In times of economic hardship it can be difficult to find ways to feel more financially stable. Investing in a physical commodity like gold and selling when the time is right can be one way to feel more financially secure in tough economic times.
Unlike other currencies that tend to lose their value because of evolving fiscal policies or inflation, gold is still considered to be as valuable now as it was when it first came into use.
There are countless gold-buying companies around today who will offer you cold hard cash in return for your valuable jewellery. However, many will offer a low price then sell it on at a much higher price. So, before you sell your gold, here are some top tips to keep in mind.
- Avoid rushing to cash for gold companies
Many cash for gold dealers will ask you to mail your gold in to them but typically only pay between 10% and 20% of the value of gold. However, you are best visiting a few jewellers to get the best idea on what price to expect for your precious items. Legitimate dealers can pay anything between 40% and 65% which is a fair price considering the gold must go through a number of changes before it can be resold.
- Carefully research price
Be sure to look at the value of the whole item and not just the gold. Many cash for gold companies are only interested in the value of the metal making up gold items, and will ignore any precious stones in them or the value of the craftsmanship. Some may even remove stones from gold jewellery which will stop you from cashing in on their value.
Items such as medals or old coins could potentially be worth much more than what a cash for gold company will offer, so if you suspect any items you own have more value than just the gold in them, then get them properly assessed and valued before selling.
- Manage your expectations on price
Before you get any ideas on how much your precious item might be worth, remember to not get carried away and stay realistic about price. You might have a necklace that belonged to your great aunt that you think will bring you lots of cash, but to everyone else, it is only a necklace. Remember that it’s very rare to get the same money you paid for a second-hand piece when selling it. The actual amount you’ll get for your jewellery depends on a lot of factors including the materials, where it was originally, rarity and beauty, for example.
- Sell gold online
Selling gold online is a good option for when you live in an area that does not have many jewellers. Many high-street jewellers now have websites that have scrap gold calculators that will give you a fair price for your valued jewellery. You can also find a wealth of information on these websites that will give you practical advice and tips on everything you need to know when selling your gold.
Some final thoughts:
The key thing to remember before selling your gold jewellery is not to act on impulse and carefully evaluate every piece of jewellery that you are going to sell. Remember not to let your emotional attachment cloud your judgement on how much your item should worth. Don’t forget too that selling gold jewellery will not make you rich overnight – but it can however place some extra cash in your pocket.
About the author: Grace is a writer for Lois Bullion who is passionate about finance and
fashion. She loves the challenge of finding a bargain when shopping and she
especially likes to find a good deal on jewellery!