You may have a lot of scrap gold and you know that this will make a great way for you to earn some extra cash. You will find a lot of options through advertisements of people and companies that want to buy gold.
Here are a few tips you need to know before you choose to sell your scrap gold, these options will help you land a fair deal and pricing for your scrap gold.
Know the current gold prices:
It is important to research the standard market rates for gold in order to ensure that you get a fair price. You can negotiate in getting that best price if you know the current market value of scrap gold.
Scrap gold prices can be found easily in your local newspaper or the internet; you can also check the current price per ounce of gold.
Does your gold worth more in the form of jewellery or melted?
You may think that selling scrap gold will be more beneficial financially to you but it is best to get your gold jewellery appraised at any gold store. Often, gold jewellery holds more value than raw and melted gold.
Know the best time to sell your gold:
If you’re a gold owner, you need to understand that the price of gold keeps on changing. The best time to sell your gold is when the currency of your country is strong. You necessarily don’t have to wait for the scrap gold prices to hike if you really want the money in emergency, you can always get a good price for your gold – that’s the best part about keeping scrap gold!
How to sell your Gold:
Evaluate the purity of the gold:
You should always know the karat of your jewellery before you sell it. This will help you determine the price of your gold jewellery. It is also recommended that you understand the percentages of pure gold in various karats. Such as 10-karat gold is 42%, 14-karat gold is 58%, 18-karat gold is 75%. If you want to evaluate the price of your gold as per market rates, understand that the percentage of gold you have is the price you will get for your gold.
Weigh your gold:
You can use various ways to measure the weight of your scrap gold. It can be weighed in grams per ounce. You will find many gold shop owners weighing gold in grams per troy ounce, which is slightly different than weighing grams per ounce.
Prep your scrap gold or jewellery to get sold:
Before selling an item, you need to make sure it looks clean and appealing. Similarly when you want to sell your scrap gold or gold jewellery, use small amount of warm water and dish soap to clean your gold. You can also gently scrub it with a soft-bristle toothbrush and then let your gold to get air-dried. You should also make sure that your gold jewellery is repaired if you are planning to sell it as it is.
You need to browse multiple shops and gold vendors to check if you can get the best scrap gold pricing. You don’t have to necessarily sell your scrap gold to the first shop you visit.
If you’re selling it to a gold-shop make sure that you check that this business has a gold license and is certified as a member of your country’s jewellery trade association.
If you want to get the best scrap gold prices your safest bet is to sell it to your local jewellery or gold stores after carefully researching and negotiating to get yourself a fair deal for your scrap gold.