Gold is a highly liquid and volatile commodity. You can sell gold easily but that doesn’t necessarily mean you will win in that trade. Gold buyers are some of the sleekest traders in the world. There are some things you should know if you want to win the trade. Keep in mind that it’s quite risky to sell gold, since you may not get the item’s actual value, so it’s good to know how to get the best out of that trade. You can sell gold in pretty much anywhere if you want to sell gold Santa Barbara, this article will help you.
Check Your Options
When you want to sell gold, you will have a lot of options. You should check them. Go shop around and start locally. Go to a good gold store that is reputable and ask them to estimate the value. If you go to a pawn shop, that will work, too. They will give you an estimate and you will at least know the base price. Don’t sell below that price as you will lose money if you do.
Be Aware of the Rogue Buyers
Rogue buyers are buyers who go to a town, run lots of ads saying they’ll buy gold at a high price, set up a shop, e.g. in a ballroom of a hotel. They disappear after taking the city’s jewelry. Most often than not, they pay a severely low price for the items. These buyers are also known as, “hotel” or “pop-up” buyers. You should never sell your gold to them.
Always Keep Your Eyes on the Scale
Remember how we told you gold buyers are some of the sleekest traders in the world? Well, they can be manipulative, too. They might trick you into believing the weight is low when in reality it’s not. This is why you should always keep your eyes on the scale. You must also know how the seller is weighing the item. Usually, golds are valued not by the regular ounce, which is 28 grams, but by Troy, which is 31.1 grams. Some other buyers use a system called Pennyweight where one pennyweight is equal to 1.555 grams. Beware not your item to be weighed in pennyweight and get paid in gram.
Check the Buyer’s Genuineness
Ask the buyer to show you his credentials. If they’re an authorized store, they will have no problem showing you that. If they don’t, there’s probably something fishy going on and it’s better not to sell there. If he’s legitimate, he’ll ask you to show your driving license or any other government-issued identification because it’s the law made for reducing money laundering.
Check If the Item is Scrap or History
If you want your gold item like custom design cubic zirconia ring to be sold so that it can be melted into scrap, you should make sure that it’s not worth more than it is currently. Because otherwise, you’ll only lose money.
Selling gold anywhere is easy. If you want to sell gold Santa Barbara, or in any other place, you will have a lot of options, be sure to sell at the right place and at the right price.