There are many places wherein you can get quick cash for your gold. But the problem lies in finding the most profitable one for you. The best way to sell your gold is through reputed online buyers dedicated exclusively to such gold ornaments’ trade. But before you rush to find them, there are a lot of things you need to consider and know beforehand.
In this article, we have enlisted various tips that you must master before you attempt to sell your gold.
Determine the current value of your gold:
The current economic trends have paved the way for a steep increase in the prices of gold. Recent prices are the maximum prices gold has achieved in recent days.
Most of you would have purchased gold as an investment or an asset for future use. Now is a great time to sell your gold and make a remarkable profit out of it. Though the process of selling gold can seem quite tiring, we will try to simplify the process in this article and explain to you the basic factors driving the sales of gold, places where you can sell it, and the pros and cons of each.
How is gold priced?
Gold is priced in terms of weight only. Unless mentioned otherwise, this gold rate will always represent a 24k gold price, which has 99.99% purity. You can use this gold calculator wherein you can simply enter your gold weight and caratage. The calculator will be displaying you the approximate value of the gold.
What actually is “Spot Price”?
As it is quite literal, the spot price of gold refers to the amount of money required at any point in time to buy a unit of gold at that point in time.
In simpler terms: It is the current selling price of gold.
Reasons behind not getting the exact spot price for your gold:
There is just a simple logic behind getting lower prices than spot price when you resell your gold. Most of the retailers buy their gold and add markup costs like transportation and profit percentage. Hence, when they buy gold from you, they will be deducting large junk from the spot price as the markup and overhead costs. They also melt your gold for reusing it, which they also deduct from your price.
Can we estimate the most profitable timing of selling?
Similar to most of the products’ market price, fluctuations in gold price is unpredictable. There is nothing called ‘the best period’ to sell your gold. You can lean towards gold price predictors and analyze the trends for finding the optimum market time to sell, but it won’t be exact all the time. Whenever you feel that the spot price is at the maximum, you can sell your gold at a profitable rate.
Best places to sell your gold
There are many options where you can get immediate cash for gold. Depending on your situation and purpose, the pros and cons differ. Taking an overall view, the efficient way of selling your gold for the highest possible price would be through online sites like sellyourjewelery.com.sg.
Why do online buyers provide the best prices?
We, online jewelry experts, can actually provide the best price for your gold because we don’t need to charge you for brick and mortar buildings, infrastructure, etc. We usually have lower operating costs than other retailers, so we will only mark up a small percentage of the value. That is why we provide the most competitive pricing for your gold ornaments.
How does online gold exchange actually work?
The process is quite simple, making it one of the advantages of selling gold online. All you need is to search professional, reputed online gold traders like sellyourjewelery.com.sg and contact them. You can contact our team for a 100% free appraisal by just filling the form below the page. Some would have a gold calculator to get to know the possible value of your gold and then send the gold to them for a proper evaluation.
Benefits of selling gold online:
- Best prices – As said before, we could naturally provide you the highest bid for your gold, increasing your profit.
- Easy process – Once you have booked a free consultation with us by filling the form (at the end of the page), we will evaluate your jewels 100% free of cost. We will bid the highest price possible and then pay you once the deal is finalized.
- Fast payment – There is a popular misconception that spot cash is possible only through pawnbrokers or jewel retailers, but it is not so. It is also available on our end. We either pay in cash directly, or we provide immediate payments through online transactions.
Some Pro Tips for selling gold…
- Always be aware of the time you sell the gold. Ensure that the spot price is at the maximum—generally, the prices of the gold peak when the economy is weak, and the stock’s price is decreasing. Try to analyze the above factors before selling.
- Never be shy about negotiating with the buyer. Even in online selling, you mustn’t miss the chance of having a friendly negotiation. After all, it is your hard-earned money, and you have the right to ask for a fair bid.
- If you could afford to wait until the spot price increases, don’t hesitate.
The true potential of your gold lies in the right timing of its sales. So consider all the above points mentioned before selling your unused possessions into valuable ones. While it is always best to go online for selling gold, if you do consider other means, keep the guidelines mentioned above and achieve profits. For any further clarification feel free to contact us at sellyourjewelery.com.sg or simply scroll below to post your inquiry.