June 22, 2024

How To Get The Best Price For Your Gold


When you have gold, you have some sort of leverage, something you can use to obtain a cash loan from a gold buyer or a pawn broker when you need it. The question of the best time to sell and the buyers of gold you should sell to. It’s not enough to just know when the spot price of gold is when you are selling it. There are a couple of things you can do if you want to get as much cash as you can for your gold.

Look after the gold you have

Gold is a precious metal and therefore it is important to take special care of it. Gold is generally soft and malleable. Gold with the highest karat rating like 24 k is soft and it can be easily scratched so it is important that you have your gold stores safely. Gold buyers may make an issue about the condition of the gold being soft. He or she may want to factor in any damages even if he is buying gold items for melting and refining.

Plan ahead

You should plan ahead as much as possible. Planning ahead will include knowing and understanding the purity and karats and the weight of your gold. It is helpful to know what the gold price or how it has been found through periodic spike. The price of gold can change between 2-3% in a day or two so selling whilst the prices are higher may pay out well. Waiting for a day or two doesn’t always work because some days, for reasons no one can explain, can cost a lot because of the unpredictability of the market.

Working with a professional buyer of gold can enhance the prices you get. Establishing a good relationship with a gold dealer can help you in the long run. If you have a lot of gold to sell try selling it over a protracted period of time. Having a medium to long term strategy will help you build that crucial relationship with a reputable dealer. And since gold prices are so volatile, you don’t lose out when a dip in the market suddenly returns and goes higher than anything anyone predicted.

Be aware of what is in demand in the market

When you have gold coins to sell note that buyers will readily buy gold coins that are more desirable or sought after by coin collectors. Choose buyers of gold who are more into coins than those who will buy any old scrap gold. You will get a better price from a buyer who is actually interested in buying coins because their business is more into selling coins than just selling gold to anyone. Gold buyers will pay more for coins that are new but scarce and desirable. Gold coin premiums aren’t fixed. The premium can vary by as much as 29% depending on the market demand and supply dynamics. This means that when you sell what collectors really want or sell coins that are in high demand, you can get a higher price.

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