You might have invested in gold coins, bars, and jewelry over the years, and now, it’s time to get some cash. Gold is a universal asset that has assured liquidity, and regardless of the part of the world you live, you will always find a buyer. However, if you want cash for gold, below are seven tips that may come handy.
- Know the scales. Jewelers and dealers use a measurement standard for valuing gold, which is known as “Troy ounce”. According to that, around 31.1 grams is included, instead of 28 grams as taken by US scales. Be careful of these terms if possible, because you don’t want to get a price lower than what your investment demands. There are many online resources on gold measurements and scales, which can be read for further information.
- Understand the value. The value of gold coins and jewelry is measured in karats. Pure gold is of 24 karats. If you buy gold of 22 karats, it means that the gold contains 22 parts of the metal and two parts of other metals, mostly copper. Gold worth 18 karats or more are likely to fetch a better value at all times.
- Visit a good dealer. You cannot expect to get the right price of gold, unless you have the right buyer. Find a licensed dealer with good reputation. They must deal in precious metals, diamonds and coins on a regular basis and should have the required state-certified grading and valuing equipment. They should have a permanent address and should be accessible at all times too.
- Do your homework. Gold coins are usually sold at a price higher than the market price, so you need to know the trends. Sellers, especially investors who deal in precious metals on a regular basis, are always a step ahead in knowing the pricing trends and other things that influence the gold market. This doesn’t require a lot of time, but you should take the effort, so that no one can cheat you.
- Finally, consider if you need to sell your gold right now. At times, it is better to retain your investments in precious metals, but if you are in need of money, always check the facts and details related to the market and take a call.
Check online now to know more on gold investments and find a dealer right now, keeping their reputation and overall services in mind.