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How to Sell Gold for the Best Price

How to Sell Gold for the Best Price

2017-11-02

Commercials are constantly telling you how easy it is to sell gold and how much money you can make doing it. Is it really that simple, and how will you get the best price?

Gold

Where to Start

First, you need to know what you have. Gold is sold by karat, weight, and spot price. The karat is a measure of purity. You've heard of 14 karats, 18 karats, and 24 karats. The purer the gold, the higher the rating. For gold, 24 karats is the highest purity, which means that it's pure gold. You'll also get the highest price for pure gold. The weight of gold is typically measured in troy ounces. Spot price is a bit trickier. The going rate for gold can change from day to day, or even by the hour or minute. A buyer could offer you 10 percent of what gold is worth at the moment, or they could offer you 90 percent. There are no restrictions in place that determine what they can or can't offer. However, most reputable jewelers will offer you at least 50 percent (sometimes more) of the going rate. Keep in mind that they're in business to make money, so you should never expect to receive full price.

Who Is Buying

You should always go to an established, professional jeweler. Here, time is on your side. A dealer that has been in your area for decades has earned a reputation that they are interested in protecting and preserving. As an added bonus, they should already have relationships in the region and possibly even nationally or internationally. Making a profit off that gold shouldn't be a challenge for them at all. That means you're likely to get a better price because they know they can make their money back and some profit as well. As a general rule, you should avoid selling gold online. That's especially true if the company only has a presence on the Internet. Look for a physical location and be sure to visit it. Any jewelry company worthy of your business should have a physical store.

Whenever you're selling gold in Atlanta, be sure to ask plenty of questions. Your buyer should be happy to answer any questions that you have, and you'll be a lot more confident in the sale if you know that the jeweler is being honest and helpful. Selling gold doesn't have to be troublesome if you know where to go and what to keep in mind.

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