Getting Your Money’s Worth: Everything You Need to Know About Selling Gold at the Right Time

Getting Your Money’s Worth: Everything You Need to Know About Selling Gold at the Right Time

Selling gold

You’ve probably seen a massive increase in “sell your gold” stores in recent years, both online and on the high street – that’s because the economic downturn (and people becoming more in need of some quick cash) has coincided with record gold prices. These two things aren’t independent of each other, as gold is often seen as a solid investment in unsure economic times. What that means for you is that you could make more than you think from old jewellery and gold items you’ve got lying around the house that you no longer need.

If you need some quick cash or simply want to clear some clutter and make a bit of money in the process, selling your gold could be a viable option. However – there are a few things you need to consider before you decide where to sell your gold (and when). Let’s have a look at some tips:

Be aware of how much gold fluctuates

Gold goes up and down a lot, so you need to make sure you don’t just sell it on the first day you decide you want some extra cash from your unwanted jewellery. Gold can fluctuate a lot, especially depending on a lot of external factors like how well the rest of the economy is doing, as well as simple supply and demand.

Keep track of price changes regularly

As we’ve just established, you shouldn’t simply decide you want to sell your gold and then do it that same day. Make sure you’ve been following the price for a while and are aware of when is a good or bad time to sell.

Wait until the price is the highest it’s been for a while

If you’ve been tracking the gold value for a while, you should be aware of when it’s a particularly good or bad time to sell. This seems obvious, but you’d be surprised how many people simply sell it straight away when waiting a week or two could have got them quite a lot more money. This is especially important if you’ve got a lot of gold to sell, where small price fluctuations could make a big difference to a high volume of gold.

If you’re desperate for the money, you might not be able to wait. But if you aren’t – you should sit back and make sure you’re getting the best price you can. Be aware that the listed gold price is the scrap value, which is not what you’ll be offered by one of these gold stores – as they make their money on the difference between scrap and what they pay you for it. However, they’re still an indication of when the price is good or bad.

There’s always a bit of risk involved with waiting for prices to change – so make sure you do your research and check what experts are saying about the market. If you think the price is going to drop even further, sitting around and waiting might not be possible – so be careful.

Don’t accept less than you think the gold is worth

If you’ve done your research, you should be aware of how much your gold is worth – or at least a rough estimate. While there’ll be a fair difference between the sale price and the scrap value, don’t accept anything less than what you think the gold is worth, or what it’s worth to you. Some gold stores prey on vulnerable people who are desperate for money and don’t really know what their gold is worth – so make sure you don’t fall for one of them.

Weigh the gold yourself

While shops will weight your gold for you, make sure you’ve also done your own weighing and calculations before you head to one of them. There shouldn’t really be any issues here, but you never know.

Check multiple gold sales places (including online)

Don’t just sell at the first gold store you enter, get quotes from multiple gold dealers. The cut each dealer takes can vary quite a lot, and for large amounts of gold, this could make a big difference. With online gold sales, you can normally send off your unwanted jewellery for free, but under no obligation to sell. If you don’t like their quote, you can normally ask for your gold back.

Be prepared to travel further to sell your gold

Aside from just trying different shops in the same area, gold prices can actually vary quite a lot depending on the area you live in. Especially if you live near state or international borders, you might want to try a few different locations to see how much more your gold could be worth.

Be ready to walk away

With any gold sale, be prepared to say no to any offer you’re not happy with. Don’t be pressured into selling your gold somewhere you aren’t happy with, or for a price that doesn’t seem right. If in doubt – walk away. You might find you get a better offer shouted at you when you leave.

Make sure you don’t sell anything you might want back

If your gold is important to you, then don’t sell it. There are other ways to make money, but not get back items that you might regret getting rid of.

Don’t scrap an item if it’s got more value than you think

The thing about gold stores is that they’ll only offer you scrap prices or lower. That means anything that has any design or antique value will not be worth its full potential. If you have items that are particularly sought after, then this isn’t really the best place to sell them.

Consider other places to sell old jewellery

You could try eBay or individual antique dealers if you think you’ve got an item that’s worth a lot more than scrap value. Have a look around and see if you could earn more for particular items.

Whether you’re looking to buy gold or sell it – there are tons of options out there, both online and on the high street. Try them today.