Selling Gold: Tips for Getting the Most for Your Gold

Buy gold they say, but in the rush to diversify and hedge against inflation and other real or imagined catastrophes, not many people will tell you what you can do to make that precious yellow metal liquid when you need cash. Sure, there are gold buyers virtually everywhere these days and the price of gold has been climbing at breakneck speeds and breaking records. By all accounts, this is a seller’s market and there are plenty of people who are willing to make selling your gold easy and quick. But in order to get the best price for your gold you need to know as much as you can about the kind of gold you have, the price of gold on the market and most of all the best place to sell it.

Before you go riffling in your jewellery box, there are a few things you need to know about getting the most when you sell gold.

What is the quality of your gold?

Gold comes in a variety of forms. It could be gold jewellery, it could be old, broken jewellery, coins or bullion. Selling jewellery will be different from selling gold coins and bullion. The later is made of fine gold and has higher premiums than gold jewellery which is typically either 14karat or 18karat gold.  You can sell gold jewellery to gold buyers or cash for gold dealers Brisbane who buy scrap gold. Bullion, on the other hand, is made of more refined gold and usually fetches a higher price.

Watch the gold market

You should keep an eye on the gold market. Watch the movement of the spot price closely and notice any trends that emerge. When you sell your gold, do not expect to receive spot price however, knowing where it is will enable you to work out what a reasonable and fair price offer should be. The price of gold is always fluctuating. It can easily move from 1% and jump up to 3% in a single day, or it could take days and even weeks for you to start seeing any movement. Hold and observe the market as long as possible and pull the trigger on those days when it spikes.

Work with a gold dealer

Find gold dealers Brisbane or brokers you can work with, especially if you have gold bullion or rare coins to sell. You should also try not to sell old antique jewellery to scrap gold buyers as they only pay for the content of gold and do not value the jewellery’s historical value. A gold dealer might be able to broker a deal for you with possible collectors willing to pay more for your gold items. This is even more advisable if you are new to the gold trade and you do not know the best place or the best way to get the most cash for your gold. When you work with a dealer, you can ensure you squeeze more profit out by telling them you wish to sell over the ensuing weeks or instead of settling for the standard rate you would get with same-day sales.  

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