You want the best price possible when you sell gold, whether it is selling gold jewellery or bars. But, on the other hand, you might have a vast gain you want to take advantage of or need money for a colossal event lying ahead. Whatever your reason, the following guide presented by a gold dealer will simplify your process of selling gold.
So, when you sell precious metals, it all comes down to convenience, price, and safety. Of course, the first thing is you want a reasonable price for your gold. Still, some primary factors define how much you will receive selling physical gold.
Hence, what gold items do you want to sell, as some valuables are more valued and in demand than others? When looking at gold bars, influences like whether it is from a private or government mint play a role in the resale value.
Yet, bullion tends to demand higher premiums upfront, fetching higher prices when sold compared to gold jewellery. Hence, if you keep your gold bars in vault storage, the resale value is higher. Even gold bars manufactured by refineries and reputable mints can give you a substantial resale value.
Why? It comes with a mint seal with the origin and can include serial numbers for certification. So, selling gold bars to a gold dealer comes at low risk. Now, selling gold jewellery depends on the gold jewellery you have.
If you have jewellery that, in some rare cases, is 22k, the resell values tied to the gold price. Yet, it does not mean you cannot get money for your other jewellery pieces ranging in 10k to 18k. The only thing it means is that the resale value is lower.
Furthermore, you can sell gold jewellery at a scrap value, but it is lower than investment-grade gold-like bars. The reason is that the metal must be melted to be designed into another form for gold investors. So, if you plan to visit a gold bullion dealer, they do not buy scrap, and it is best to see a gold dealer/buyer instead.
Furthermore, another factor is also essential. How much gold do you want to sell, as you can get a more significant buyback premium with large amounts to trade? On the other hand, you can get a good deal from a gold dealer if there is also a supply shortage.
But the best thing is to inquire with the gold dealer you plan to deal with. When dealing with gold dealers, you can expect offers between 70-95 per cent of the gold spot price. Still, it can vary according to the market conditions.
You can get more when supplies are tight with high demand, or if the markets are loaded with low demand, you can get less. Then you may also find you can be offered the gold spot or above. Yet, this applies to gold bars, as buyback prices for bullion gold jewellery are less.
While with jewellery, the actual price offered is based on the content of the gold and can be lower. So head to your local gold dealer to assess the gold and present you with a buyback price.