4 Things to Consider When Selling Your Gold

October 17, 2017

 

 

If you find yourself in need of some extra cash or you would simply like to make more room in your jewelry box, then you may want to consider selling your unwanted gold. Not only can selling your gold put extra cash in your pocket, but the money from the sale could be put toward a new piece of jewelry, such as a diamond ring or even a high-quality wristwatch. However, before you run out to the nearest jewelry store or pawn shop, there are several important tips to keep in mind. Here are 4 things to consider when selling your gold.

 

The Current Price

 

It may come as a surprise, but did you know that gold prices are continually changing? That’s right, gold is a precious commodity, and thus, its price is dictated by the laws of supply and demand. This means that when gold supplies drop or there is an increase in the demand for gold, its price will increase. And while these changes may be small, in the end, they can make a substantial difference. The price of gold will also depend on the quality – or the karat - of the precious metal. If you have any questions about the current price of gold, we can provide you with an up-to-date quote on 10K, 14K, and 18K gold in grams.

 

Is the Buyer Reputable?

 

One of the primary concerns when selling gold is finding a reputable buyer. Unfortunately, there are cases of dishonest gold buyers trying to mislead sellers as to the quality and quantity of the precious metal and this may mean less money in your pocket. In addition, many of these buyers, such as those that operate out of a hotel room, are not gold experts, and therefore sellers may not receive the proper price for their gold. If you are thinking of selling your gold, it is best to take it to a jeweler because they will be able to determine the karat and the provide you with the current price of the metal. Furthermore, a jeweler will also be able to quote prices for other precious metals you may want to sell such as platinum.

 

How Do I Know If the Price Is Fair?

 

As suggested, the best way to ensure that you receive a fair price for the gold you are contemplating on selling is to take it to a trustworthy buyer such as a jewelry store. However, it is also wise to search for the current price of gold on the internet and this will give you a rough idea as to the price that you will be quoted. This can be especially helpful if you are already aware of the quality of the gold that you are looking to sell.

 

Should I Take it to a Pawn Shop?

 

It is no secret that pawn shops are often the first place that comes to mind when trying to sell gold. And while most pawn shops are reputable, they are not always experts in gold buying. After all, pawn shops do a wide variety of business involving a seemingly endless number of items, such as guitars, game consoles, and guns. This means that they may not be able to dedicate the time that is necessary to properly assess your gold, and in the end, this could lead to an inaccurate quote.

 

Don’t Chance It

 

There is no doubt that selling gold can be a great way to take some pressure off your bank account and it will also make for more space in your jewelry box. However, it is crucial that you take the necessary precautions before you sell any of the precious metal. Prior to selling your gold, take a minute to check the current price of the commodity, so that you will have a general idea as to how much money you should be expecting. It is also important to find a dealer that is reputable, as this will go a long way in ensuring that you receive an honest price based on the quantity and the quality of the gold. Always try to avoid fly-by-night buyers, such as those that set up shop in hotel rooms and other sketchy places. Lastly, you may want to avoid taking your gold to a pawn shop because they are not always experts in gold, due to the large number of items that they buy and sell, and this could lead to an inaccurate quote. If you are thinking of selling your gold, feel free to contact us or stop into our Ann Arbor or Monroe locations, and we will make sure that you receive the most up-to-date pricing on the precious metal.

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