There are many reasons that make gold a worthy investment. Among the notable characteristics of this precious metal is its global acceptability as a currency as well as its easy liquidity. If you have physical gold, you can have it traded for cash anywhere in the world. So where do you take your gold to exchange it for money?
For owners of gold jewellery, gold coins or bullions, who are interested in taking advantage of the high selling price of goldtoday, there are a number of things to consider before you go and trade your safe haven for cash. These three details will help ensure that you get the highest possible selling price for gold:
1. Is Your Gold Real?
Real gold items will have a purity stamp or mark, which typically indicates the karat number. A 999 mark indicates that the item is a 24 karat gold, with 99.9% gold. A 990 indicates a 22 karat gold, with 99% gold, while a 916 means it is a 22 karat gold, with 91.6% gold. An 18 karat gold, with 75% gold, is usually marked with 750, and a 14 karat gold, with 58.5% gold, is marked with 585.
Other ways to tell if your gold is real includes using a magnet, fire, water, and your skin. Gold is a non-magnetic precious metal so if your gold jewellery or coin is attracted to magnet, then you have to rethink your sale. Also, real gold will not change color when exposed to fire, will not float in water, will not rust, and will not turn your skin either black or green.
Forms of gold that are accepted in exchange for money include gold coins, jewellery (earrings, bracelets, necklaces, rings, chains, anklets, charms, pendants, brooches, and pins), dental scraps, gold solder, ingots, and nuggets.
2. Know How Much Gold Is Worth
In order to ensure that you are not short-changed, you have to know the current selling price of gold before you sell it. There are a number of online calculators that can give you estimates of the amount you will be getting for your assets.The value of gold is based on its current market price while also taking into account other factors, such as the karats (unit of purity) and the weight of your physical gold.
So, what is the right amount that you should expect for your gold? Gold is currently at a near-record price of over $40 per gram for 24 karats, which is pure gold. Gold bullions are pure gold, but other items such as jewellery are mixed with other metals. The higher the gold content, the higher the value of the item. So for gold coins, you can expect as much as 90% of the market value as a reasonable settlement. For gold jewellery, prices within the 70% to 80% range of the market value are reasonable settlements.
3. Where You Should Sell Your Gold
Once you have an estimate of how much your gold is worth, you have to check out gold buyers near you. Pawn shops Melbourne locals rely on such as Gold Buyers Melbourne, jewellery stores that buy gold, gold and silver exchanges, or coin stores are among your options. You can read up about the companies’ Better Business Bureau ratings before you have your gold traded in for cash.
You can also look intoonline gold buyers, but make sure you practice due diligence and research before selling your gold to avoid becoming a victim of fraudulent transactions. Find a reputable company with good reviews and high ratings of customer satisfaction.