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What Gold Buyers Wish You Knew

Gold buyers have become very popular these days. Anyone who has ever searched for “cash-for- gold” online has been directed to: “gold buyers”. They make selling gold easy. However, there are a few things that gold buyers wished people knew before they try to sell their gold.

  • Not all gold buyers are the same 

There are different kinds of gold buyers Geelong. Some buy all gold, any gold in any condition. These are usually referred to scrap gold buyers an then there are gold buyers who only buy gold in mint condition. These different types of gold buyers serve different markets. They either buy to resell to refineries or the buy to resell the gold as is to individuals looking to buy gold.

  • Know your gold

It is important for you to know your gold. Whether you have gold jewllery, gold coins or gold bullion, the most important thing to know is the purity of the gold you have. Purity is measured in karats with 24 Karats being the highest purity. At this level o purity, gold tends to be too malleable and to make it stronger, it is alloyed with other metals. This is often the case with gold jewellery which is required to be durable. So, gold jewellery is often 18, 14 or 10Karats.

Gold bullion on the other hand is usually the purest form of gold. It has a purity level of 95-99.9%. The purer your gold items, the more money you will get from gold buyers Geelong.

  • Your motives for selling

Of course gold buyers want your gold. It’s their business, but ask yourself why you need to sell now instead of later? Do you need the money, if so, how much money do you need? Are you selling gold as a strategic move to cash in on rising gold market prices?

  • What is the spot price of gold?

If you are serious about cashing in on your gold investment, you will follow the gold market. Approach a gold buyer with knowledge of what the spot-price is. If you know this, you will have a better understanding of how the gold buyers Geelong arrive at the prices they quote.

The amount of money you may get when you sell gold items will never be precisely equal to the spot-price for gold. Gold buyers charge extra in fees for the business to be economical. Gold buyers are different. No two buyers will offer you the same exact price for the same gold item you bring in. This is why it is always a good idea to shop around.

Gold buyers who deal with small quantities of gold like jewellery usually pay less per ounce however buyers that deal with larger volumes of gold, especially gold bullion pay more an ounce. Just keep in mind that gold buyers are running businesses to make a profit. When approaching a buyer, try and manage your expectations. However if you walk into a gold buying shop prepared with research and manage to sound like you know what you are talking about, gold buyers are more likely to treat you with reverence as someone who knows the value of what they have in hand.