So you’re looking for some quick cash and you suddenly remember the gold watch grandpa left you. Or you have a glass jar filled with some flake gold and gold nuggets you panned yourself in the Yukon in your younger days. You know you can get cash for gold somewhere in the range above a thousand dollars an ounce. What’s the best way to convert that gold into good old Canadian dollars?
One good suggestion before you even start looking for a gold buyer is to check with the Better Business Bureau to see if any complaints have been filed against your prospective buyer.
Here are some proven tips for selling gold for cash:
Know the Current Price of Gold
The world price of gold is in continuous flux due to supply and demand, economic conditions or rapidly developing political issues. But unless something drastic happens to send gold prices spiraling up or down, you should know the general current price range of gold when you negotiate a sale for cash. A buyer who realizes you know the current price of gold will be less likely to take advantage of you when he presents his offer.
Get Several Price Quotes
This is particularly important when selling gold jewelry. With an accurate scale, you can weight raw gold fairly accurately. But with jewelry, a scale can’t tell the weight of gold contained in that necklace or ring. If two separate jewelry quotes are far apart, get a third appraisal.
Understand That You Won’t be Getting the Published Gold Price
If gold is quoted at $1,200 an ounce when you are meeting with a buyer, don’t expect to get that price. The buyer has to make a profit. The price offered to you should be within 10 to 15 percent of the market price, or $1,080 to $1,020 per ounce on the $1,200 price. If the price offered is lower than that, look for another buyer.
Deal with Reputable Gold Buyers
Longevity is a positive factor when looking for a gold buyer. Cheats and frauds don’t last long in the business. Deal only with buyers who have a long history of satisfied customers in the gold buying business. If you call them on the phone and talk to someone about the company, you can usually get a good sense of the way they do business.
Online Gold Sales
A number of gold-buying companies now advertise and work through the internet. You mail your gold jewelry to then in an envelope they supply than wait patiently for a reply with a high dollar quote.
The best option is to visit the gold buyer in person and watch as they analyze your gold jewelry and discuss how they made their appraisal.