Selling gold: What to expect

Selling gold: What to expect

It is inevitable that investors will sell gold during their investment cycle. Even if you’re not purchasing gold as part of a long-term investment plan and only want to make money for gold jewellery, there are some things to consider first.

Know Your Gold’s Worth

Gold's worth

Do some research into what you can reasonably expect to get from your items before you start to sell gold. Gold jewellery will never be 100% pure gold since it isn’t a long-lasting material, so it’s mixed with other metals.

Mr. Gagan, the founder of Gold Secure, one of the best gold dealers in Brisbane, advises that if you want to sell jewellery, be sure you know it’s karats, because this will influence the price. If you’re selling gold bullion bars or coins, this isn’t an issue. Simply knowing the price of gold at the time you want to sell is sufficient due diligence.

Keep in mind that you won’t get as much money for gold as the market price. Because there are expenses associated with investing in precious metals such as gold and silver, particularly if they’re in the form of jewellery, this may be a reason. However, understanding the spot price might give you a general idea of what to anticipate.

Be aware that, although an ounce is usually thought to weigh 28 grams, gold purchasers use a troy ounce instead, which weighs 31.1 grams. This is a common practice, but make sure your buyer isn’t measuring the weight of your gold in pennyweight (by 1.55 grams), but rather paying you per ounce.

Gold Buyers And Seller Beware

Choosing the appropriate buyer is perhaps the most crucial aspect of selling your gold. There is a slew of alternatives for selling your gold, from pawnshops to jewellery shops, but not all of them are made equal.

You may come across the term “gold parties” while getting started with the selling process. The Better Business Bureau has warned against selling gold in this manner because unethical practices tend to run rampant, however, they are a fast and simple pop-up type location where you may offer gold.

In addition, local jewellery stores and pawn shops are likely to engage in the same tactics—such as weighing all of your valuables together and giving you money based on the lowest karat value of the lot.

Because of this, you must be particularly cautious when selling to someone, which is why it’s also a bad idea to do so over the internet. Basically, you don’t want to sell to just anybody who purchases gold. Look for reputable gold sellers with a reputation for fairness and honesty, such as Cash Your Gold Brisbane. There is a lot of money in the gold market, so you can be confident that we will not defraud you of your earnings when you work with us.