The sale of gold is known worldwide as one of the oldest and most profitable commercial means that has existed.
Buying and selling gold is a great way to keep money from devaluing. Like any business, it has its risks. But these will decrease if you know what you are doing, that is, if you have extensive knowledge of this precious metal and its value. For this reason, know the Definitive Guide on how to sell gold.
How To Buy And Sell Gold?
This type of investment requires that you spend time acquiring prior knowledge of the metal. This will help you make the best choices when buying and selling gold.
The cost of this precious metal is high, and for this reason, it is recommended to only buy a small quantity, to start the business. Investing in gold is safe, but it usually takes time to see the best results. So, only invest the money you don’t need. Before purchasing gold you must make sure of the following:
- The purity of gold. In gold investment, the karats will determine the purity of the gold. 24 carats equals 99% purity and 10 carats at 41% purity.
- The real value of gold. Knowing this detail can be a guide to knowing when is the best time to make the purchase and sale.
Now, when should it be sold? The price of gold depends on the law of supply and demand. For this reason, it is necessary that when selling you know the degree of purity of the piece of gold that you want to sell and it also deserves to be updated with the price of gold. In this way, make sure to sell at a good price and at the right time.
Ways To Sell Gold
Regardless of whether you are selling jewelry, gold bars, or gold coins, there are several methods to sell gold safely. Among the ways to carry out the transaction are:
Sale Of Gold Online
Selling gold online turns out to be the easiest method to offer and sell. This type of sale is characterized by:
- Payment is made electronically.
- There is no person-to-person meeting with the buyer.
- The delivery of gold is done by external means.
Due to these characteristics, the sale may be a bit uncomfortable and to a certain degree risky. But, so that there are no major complications, it is better to make sure who the buyer is going to be and that the payment method will be safe.
In case you want to sell gold through auction websites, you must take certain precautions that the site provides a secure service. So you can be comfortable with the person to whom you will sell the gold. To do this, contact other sellers who have used that website.
Whichever online method you use to sell gold, you should do your research beforehand. The more information you get, the more secure the sale will be.
Selling Gold At An Auction House
Another way to sell gold is through auction houses. This method turns out to be a practical way, only if you know well the gold pieces you have. These auction houses are generally categorized by their specialties in jewelry, pieces, or bullion.
When calculating the price of the gold that you will sell, you should be aware that the auction house will apply a fee and commission cost.
Selling Gold At A Pawnshop
Pawnbrokers lend money by valuing their gold at a much lower price than normal market value but offer the money quickly in cash. In case you want to recover the piece of gold, you can, but, you must pay off the borrowed money along with the interest.
In case you don’t want a loan, they can buy your gold at a lower price to make a profit in return. This method is profitable when you want to sell gold fast.
All of these ways of selling are safe and can work only if you have the necessary knowledge to avoid scams. It is best to choose the method with which you feel most comfortable.