Every Detail Matters
The selling of gold is a practice that is extremely beneficial but also very risky, which means that most people will need guidance when doing this. It is true that selling gold is easy, but that also means that it’s easy to be taken advantage of because buyers realize that most people are not well versed in selling precious metals such as gold. Every detail matters when you’re selling gold bars, but there are certain aspects of the process that must be monitored carefully.
The first thing that you should do is to assess the gold that you have (whether you have bars, or coins, or gold in some other form) and to find out that the going rate is for it. You can check out government sites such as APMEX or the websites of reputable sellers such as SD Bullion.
For those looking for a more extensive resource on gold bars and the process of buying them please check out this thorough article. This guide will tell you everything you need to know about how to buy, where to go, and how to verify the authenticity and finite characteristics of the gold.
Finding a Place To Sell Your Gold
One of the most important aspects to be considered when you’re wondering how to sell gold bars is location. In other words, where to sell. Most experts agree that it is best to start local. Most of the time. It’s best to look near you because you can get a base price from local pawn shops or high end jewelers and then compare that to any online quotes you may get.
What this also means is that it is important to shop around and to get as many quotes as possible. There is a vast market for gold, which means that you should not simply accept the first offer you receive because that first offer could be far lower than your amount of gold is worth. When determining where to sell gold bars, it is also important to compare terms and conditions from every buyer you’re considering doing business with. This is important because not reading the fine print on a contract can be a costly mistake for a gold seller. This is mostly important when it comes to shipping fees for online websites, but you should always read your agreement nonetheless.
Risks When Selling Gold Bars
It is also very important to pay attention to the scale when selling gold in person. This is important because gold is not weighed by the ordinary ounce, which is 28 grams, it is instead measured by the troy ounce (31.1 grams). This matters because some buyers purchase by the gram, but others purchase by the pennyweight, which is 1.555 grams so it is important to make sure you’re not being weighed by the pennyweight but paid by the gram. This happens a great deal to unsuspecting gold sellers because most people don’t realize that gold is weighed so much differently than other materials, but hopefully knowing this will help make sure you’re not taken advantage of by various types of buyers.
Whenever you are selling the gold bars, please be sure to check the buyer’s credentials. If a buyer is legitimate, he or she will be able to show you a license that allows them to buy gold in your state. Also, that buyer should ask you for some form of identification, and if not, take your business elsewhere. These rules exist in order to prevent the sale of stolen property, and no legitimate buyer has any reason to violate these rules.
Just as you would be careful when you're buying gold and only purchase from reputable sellers, you would also want to be cautious when you're selling your gold.
It is also important to stay away from rogue buyers. ABC News refers to rogue buyers as people who go to various cities and advertise that they will pay top dollar for gold. These people often use hotel ballrooms as their location for buying gold. More often than not, these people either underpay the sellers or they simply don’t pay them at all, and they leave town never to be seen again. These people are also called transient gold dealers, and they prey on people’s lack of knowledge about selling gold.
This leads to another tip. Although there are exceptions, sell to someone who has a decently long reputation. One way to check a buyer’s reputation is by using the Better Business Bureau. If the buyer can’t be found on the Better Business Bureau’s website, find one that can be. It is important to point out that the best websites that buy gold will have their Better Business Bureau rating on their website.
To wrap things up, please be sure to avoid rogUe buyers. Again, these are people who simply appear one day with the desire to buy your gold. Also, get as many quotes as you possibly can so that you can sell at the best possible price. Remember that you’re not being a bother to a jeweler by asking for a free quote. And yes, the quotes should be free. If you have gold sitting around, now is the perfect time to take advantage of the blossoming market that currently exists.