Gold is a reliable commodity to invest in. This is because, its value always appreciates and it never loses value due to recession or any downturn in the economy. When trying to get cash for gold, there are certain tips you need to bear in mind which will enable you get a good deal. These are the top six tips that will help you get the cash value of your gold when you want to sell.
1. Familiarize yourself with the various weights:
There are two main types of weights for measuring gold. One of them is called the troy ounce, another is the grams. These weights measure differently. This is why it is essential to know the pricing of each scale. 31.1 grams is a troy ounce.
2. Know your Karat:
Pure gold is usually mixed with other metals in order to make it durable. Gold jewellery is usually made by adding other metals which are combined with it, this forms a gold alloy. The extent of the combination of gold with other metals is measured by karats. A karat of gold is part of gold out of twenty-four. A nine karat description means that a gold jewellery has nine parts gold out of twenty-four. The higher the number of the karat, the higher the value of your gold jewellery. Knowing the karat value of your gold will help you get the right price for it.
3. Do not group gold of different karats together:
Grouping gold of different karats together is a serious mistake. Some dealers are aware that gold sellers are looking for a quick transaction that will help them solve a urgent cash problem. This will make them hastily weigh all your gold jewellery irrespective of their karats and value by the lowest karat. Separate gold of different karats from one another when you are going for a sale. This is an important precaution that you should take when you are trying to get cash for gold.
4. Verify the reputation of your dealer:
No matter how smart and knowledgeable you are, you may not be smart enough when you are dealing with a rogue dealer. This is why it is important for you to sell your gold to a dealer that has an online presence with good reviews. This will enable you to read the reviews of previous sellers about the dealer online. This will help you make a proper decision as regards the reputation of the dealer.
5. Do not always accept the first offer:
When you are trying to get cash for gold, in order to get a good deal, do not accept the first offer. Most gold dealers tend to price down gold under the pretext that they are going to lose a little when they melt the gold down. A dealer that is offering you around 90% of the gold jewellers melt value is giving you a good deal.
6. Know the value of your gold:
All gold are not equal, some are more valuable than others. This is why jewellery pieces that come from well-known designers fetch higher prices than pieces from less known designers. Big brand jewellery items are not recommended to sell to a gold dealer as these items are more valuable as an item compared to the commodity melt price that a gold dealer can offer you.