In 2001, an ounce of gold was a mere $260, but now an ounce of gold is worth more than $1,800! Without a doubt, selling gold for cash is an excellent opportunity to make money.
But before selling your gold for cash, you should take a look at some insider secrets to make sure you get the most suitable deal.
1. Identify the Gold's Karats
The Federal Trade Commission orders that all jewelry sold in the US define the alloy's karat fineness. So be sure to check the karats of it before you sell your gold. Keep in mind that one karat equals 1/24 of pure gold by weight, so 5/24 would make five karats pure gold.
2. Know the Price
Before selling your gold for cash, be sure to verify what is the current price for gold. Once you know the price, then look for a reputable gold buyer to evaluate your gold. Avoid going to dishonest gold buyer stores as they will try to undercut you.
3. Understand What You're Selling
Some gold jewelry or items may be worth more than their weight in gold. Suppose you know that the jewelry comes from a famous maker or designer. In that case, it may be valuable for a specific buyer.
4. Understand the Scales
Jewelers use a distinct measurement model called a troy ounce. So when you sell your gold for cash, they will use this scale to determine its worth. Usually, an ounce is 28 grams, but a troy ounce is 31.1 grams.
5. Know the Buyer
Selling gold for cash is quite common, so there many locations that offer to buy it. But before you sell your gold for cash, you must make sure that the buyer is reputable and honest. So be sure to look online for gold buyers and see what other people have said about them.
What are some gold buyer locations?
Dedicated Gold Buyers
As you can guess, the fastest way to sell your gold for cash is through a pawnbroker, but you won't get a fair deal.
6. Visit Different Stores
Before selling your gold for cash to the first bidder, it's best to check with other gold buyers. This will guarantee you get the most bang for your buck.
7. Don't Be Afraid to Negotiate
It's always good to negotiate when selling your gold for cash. As long as you ask for a reasonable price, there's a chance that you'll receive a higher counter-offer.
8. Know When to Sell
Gold usually rises in price when the stock market and other asset types aren't doing so well. So the best time to sell your gold for cash is when the economy is weak.
Sell Your Gold for Cash Today
Now it is the most suitable time to sell your gold for cash! And with these insider secrets, you'll get the most out of it. So don't wait any longer and sell your gold today.
If you need to sell your gold for cash in NJ, be sure to contact us today. At American Gold & Diamond Buyers, we strive to give you an honest and fair price for your gold.