Selling Gold for Cash Guidelines
As gold prices rise, you might feel tempted to sell your gold and take advantage of high prices, but if you don't know how to sell your gold, you might lose your profit or even your gold. Follow a few guidelines and you can convert your gold to cash, ensuring that unscrupulous dealers do not cheat you out of your gold.
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Instructions
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Verify that the buyer has a state business license by visiting Consumeraction.gov and selecting the state's Department of Commerce's Division of Financial Institutions link. Each state has a department of commerce that licenses businesses that deal in valuable metals, and in their licensing search engine you can search for businesses by name and address.
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Obtain an appraisal for your gold by a third-party appraiser, such as a local jeweler. The appraisal should offer you a price based on the amount of pure gold in the item you want to sell and its worth based on the current price of gold.
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Receive a quote first before mailing your gold to an online buyer, knowing that although you won't receive the appraised amount you should expect 60 to 70 percent of the appraised value. Gold-buying businesses do not offer 100 percent of the value because they too sell it and must make a profit, but you shouldn't settle for less than 60 percent of the appraised value.
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Tips & Warnings
Visit Goldprice.org or Monex.com to see a minute-by-minute price of gold, so you know the value of your gold and can estimate what price you can expect to receive. Gold prices fluctuate daily, but knowing the daily price will help you negotiate a higher sales price.
Never accept the first offer because gold-buying companies want to do business, and they will negotiate. Although negotiating with online buyers might add days or weeks to your transaction, you can often negotiate for an additional 10 percent.
Make sure you deal with a reputable company by visiting the Better Business Bureau (see the Resources section of this article) to determine if others have filed complaints against the buyer. If so, see if those complaints have been successfully resolved. If not, avoid the company.
References
Resources
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