- Posted by GBM Blog
- On August 28, 2015
- 0 Comments
There comes a point in our lives when we need some quick cash, and one of the best ways to get this is to sell something that you own of value. Over the last few decades, it has become increasingly popular for people to purchase gold, to try and hedge inflation.
Whether it is gold jewellery or gold bullion, it is relatively easy to turn this precious metal into hard cash. There are many different places that you can sell your gold. This includes:
• Gold Merchants
• Pawn Shop
• Jewellery Shop
• Private Sale
The best solution for you will depend on your circumstances and how quick you need the cash.
The Price of Gold
As the price of gold changes on a daily basis, you will need to keep an eye on the commodities market if you are looking to sell some gold. If you have some warning, then you can choose the best time to sell your gold, but this is not always possible if you need money in a short span of time. Selling your gold is often much quicker compared to more conventional means such as getting a loan from the bank.
Keep your Paperwork in Order
Some gold merchants, jewellery shops, and pawn shops will require certificates of ownership for gold bullion. Any serial numbers will be taken down, and you will also have to sign a form declaring that you are the rightful owner. You may not need to go through this with a private sale, but it may also take longer for you to find someone that wishes to purchase your gold.
Getting the Best Price Possible for your Gold Bullion
Although the price of gold is dictated by the commodities market, that does not mean you will get the same price at every location that buys gold. All establishments will use the latest price for gold and offer this to you, and where they differ is in the commission that they charge. For a private sale, there is no commission at all, unless you’re using a broker. When you sell to a pawn shop or gold merchant, they will usually charge you a commission. It will be best if you speak to as many different companies as you can, and find out what commission levels they charge. When you have this information, you will then be able to work out who offers the best rate, and make your choice accordingly.
Be Cautious With Private Sales
Unless you are selling your gold to someone that you know, you should always be cautious when arranging the sale to an unknown private buyer. There are many unscrupulous people, and it is always best to err on the side of caution. So if you have gold and need some quick cash, there are plenty of choices available to you, and you can always replenish your gold when the price drops!