Selling Gold: 5 Tips to Help You Get the Most from Gold Buyers
If you’re looking to get maximum value when selling your gold, then take some time to educate yourself about some general practices to avoid being scammed or misled by sketchy gold buyers. Below we share five tips to help you sell gold more effectively and mindfully.
1. Determine the purity and value of your gold
Before you take your take your items to a gold buyer, be sure to determine the karat purity of the gold as well as its value. For example, if the current market price of gold is $1,300.00, then 100% pure, 24 karat gold is valued at $1,300.00 an ounce.
If you determine that your gold is 20 karat, and you’re looking to sell one ounce, then multiply the purity percentage (you gold’s karat divided by 24) by the market value. In this case, we’re selling one ounce (valued at $1,300) at 83.3% purity (20/24 = 0.833), so we can expect market value to $1,083.29. Just don’t always expect to earn the market value when you sell your gold a gold buyer.
2. Weigh your gold first before taking it to a buyer
Parallel to the latter step, be sure to know exactly how much your gold weighs before taking it to a gold buyer. In most cases, precious metals are traded in “Troy ounce” measurements. One Troy ounce weighs 31.10347 grams (or 1.097142 standard ounce). One Troy ounce is just a shy less than a standard ounce. This alone is good to know before visiting a gold buyer.
3. Find local and reputable gold buyers in your area
It’s best to avoid mail-in gold buying services, as this means selling your gold gives you minimal control over your sale. Also try to avoid “one day only” and temporary gold buying events. Both of these avenues have a reputation for cheating gold sellers, so it’s best to find a local gold buyer in your area, like www.BirminghamCoin.com who serves the greater southest area of Michigan. The best gold buyers not only have an honest reputation in the local community, but many are also licensed, monitored, and registered with their local and state governments.
By law, the gold buyer is required to weigh your items individually and in plain sight of you, the seller. If possible, ensure the gold buyer’s scales are inspected and certified, and at the very least, teared before each weigh. Depending on where you’re located, some gold buyers will indicate that the office of weights and measures has inspected the scales. This is sometimes indicated by a blue sticker with the current date on it.
5. Get a complete sales receipt
After you sell your gold, make sure that the buyer provides you with a complete receipt of the details regarding the sale. This is to protect your case in the instance of dispute.
The information included a complete sales receipt includes the follow:
- the amount paid for the gold
- the weight of gold sold to the buyer
- the quality or fineness (karat) of the gold sold
- the name and address of the buyer
- the date of the transaction
- the name, address and signature of the gold seller
Ensuring you get a complete sales receipt when selling your gold is vital in case issues rear after the transaction.