3 Mistakes To Avoid When Selling Your Gold

The gold that you have collected over time can be turned into cash by selling to a gold dealer. Gold dealers provide a quick and hassle-free resource for anyone looking to sell gold coins, jewelry, bars, or nuggets. 

It's important that you are able to maximize the amount of money you receive for your gold. Here are three mistakes that you should avoid when selling your gold to ensure your investment in precious metals pays off.

1. Not Knowing the Actual Gold Content

One of the biggest mistakes that you can make when selling your gold is not knowing the virtue of each piece.

Virtue is essentially the percentage of pure gold contained within an item. All gold has trace amounts of other elements. The higher the concentration of these trace elements, the lower the virtue of the gold.

Take the time to have your gold tested so that you know the exact percentage of each element before you try to sell your gold. This type of testing will help you leverage the quality of your gold to maximize your profit.

2. Not Shopping Around

There are many gold dealers in operation today. You should be able to find gold dealers locally, as well as online. Be sure that you take the time to determine how much each of these establishments is willing to pay for your gold.

Each gold dealer sets their own fee schedule. This means that the amount deducted from the value of your gold can vary from one dealer to the next.

Try to find the dealer with the lowest administrative and handling fees so that you are able to put more of the money generated from selling your gold into your own pocket.

3. Not Finding a Reputable Dealer

While it's important to find a dealer that won't charge you high fees when selling your gold, it's also important that your dealer be reputable.

Many scammers prey on individuals who need to turn their gold into quick cash. Thoroughly vet each gold dealer that you are thinking about working with.

Check their rating with the Better Business Bureau. Read through online reviews from past customers. All of this information can help you determine if you can trust a gold dealer with your precious metal assets.

A little time and preparation can help you maximize the value of your gold when you decide to sell in the future.

Contact a local gold dealer to explore this more.


Share