Cash For Gold: How To Get The Best Price 

This article originally appeared on mitmunk.com

During emergencies, people may require some cash, and the sale of gold can be one reliable method of acquiring that money. Gold has remained precious from time immemorial and when it gets to the time that you are selling them, it is very important that you get the best deal for the gold products. Whether it is old ornaments, coins, or even gold bars, some common knowledge about the sale of gold can help in getting a better price.

Gold always has some value in the market, but some factors can determine whether you will make a profit or not. Below are some tips that will assist you in the process so that you can get a fair price for the gold items that you are selling.

Know the Current Value Before You Sell

It is important to have an approximate value before you proceed to a cash for gold shop. Gold is sold by weight and quality, which is normally stated in Karats on the item itself. You can look up the current gold price per ounce on the internet, but you will be paid a little less than that because buyers must make a profit.

To get an approximate value, use a kitchen scale to weigh your gold and then convert it to ounces or grams. After this, it should be multiplied by the current gold price per gram. This calculation gives you an estimate to work with.

Choosing the Right Buyer

Gold selling opportunities are numerous; you can get cash for gold in jewelry stores, from online buyers, pawn shops, etc. All have their advantages and disadvantages. Instant payment from local jewelers and pawn shops may be an advantage, yet the price offered is likely to be lower due to shop rental costs. Online buyers may pay more due to less overhead costs, but you should carry out some research and do some investigation, checking reviews and customer feedback, as well as business ratings on the Better Business Bureau.

Prepare Your Gold

Presentation can slightly affect the offer you will be given for your gold. It is advisable to wipe it lightly with a piece of clean cloth to remove any dirt or tarnish on the item(s). This does not add value to the gold – it merely makes the pieces look better and perhaps enables the buyer to check them faster. However, it is recommended not to use harsh chemicals or anything that is abrasive as they might scratch the surface of the gold.

Conclusion

Cash for gold is a relatively easy process. Accurately assessing the value of gold, identifying the best buyer and probably trying to bargain can help you get the best price. But remember, no rush is needed. Do not hurry up to sell your property for a low price to the first buyer you meet.

By following the above steps, you can be sure to get your gold converted into a fair amount of cash in the shortest time possible.