Selling some of your gold might sound simple, but it’s more complicated than you think. It’s also easy to be taken advantage of, especially when you are a new gold prospector and don’t know exactly how much your items are worth. No matter how careful you are, you may make mistakes that can stop you from selling your gold for the best price. Here are some common errors you should avoid at all costs:
1. Being in a rush to sell your gold items
Unexpected expenses and other financial emergencies can leave you desperate for some cash. If money is tight and you have extra gold you can sell, it may be tempting to sell your placer gold right away. You will probably have to take the first offer that comes along even when you haven’t used the gold price calculator and don’t have a trustworthy gold buyer.
You should never rush a sale and don’t wait until you are desperate for cash. Ensure that you plan ahead in case of such circumstances and always sell when the spot price is high. This way, you can sell some of your gold and have funds available for unexpected bills.
2. Sending gold nuggets to a refinery
Natural gold nuggets are rare, which means they usually sell for a nice premium over the melt price you would typically get from a refinery. This is especially true if your quality nuggets have excellent characteristics and come in interesting shapes.
Unfortunately, you might only get 75 per cent of the spot price for your one-fourth ounce nugget with 85 per cent purity after smelting. Therefore, it’s best to sort out your gold nuggets first and try to get a better price for them from a dealer specialising in gold nuggets before sending them off to the refinery.
3. Selling to pawn shops and main street gold buyers
The worst way to sell gold of any kind, especially gold specimens, nuggets, and dust, is selling them to pawn shops and main street gold buyers. Doing this leads you to get only a fraction of your item’s true value. This is because pawn shops are known for offering unreasonably low prices for placer gold. In fact, their offers are usually far lower than even the lowest-grade placer. They typically say that they have no way to be sure of your gold’s purity without an assay and use it as an excuse.
4. Trusting all refineries
Not all refineries are created equal. Some may state the payouts you can expect on their websites, but the actual payouts you receive can vary. You can even send the same placer gold with the same purity and from the same source to various refineries. You may find out that they offer different payouts, and some have considerably lower offers in their assays than the same gold from different refineries.
Regardless of why you’re selling gold, you have to make sure that you are getting the best price for your item and transacting with a gold buyer you can trust. After all, as a prospector, you worked hard to find all that gold. You can do this by remembering the common mistakes listed above and avoiding them at all costs when you are selling your gold.
If you’re looking for reputable places to sell gold in London, then you are in the right space. At London Gold Centre, we can help you get the highest price for your gold in the market with our calculator. Check our gold price per gram today!