For starters, the price of gold is usually hard to rate. Sometimes it is based on supply and demand while other times it will depend on the stocks. That’s why there is a flourishing black market for gold.
If you are looking to start up a business after you retire or you’re just looking for an extra but good income to boast your job, you might want to consider joining the traditional gold business.
The good thing about the gold business is that you can start with a few pieces of jewelry that you probably already own but the question remains, “where do you sell them?” This article will help you understand how to go about it.
So how exactly do you sell your gold to gold dealers?
What is the weight of your gold?
The first aspect that determines your gold sale is the weight of the gold and whether the gold has stones or not.
Pure gold is measured at 9999 fitness, and it’s bought at the best price. But if your gold has stones, you can also get the market, but the price might be lower than that of pure gold. Since you have no gold weights, you cannot measure the weight of your gold on your own.
The easiest place to get an accurate measurement and for free is at a gold shop. Gold stores are happy to weigh your gold and give you a quote anytime. Once armed with the right weight, then you can ask for quotes from other gold sellers.
What you should do with the stones?
A reliable gold dealer can help you to refine the stones from the gold using a refinery and then measure it and return it to you.
If the bullion dealer refines your gold, they will ask for a small fee.
But other traders may decide to buy your gold together with the stones and then improve and resell them. The stones or diamonds are not highly valuable gold but are also used for several purposes including making gold jewelry, decorations etc.
Identifying a buyer
Finding a reputable dealer is the hardest part. Gold stores are the first place to go because they have a permanent address. But again, that is not a guarantee that you can’t get robbed. Con men can do anything for money including setting up a one-week gold shop just to rip off innocent people.
Gold is like money. Only trusted banks get customers, and that is the same with selling gold.
Sell your gold to a dealer that has been long in the market and held a reputation.
To tell if a dealer is reputable, you have to shop around. Do a simple Google search and read reviews of previous gold sellers in your area.
Pick out at least 5-10 gold stores and give them a call and while using an estimate of your gold’s weight, ask for a quote and then compare the quotes of the various dealers.
A good dealer will buy your gold according to the market price. They will show you what the gold index is reading and use an accurate price to buy your gold. Reputable shops do this because they want to maintain a good name but also because, like any other business, they need other customers and won’t let just one wrong act ruin their reputation.
I think learning to make money from what you already own is a great thing because you don’t have to raise capital in order to start off. What do you think? Let’s take the conversation further and share the article with friends and family on social media so that we get more ideas on how to sell our precious pieces of gold jewelry.
- Sam Sommer MBA, Sasha Sommer
- Independently published
- Paperback: 295 pages
- Buying and Selling Gold A Primer for the Beginning Investor
- Margo Armstrong
- The Maxwell Group
- Micki Suzanne
- Bodhi Press
- Paperback: 160 pages
Last update on 2017-10-20 / Affiliate links / Images from Amazon Product Advertising API