Selling gold can be easy and risky at the same time. With the value consistently going up, gold buyers worldwide are willing to spend huge money for jewelry, bars, and coins. So before the financial market continues to deflate, it’s good to start investing in this precious metal for a secure financial future. However, there are some important highlighters to consider before selling gold.

7 tips selling gold Minnesota st paul

Whether you want to sell gold via online, pawn shop, or local jeweler, here are the top seven things you need to know to make sure you get its exact worth:

  1. Determine the real worth of your gold. Antique gold is worth more than scrap. So before selling your precious item, ask the experts for advice. They can help you identify the true value of your jewelry. If it’s high-quality gold, you can sell it at an auction to earn more money.
  2. Compare estimates and offers. Where and how you sell your gold should start locally. A trustworthy pawn shop or local jeweler can provide you with a good estimate of your gold’s value. Using their estimate as base price, you can request for offers from other stores to find the best deal. Asking for estimates is free so you can visit up to five stores before you can finally compare the rates.
  3. Sell by karat. Today, sellers gather in “gold parties” where people meet to sell and socialize. Usually, they host this event in the organizer’s home. Gold parties can be an easy way to sell your jewelries, however, you may not get the exact worth of your gold. That is because all the jewelries are weighed together no matter their karat value. Therefore, sellers get lower value while the organizer of the event gets the biggest cut.
  4. Check if the scales are accurate. Pawn shops and local jewelers usually use scales that are verified by the Department of Weights and Measures. However, you still need to look closely while your gold is being weighed. Make sure your precious metal is weighed by Troy or 31.1 grams.
  5. Check the potential buyer’s background. Always ask for credentials before dealing with any gold buyer. Legitimate buyers should present their license issued by the state. On the other hand, sellers would be asked to provide valid IDs such as passport, government IDs, or driver’s license. That way, it will be a win-win situation for both parties.
  6. Watch out for pop-up buyers. Ultimate caution is needed when selling gold. There are rogue buyers out there who can get you taken. Sometimes, they go around town and advertise attractively high prices. Pop-up buyers may be found in hotel ballrooms where they usually set up their shop. After they earn big time from one city, they will just disappear. Unfortunate sellers are left underpaid.
  7. Avoid hidden costs. Before selling your gold, carefully read the terms. There are online gold buyers that provide free shipping. But once the customer rejects the deal and requests to return his gold, they might ask for expensive shipping rates.

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