Diversifying your investments is an excellent way to protect yourself in times of uncertainty. After all, the value of cash diminishes with time! As such, investing your money can help increase the value of your savings and give you additional sources of income.
Having different avenues of investments, like real estate, stocks, or currencies, can add another layer of protection in case one of them fails to meet growth expectations. One way to add variety to your portfolio is through buying gold.
The Importance of Investing in Gold
Gold is one of the few precious metals that has maintained its worth for centuries. Unlike regular currencies, gold has universal appeal and value. Aside from that, it doesn’t tear, break, or corrode—making it a durable object that sustains its value, as it is passed on from one generation to the next.
The metal’s versatility is what makes gold a much-sought-after commodity. Its visual attractiveness makes it a desirable metal to wear as jewellery or to accessorise apparel items. Aside from being aesthetically beautiful, it has a variety of functional applications in electronics, as well as in medical and dental treatments.
To get the most value out of your investment in gold, you need to know how to sell it properly. Because gold is in high demand, plenty of merchants will try to take advantage of you by under-appraising your items. Knowing the market well can help you avoid losing your money to unscrupulous traders.
If you want to sell your gold, here are a few essential things to consider:
1. Know the weight and caratage
People trade gold based on weight and caratage. Before you sell, you need to know the purity of your gold—which is measured in carats.
Gold can be combined with other metals to create gold alloys which have lower market value. The highest caratage of gold is 24K, meaning that the metal is pure gold only. When you sell your item, the buyer will offer you a price per gram and compute it according to its carat value.
If you know the actual worth of your gold pieces, then you can be confident about the price when you sell it.
2. Check the gold rate
The price of gold can change each day, depending on the supply and demand across the world. You can view the global price of gold online in real-time.
Depending on the weight and purity of your gold, small fluctuations in the price can mean the difference between a few hundreds or thousands of British pounds. Watching the market can help you determine if it is the right time to sell your gold or if you should wait for a price you feel comfortable with.
3. Inquire with different buyers
If you have decided to sell your gold, don’t accept the first offer you encounter. You should shop around and look for different institutions who buy gold.
You can get quotes online or contact several buyers directly. Having multiple quotes can give you a fair idea about how much you can get from your pieces.
4. Don’t be afraid to negotiate
When you know the market price of gold, don’t be afraid to haggle for a better price. A buyer will try to increase his profit margin; as such, they may start their offers relatively low. You can negotiate upwards, especially if you have several pieces to sell. When you can’t get the price that you want, move on to another jeweller within your area.
5. Only go with a reputable buyer
Whenever possible, only transact with buyers that a trusted friend or relative recommends. If you can’t find a referral, review the buyer’s reputation online!
Look for testimonials from satisfied customers. Finding a trustworthy buyer can be tricky, but once you have one, you can have peace of mind when you sell any of your valuables.
When you need cash in desperate times, the gold in your portfolio can be easy to liquidate. Keep in mind that some pieces, especially ones from branded designers or artisan jewellery makers, may be worth more as a whole rather than in parts!
You should only sell your gold when you can make a substantial profit from it. Otherwise, you may be better off protecting your investments by selling off other assets instead. Be sure to do your research, shop around for good rates, and only deal with a reputable trader so you can get the best value for your gold as possible.
Are you looking to make a profit from your gold investments? Use our gold price calculator and get the best prices for your jewellery pieces or gold scraps. Visit our website for more information on how to sell your gold today!