Do you want to earn extra cash from your stash of gold coins or unused gold jewelry? Gold prices are at a record high right now, and a lot of businesses have come up offering to buy your gold. You must, however, be very careful in choosing your buyer.
It is very easy to get a license to venture into the gold-buying business. The only thing required of prospective buyers is to obtain a pawn broker’s license or a license for dealing with second hand goods. After that, they can start their gold-buying business already, anywhere in the country. This is one reason why you have to be wary of choosing a gold buyer. A lot of them may just be fly-by-night businesses that are out to take advantage of you.
The transaction itself is pretty straight-forward. Bring your scrap gold to the buyer, and get your cash. The problem is how do you know if they have given you the best rate for your gold. Here are some tips for helping you get the optimum price for your gold.
·First, never trust the gold-buying businesses that air their infomercials at late night hours. They might tell you how convenient it would be for you to do business with them, but, chances are, you will be getting a much lower price than the real value of your gold. Do not consent to sell your gold through the mail. Aside from the actual gold content of your jewelry, some pieces of old jewelry have value that can only be determined by an experienced gold buyer or jeweler in person.
·Do your research. Nothing compares with getting yourself as much information as you can regarding your gold. Do not rely on just what your prospective buyer tells you. They can pay you for as low as just 18-20% of the actual price of your gold. Get reliable, unbiased information on the true prices of gold. A lot of foreign exchange websites publish updated gold prices daily and weekly. Compare the rates presented by these websites, and compare the rates offered by different dealers as well. Find out the purity or the karats of your gold, and weigh them yourself using a kitchen scale. These parameters can help you estimate how much your gold is worth.
·Contact an established gold buyer. You can find out about a gold buyer’s history and reputation by doing some online research. Usually, a gold buyer that has been around for a long time has a better track record. They wouldn’t have lasted long in the market if their customers were dissatisfied with them. Consult the website of the Better Business Bureau to find out if there had been complaints lodged against a specific gold buyer.
·If you are pondering on selling an antique gold piece or jewelry, which you believe to be valuable, have it appraised by two or three experienced gold buyers. You don’t want to have regrets later on, if you find out that the piece was actually worth so much more than what you got for it.