Did you know selling gold is easy? If not, then you should know that you can sell gold and get cash for it. The problem that arises when you decide to sell gold is – whom should you sell your gold to?
There are three types of gold dealers that help you sell and get instant cash for gold. They are:
- Gold Buyers: A gold buyer is one such gold dealer that buys gold from you and gives you instant cash for it. They also help you release pledged gold and then buy it from you.
- Pawn shops: A pawn shop is one such gold dealer that gives you loans when you keep gold as a collateral. They also accept gold that you want to sell to them.
- Local Jewellery store: A local jewellery store is the place where you buy gold. They also accept gold that you want to sell.
Each of them help you sell gold and do the same thing but in a slightly different manner. This slight difference is what makes a huge difference in the amount you receive after selling gold. The first few questions that might pop up in your mind would be – who pays the most? Whom can you trust?
How To Sell Gold?
Regardless of which gold dealer you will visit, your gold will be evaluated based on the same gold price. You should also be aware of the spot price of gold which changes continuously. A spot price is the current prevailing market price at which gold can be bought or sold.
These days selling gold has become easier. The following are the steps involved in selling gold without facing any difficulties:
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Visit the store:
It is safer to visit the store and sell gold because this way there would be no confusion or other delays.
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Provide Invoice:
If you want a fair valuation for your gold, then carry your invoice that you received at the time of purchase.
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Transparent Process:
Always ensure when you are selling gold, all the process is completely transparent. Everything from cleaning till checking your gold purity should be done in front of you. If you don’t get to see this, then you should collect your gold and head to another store.
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Price Valuation:
At the end of the process before you receive cash for gold, the gold dealer you are selling your gold to would disclose the price. Until you agree the gold dealer cannot take possession of your gold.
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Cash for Gold:
Once you accept the price offered, you can expect payment for your gold.
Where to Sell Gold?
Now the next thing you want to know would be which gold dealer pays more for your gold. Here’s the thing about it:
Gold Buyers:
When you want to sell gold, you should approach a gold buyer’s store. The reason behind that is that they are gold dealers who are interested in buying gold from people who are willing to sell gold.
A gold buyer can offer you up to 97 percent of the total gold value. The remaining would be deducted towards service charges.
Pawn Shops:
Pawn shops are into pawning gold jewellery. This means that you can get a loan on the basis of your gold jewellery as a collateral. You can release this gold jewellery only when you clear the dues which is the loaned amount, its interest and other processing fees. This is what pawn shops do.
They do accept gold when you want to sell it, but the problem is the amount that they would pay for it. Pawn shops offer anywhere between 20 percent to 70 percent of the total gold value. You might ask why so less. The reason is that they levy any extra charges that may arise such as melting charges, service charges, bank transfer charges and any other hidden charges as well.
This makes it for you to receive a lesser amount at the end.
The best time for you to approach this gold dealer is when you are in dire need for cash but really don’t want to sell your gold.
Local Jewellery Store:
A local jewellery store is the best place for you to buy gold. They offer gold at the spot price on that particular day. They are into buying gold as well, but they offer 40 percent to 75 percent of the total gold value.
The thing about these jewellery stores is that they offer to buy gold from you, but that does not mean that they buy from anyone. They buy gold from a selective clientele of theirs.
Another thing about these jewellery stores is that they usually buy gold from you and display them in their stores’ showcases. They buy these gold from people at a lesser price and then sell them off at the best price.
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