4 Common Mistakes People Make When Selling Gold

Selling Gold

Selling your precious gold can be bewildering. There are so many gold buyers and business who promise to give you cash for your money, knowing which one to choose can be hard. It’s easy to make mistakes and novice gold sellers have been known to make a lot of mistakes. Here are some of the most common one and ways to avoid them:

  1. Waiting for the price of gold to go higher than it is

The “buy and hold” strategy is one that investment brokers advise but it is not always the best decision. This is because gold and other precious metals like it always fluctuate. When the price of gold fluctuates, so does the price of everything else that is made of gold. It is easy to get caught up in the day to day fluctuations. What you should be looking at are the long term-trends. By all means, if you see the price increasing, sell. You never know whether they will continue their upward trajectory of tumble.

  1. Unrealistic expectations

It is easy to get caught up in what the online community or friends say about the value of your gold. Until you have your gold evaluated by a professional, there is no real way of knowing what the actual value of your gold is. When it comes to gold, don’t let sentiment rule you. What you consider to be worth a lot might turn out to be worth less than you believe. Do not let your emotions rule you.

  1. Thinking your gold is less or worth nothing

As much as there are people who think their gold item is worth more than it really is, there are people who might be led to believe that their gold item is worthless. Gold, whether it’s old, new or broken is worth something. You won’t know how much until you have it valued. Old and damaged gold items can be repaired or restored or it can be sold as scrap. Gold retains its value regardless of its condition.

  1. Not researching the buyers they sell to

With the amount of gold buying companies out there, finding a reputable buyer can be hard. It is important to do research on the gold companies in your area and online. There are plenty of excellent gold buyers who you should sell gold to.

Online classifieds like Craigslist and eBay may sound like good ideas. It may look like the process is quick and easy but it is not as easy as it sounds. You are mainly working with buyers you might never see. Weigh the risks of doing business with various types of buyers that you choose to deal with. Reputable buyers know their business depends on good customer service, setting good prices and providing a safe environment. Here are some things you need to consider:

  • How long have they been in business?

You don’t want to sell gold to someone who just got into the business of buying and selling gold, who might be looking for some short term way of making cash. A buyer with a long history will have the experience and will understand the importance of offering fair prices to customers.

  • What are others saying about them?

Find reviews on respective gold buyers. The experience of previous buyers will give you a sense of what you can expect.

  • How secure are they?

Walking around with expensive gold jewellery is not safe. You should look for a buyer who has safety measures in place. For instance, someone who only sees sellers by appointment when the business is not open to public walk-ins.

  • How quickly do they pay out?

Ideally, you should walk into a gold buying establishment with your gold in hand and walk out with cash on the same day, however some sellers like online sellers will make you wait days or weeks. Never leave your jewellery at a buyer’s shop for a long period of time. Your gold buyer should pay what you deserve quickly.