3 Common Traps That Ensnare People Who Sell Gold
3 Common Traps That Ensnare People Who Sell Gold
More people than ever are getting excited about the prospect of converting their gold belongings into cash. Old jewelry that hasn’t seen the light of day in years can be sold for hundreds of dollars depending on volume. Cufflinks that have gone out of style or have outlived their usefulness can also be sold. Necklaces, rings, earrings, and even gold wire can be exchanged for a check.
The problem is, with the price per troy ounce at record highs, due diligence has been all but ignored. Millions of people are digging through their belongings to find gold items to sell without taking the time to make sure they avoid expensive blunders. In this article, we’ll give you a short list of the three most common gaffes you should avoid.
#1 – Selling To Pawn Shops
Many people are taking their jewelry and other gold items to pawn shops in order to sell them. Some sellers do so because they can receive money immediately. Others simply do not realize that far better options are available to them. Unfortunately, pawn shops and similar venues are notoriously unwilling to offer a fair price. If you sell them your jewelry, coins, and other gold belongings, you’ll leave a significant amount of money behind.
#2 – Neglecting The Current Price
The price per troy ounce changes each day (technically, throughout the day). If you have not checked the price lately, you might be surprised by how high it has climbed. Dealers, pawn shops, and online buyers are hoping that you are unaware of the recent highs gold has reached. That way, they can offer a price that seems reasonable, but is actually low.
Invest the time to look online for the price per troy ounce. If a buyer offers 50% or less, look elsewhere. There are many online buyers who will gladly offer 70% or more of the market rate.
#3 – Selling To A Middle Man
This is an area that surprises many gold sellers. A lot of the buyers you’ll find online are actually brokers. They’ll buy your coins, watches, rings, and other scrap gold for a price they’ll try to convince you is fair. Then, they sell your belongings to a refinery for a mark-up on the price they gave you. The mark-up represents their profit.
There’s no need to go through a middle man. Sell your gold directly to a buyer who also operates a refinery. You’ll receive a higher price per troy ounce – one that is much closer to the market rate than that offered by the broker.
Selling your gold belongings is a fantastic opportunity to raise much-needed cash, especially with the price per troy ounce at its current level. The good news is that you can sell your forgotten jewelry, coin collections, fillings, and other gold items online. But, use the list above to avoid the common traps that have ensnared others.
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