Selling unwanted gold is a popular way of raising some extra cash; buyers know this. The global gold exchange market is well over $2 trillion. This of course attracts a lot of players who don’t quite play by the rules, or don’t quite offer the price you deserve.
How can you stay safe when selling gold?
Did you know that businesses who buy gold in the state of Connecticut must be licensed? Any legitimate gold buyer will be happy to provide you with their license information if you ask for it. A licensed buyer must ask for a form of identification such as a driving license, passport.
Gold buying licenses exist to help prevent money laundering and the sale of stolen goods.
Don’t rush to a cash for gold shop
They may seem like a fast and convenient way to sell your gold, but often cash-for-gold shops do not offer the best price compared with jewelers and pawnbrokers.
Avoid pop-up shops/parties
Anyone that suddenly shows up and promises high prices should be handled with caution. In reality you may receive only 70-80% of the value you would get elsewhere, and in some cases rogues will run out of town without paying at all. At gold buying parties gold is often grouped together and karat value is not considered, or the lowest karat value is offered.
Get multiple quotes
A good way to make sure you are offered the best price is to have your gold valued from multiple sources. Don’t be afraid to shop around.
Be aware of the scales
The standard measurement for gold in the US is troy ounces. 1 troy ounce is equivalent to 31.1 grams, however jewelers may also measure as a avoirdupois ounce, which is equivalent to 28.34 grams.
Be wary of any buyer who measures in pennyweight (dwt). 1 pennyweight is equivalent to 1.555 grams. This can be used by unscrupulous dealers who attempt to pay you less for your gold.
Know what you’re selling
Don’t overlook the fact that your item may be worth more in its present form. If the item may be an antique for instance, get it valued by a person with experience. If it’s an item of jewelry have it valued by an experienced jeweler.
Above all, don’t rush. Take the time to be sure that you are getting the best deal for you, especially if you are selling your gold because you need quick cash.