Guest Post Disclosure
The precious metals trade has always been a lucrative business. Even when the gold, silver, and platinum prices were below the multi-year average, the volume of trade did not decline. Many things drive the gold market, but in those ups and downs, someone always makes a profit. Tips on how to start precious metal trading find on this link.
If you don’t want to do this for a living, but you need extra cash, try to sell jewelry, coins, bullions, or any valuables made of gold. It’s of great importance to get a reasonable redemption price. That’s possible only if you find a reputable gold buyer with whom you will make a transaction.
Go Online
At a time when the Internet was not developed and until people began to use it en masse, the trade was conducted in-person. Today, the World Wide Web is where you can sell and buy whatever you can imagine, even precious metals.
Provided you find a trusted gold buyer, selling your valuables over the Internet can bring you a higher redemption price. Some online dealers located in Calgary, like http://breslauerwarren.com, may decide to go online and find their clients nationwide.
Online dealers work in a competitive market and must attract clients by offering higher prices or lower fees. They can do that because they don’t do business in the ‘real world’ and don’t have the costs associated with retail stores.
Another advantage of online gold buyers is that they operate in a much broader market than local pawn shops and gold exchanges. More clients nationwide mean more reviews that you can look for online. Check coin forums and any web pages with comments related to dealers and trading with precious metals.
Consider Only Legitimate Buyers
The gold trade is a profitable sector, so everyone tries to get a piece of this cake. Some places like pawn shops can trade with precious metals, but they won’t give you the best price for your stuff. Also, many of them don’t have the necessary licenses for precious metal trading. Of course, first-time sellers usually don’t know this, so they sell their jewelry, coins, or other valuable items at a meager price.
Certified buyers are most often members of trade associations. Today, that’s easy to check over the Internet. On their websites, reputable dealers should have a mark of association they belong to, and a license number.
Only trading with legitimate buyers can guarantee a fair price for your gold. Still, one needs to understand the principle by which buyers are trading. It is in their interest to buy your goods at the lowest possible price, but ethical codes and standards ‘force’ them to trade fairly.
Check Reputation
A certificate and membership in a jewelry trade association are not always a guarantee that you’ve found a reliable seller. Besides the seal and mark of the trading organization, established dealers should have testimonials and evidence that previous clients were satisfied.
Credentials are of great importance in the business of the precious metals trade. Check directly with buyers or their websites for any recognitions or awards. Look for any document showing the legitimacy of their businesses. It means they have passed strict government checks. The chances that a trader like this will deceive you are minimal.
In the precious metals trade, the length of being in this business means a lot. If you don’t have too much time to research gold buyers, focus on those that are on the market for many years. These couldn’t be scammers but reputable dealers you can trust.
If a friend or relative recently sold their coins or jewelry, feel free to ask them for recommendations and advice. Word of mouth is a pretty safe way to find a verified gold buyer (or know who to avoid). It will be safer for you to trust dealers when someone you know had experiences with them.
Look for Customer Complaints
The price that a gold buyer offers you for your valuables is an essential factor in deciding whom to sell your gold. Still, don’t forget to consider other things essential for fair trading, such as customer relations, meeting deadlines, communication, etc.
Start an online search for the name of a gold dealer next to the word ‘complaints.’ Negative comments often give a much better insight into someone’s business than praise and positive reviews. Avoid trading with dealers who have all 5-star ratings below, with positive comments that seem generic. They probably are.
Many dealers are doing both selling and buying precious metals. Although you’re interested only in selling your gold to certified buyers, check their entire business reputation and history. Maybe someone complained about buying fake bullions from a particular dealer (see here how to spot fake gold). That has nothing to do with your intention to sell valuables, but it tells a lot about a dealer.
Maybe someone is complaining about traders’ kindness, others are bothered by poor communication, or maybe communication itself is bad, and so on. Keep in mind that just one online complaint can mean many more bad experiences of those who haven’t had the time to post about it.
Look for Someone Willing to Negotiate
Trading with precious metals is not a one-way street. You don’t have to sell your jewelry, coins, and bullions if you don’t like the price offered. Depending on how fast you have to sell gold and how much you have it, always ask for estimates from several different dealers.
You can always negotiate with a buyer, especially if you have larger quantities of this precious metal. The goal is to make an agreement and find a price that suits both parties. Act professionally and respect the buyer – if they deny negotiations, thank them and move on.
Be sure to check the current gold rate, since stock market fluctuations happen almost every minute. So you will know what price you can negotiate with the buyer.
At the link below, you can learn more about the factors that affect the price of this precious metal:
https://www.investopedia.com/financial-edge/0311/what-drives-the-price-of-gold.aspx
Some Tips for Selling Gold
The prices that gold dealers will offer you to buy your valuables are lower than the selling prices. If the sale is not urgent, you should wait for a better moment for selling. Wait for better rates, especially if you have larger amounts of unwanted jewelry, coin collections, tooth scrapes, and so on.
Also, you need to know what you are trading. Gold buyers are only interested in precious metals. Jewelry and things with add-ons in the form of zircons or artificial stones will have no extra value.
The emotional value that your jewelry or coin collection has for you also has no price on the market. No one will offer you a higher price just because the ring you are selling is part of a family tradition, or your great-granny gave it to you. What can add value to your gold items are antique, designer, or hand-made pieces.
Selling your old jewelry or coin collection won’t make you wealthy (unless you have a few pounds of these things). But when you need some extra money, selling unnecessary gold items is an excellent way to get cash fast.
