk-free appraisal, which you can take or leave without penalty.
Research the Company’s Reputation
As you would for other sales or purchases, do due diligence by reading reviews online before you visit a storefront. You want to know with confidence the buyer you have in mind holds good standing in the community and has a happy and satisfied customer base.
The Takeaway on Getting the Best Price for Your Gold
A trusted, respected and specialized gold buyer will understand the nuances of weighing gold properly. They’ll offer transparent and free appraisals, advertise and base their prices on the current market value, and have positive reviews from happy customers.
By checking each of these boxes, you’re ensuring you’ll receive the best price for your precious metals when the time does come to sell.