Finance Outkast

Financial Strategies from the Finance Outkast

Selling Gold: The Do’s & Don’ts

Aside from real estate, gold is probably the most popular investment commodity, due to the fact that it is globally recognised and accepted, and if you are thinking about selling some of your gold, here are a few essential do’s and don’ts when selling gold. · Do Check The Weight Of Your Gold – Ideally, you should know the weight of your gold before you make contact with a gold dealer, as this will ensure that you are not cheated regarding the weight. The gold dealer should weigh the gold in your presence, which ensures that everything is above board, and with the spot price, you can easily calculate the amount you should receive when selling your gold.

· Do Search For A Reputable Gold Dealer – When you consider selling gold bullion or even scrap jewellery and gold ingots, you should locate a reputable gold dealer, who would buy the gold at the current spot price. The prices for gold vary according to the purity, with separate prices for 9, 14, 18, 22 and 24k, and you should compare the spot price offered with another reputable gold dealer before making any decisions.

· Do Be Sure You Want To Sell – Many gold dealers also offer a pawn service with gold, which might be a better alternative to selling, especially if you only need the money for a short period of time. If you sell your gold and later regret the decision, you would have been better off pawning rather than selling. Pawning is a way of getting the money you need without selling your gold, and by checking the interest rates, you can decide whether or not pawning is a good idea.

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· Don’t Sell Without Comparing Prices – Once a gold dealer offers you a price for your gold, you can easily check online whether this price is correct, and providing the weight and the spot price are correct, you can go ahead with the transaction, confident that you are getting the best deal.

· Don’t Sell Without Checking The Spot Price – There is a spot price for gold and like any other commodity, the spot price for gold is in a constant state of change. You should first check the current spot price for your purity of gold prior to selling, as there are unscrupulous dealers who are looking to buy gold at a cheaper price than the current value. You can find articles online that discuss things you need to know before selling your gold.

· Don’t Sell Without Checking The Purity – The purity of your gold will determine the price you receive, and with 9, 14, 18, 22 and 24k purities, you should inspect your gold, as the purity should be stamped onto the metal.

Once you have made your mind up to sell your gold, an online search will help you to locate a nearby gold dealer, and by checking the current spot price with other online dealers, you can be sure that the price you are quoted is, in fact, the current price for your purity of gold.