There is no doubt that gold one of the most priced commodities, especially during these days when its price is at an all time high. However, before selling your gold, you need to know how to determine the value of your commodity and where to get a reputable buyer for your gold.
Here are the simple steps that you can follow in order to get the best value for your gold:
Step 1: Know the current market prices for gold
Find out the current price of gold bullion on the international market. This will give you an estimate of the price you can expect to ask for your commodity.
When selling gold that you have mined, you will receive a discounted price from the spot price. This is because your gold is in a raw, unrefined state, hence the buyer will have to cater for the cost of refining it.
Step 2: Authenticate your gold
Get an assay service for your gold. Assaying is the test that is used to ascertain that what you are having a genuine gold.
In addition, it also measures the purity of your gold. This is necessary when determining the value of the gold in your possession. In addition, most assaying services may also offer you cash for gold.
Thus, if the service you have chosen is one that buys and refines raw gold, then you can have the assay done and sell your raw gold at the same time.
Step 3: Find a buyer for your gold
Once you have established that you are indeed possessing genuine gold, then you need to start shopping around for potential buyers. There are several approaches to doing this. You can choose to sell your gold to a buyer through the internet.
Online cash for gold companies are popular because of the convenience and speed with which you can get cash for your commodity. All you have to do is send your gold and wait for the money once it has been verified.
However, like in any other industry, some companies claiming to be online cash for gold companies are frauds. Therefore, be sure to deal only with a reputable company that has insurance in case your gold is lost while sending to the buyer.
In order to get the best deal for your commodity, look for online buyers that provide price quotations beforehand. This will give you an idea of how they are pricing their gold and what you can expect when you choose to sell your commodity to them. In addition, be sure to demand a receipt, incase you want your gold back.
Step 4: Contact the local jeweler
You may also consider selling your gold to individuals and companies that deal in jewelry and collectibles. Most jewelers use raw gold, and they can give you a better offer than most refiners would.
If you opt for this route, then be sure to contact local merchants who deal in gold jewelry and bullion for referral to a buyer. You can also locate a buyer for your gold through your state’s Bureau of Land Management, the agency that oversees mineral mining in the state.
Step 5: Keep your receipts
Upon selling your gold, be sure to keep your bill of sale and other transaction documents for taxation purposes. In addition, be sure to keep your prospecting and mining expense receipts as well since they might be required when you are filling your tax returns.
There are several options when it comes to selling your mined gold. You can deal with your favorite pawnshop, local jeweler or online cash for gold company. Just be sure that the buyer is sincere, offering the best price and is secure. With these three traits, you will certainly find the best deal for your gold.