Things To Know Before You Sell Gold

Selling gold can be a tricky affair at times. Here are some facts you need to know related to selling gold:

1. Online Gold Dealers are not always a fraud.

True, many people have criticized and discredited online buyers of gold. It is however possible to find yourself in a position where you cannot move around to find a physical dealer, you have to opt for the easiest means-online trading. The only way to be sure, is to look up the trader. If you find any hazy thing about them, 'run' in the opposite direction.

2. The spot price of gold may be lower than what you expect.

The spot price is that which the buyer will offer you. Almost always, this price is going to be lower than the standard market price per unit, or if you're lucky, it may be equal to it. The only plausible explanation for this is that the dealers have expenses to meet and record sound margins at the same time to stay in business. Most businesses run like that anyway.

3. You can sell virtually all gold items

Anything with gold in it can be sold. All that will be done at a dealer's or buyer's will be to determine the percentage present in the accessory you present.

4. The karat is different from carat

The unit used to quantify the weight of gold and other precious metals is the carat. One carat equals 0.200grams.The karat, on the other hand is used to state the purity of the gold. 24 karat gold is pure gold. 6 karat gold, contains about 6 units of gold, and 18 parts of another metal. Pure gold is very soft and is usually combined with other metals to make it more rigid.

5. Gold prices fluctuate unexpectedly

You could sell your gold today, and the next week, prices dip so fast you can't help but think you are tremendously lucky. On the extreme end, you may get paranoid or worried then prices fall and worry that an existing economic crisis may never pass. So you dispose of your gold quickly. Weeks later, conditions stabilize and you may regret profoundly just how much you lost. Either way, business is always a risk. Take the chance when you must.

6. The standard unit for weighing gold is the troy ounce.

According to Gold Price Australia, 1 troy ounce is equal to 31.1034768 grams.

7. Jewelry with Precious stone'

You can actually remove the gemstone that may come as a decoration on the gold accessory you wish to sell. No one ever questions that and in normal situations, will not reduce the worth of gold. Keep the precious stones as part of a collection if you wish or use it to make other jewelry.

8. Bulk selling

You are guaranteed of getting a bigger and better profit if you sell gold in bulk.

9. Mark the markets and observe trends before you sell

Depending on how much gold you have, observe market trends, identify popular trade areas and capitalize on that. However, access to some markets may be a challenge, in that case, stick with a gold dealer, the best middleman.

10. Checking for gold.

Any polished coppery metal can deceive the untrained eye if passed off as gold. This is why there are kits to test for the identity and purity of the metal.


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Abraham has been a trader of gold for fifteen years now. He has seen the bright and the dark sides of the trade. Nevertheless, as part of the Gold Dealers Company, He has valuable experience, knowledge and contributed to the hard earned reputation of the company as professional and credible gold dealers in Australia, get the most up to date information about golds at http://sellgoldsydney.com/sell-gold/ .