Most people have some gold tucked away, indeed, many investors keep a few gold ingots in their safety deposit box, in case they need some emergency cash. It might be that you have some old gold jewellery that you would like to sell for scrap value. With that in mind, here are some tips when looking to sell your gold.
- Know the Weight and Purity of your Gold – Prior to making any enquiries, you should know the weight and purity of your gold. This will be something that the dealer confirms in your presence. That way you will not be misled regarding what you are selling, and when the dealer tests the gold for purity, they will do that in your presence. The same goes for the weight, as the dealer has digital scales, and with that process completed, the spot price will determine the amount of money you receive. You can also check references online on how to check the purity of your gold for more details.
- Look for a Registered Gold Bullion Dealer – In the event you may want to sell gold in Adelaide, there is an established gold dealer on your doorstep. If you live in any other city, an online search will lead you to an established gold bullion dealer. This is the best way to sell your gold, whether it be old gold jewellery or gold ingots, and using their website, you can easily check the spot price, which fluctuates all the time.
- Online Solutions – You won’t have to waste half the day looking for a registered gold bullion dealer, not if you use the Internet to search for a local dealer who is established. Whether buying or selling gold, it is not advisable to trade online, at least not until you have visited their offices at least once. You should always insist on taking physical possession of any gold that you buy, so pay the dealer a visit, where you can carry out the transaction with some confidence.
- Checking the Spot Price – As with any commodity, the spot price of gold is in a constant state of change. Generally speaking, the big gold bullion dealers will offer a better spot price than a pawn shop or jeweller, which is another reason to use a registered gold trader. Whether you sell today, or wait a few days to see of the price rises, is entirely down to the individual. If you think the price will rise and you are not in a hurry to sell, hang on for a few days and check online frequently to see the current spot price.
Many investors like to diversify their portfolio, and gold is a main investment, due to the price stability. When currencies fluctuate, the smart investor moves their money from the dollar to gold, plus gold is always a good hedge against inflation. Dealing with a registered gold bullion dealer is the safest way to sell your gold, and they generally offer the best prices, so when you are in need of some emergency cash, search online for a local gold bullion dealer and check the current spot price, then you can calculate the amount of money you will receive from the sale.
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