What you need to know before you sell gold?




You might need to sell gold to make a little extra money before the end of the month. It represents a very common way to get a quick source of income. However, some people tend to underestimate the process and overlook some important elements. Indeed, these elements could help you sell gold in a more efficient and effective manner. That’s why we have decided to mention a few key points of things to remember before you sell gold. They will mostly revolve around the idea of pricing and how you should take in into account. The goal will be to help you sell gold at the best possible price. 


1)     Knowing how pricing works

Understanding how you can estimate the price of your gold isn’t that complicated. There are a few elements that influence the value of your goods. The first one being the amount of karats. Karats represent how much gold you have within your item. You can easily compute it online. Obviously the more karats you have the better it is. There are some items where sentimental and heritage can make it more valuable. In this case, you should take it to an expert so that he can give you a proper estimation of how much it’s worth before you sell gold. This is often the case with special gold coins. Indeed, if you have any special coins that you think might be considered as old or unique items then you might be able to sell it at a very good price. This will depend on the rarity, the condition and the symbol behind the gold coin. For instance, some websites do provide some information about which types of coins are the most valuable and how to identify them. These are simple ways for you to try and estimate on your own the value of some of your gold coins. 


2)     Knowing what to expect: getting a fair price

Not a lot of people can tell the difference between a fair price from a bad one. The first thing to remember is that you will most likely not have the same amount as the value of your item. This makes sense as there is a margin that needs to be taken into account. When you sell gold bars or even coins you can expect to get a bit less than 90% of the market value. But when it comes to gold in the form of jewellery you should expect to get about 70 to 81 % of the melted value.

This can be explained by the fact that the buyer wants to make a margin from each sale and refining the gold represents an added cost. Therefore, you should not expect to get a full price for your gold item. Try to remain realistic about your expectations when you sell gold. Of course, these are approximations in some cases you can get end with a bit more and in some a bit less. If you search and compare the different buyers, you will increase your odds of finding the best one that will help you get the most money from your gold items. Moreover, knowing this information will help you understand better negotiate certain deals when the buyer asks a very low asking price. Indeed, the more knowledge you have about how to evaluate the value of your goods and how usually prices are applied. The more you are able to prepare yourself in order to find the right business deal for you. 

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