What to Consider When Selling Gold

by Ryan on May 1, 2013

Stock MarketSo I’ve got a few items to sell. Gold items to be specific. Gold I tell ya. Nothing tremendous like coins or some heirloom piece  just a watch and some used jewellery and a few trinkets I found metal detecting. Scams abound so where can I even begin right? I’ve just completed a little research on how to proceed so here goes:

Beware of fly by night operations:
They race into town, pop up a tent, then speed away, all while you were eating tacos at Qudoba. Check with the Better Business Bureau and please shop around before considering one of these guys, the bottom line is they won’t offer you anywhere near what the true value might be.

Shop around
That brings me to the most important and hopefully obvious point. Do some research and get multiple quotes from gold jewellery buyers. The more the better. It’s also kind of fun to learn a little how other shops describe, measure and categorize your items. The process varies wildly.

Watch what they do
Pay attention to how your gold is weighed. Believe it or not those scenes where store owners cheat innocent patrons from their true value using a bungled scale still exist. Ask to see what they are doing.

Check the little type
Look for hidden fees, shipping, buyers protection costs, what if the on-line seller loses the package… the list goes on and on. Read what you are getting into but more importantly understand it.

Does it have more value than you think
Stop for a minute. Is this item something that has more value than just the amount of gold in it. If you are considering selling something that has been in your family for multiple generations or has other possible sentimental value pause and think. Just because you might need quick cash, or don’t see the same value that others see in the item, doesn’t mean selling it is the best thing to do. Every situation is different but just approach selling gold with a long term horizon.

{ 1 comment… read it below or add one }

Shop Before Your Sell Your Gold! August 9, 2013 at 7:45 pm

The best tip given here is to shop around.

If possible, give 3-4 different buyers the opportunity to make an offer on your gold. Far too often, sellers anxiously sell to the first offer that is made.

The seller down the street may pay you double the price.

Shop Around!

Nice article…

Reply

Leave a Comment

{ 1 trackback }

Previous post:

Next post: