For people who are looking to make money off of their gold, there’s good news: buzz over rising prices has been circulating since late last year and we’ve come into 2019 with the market looking good so far. In April 2019, Reuters reported that experts were predicting a rise in demand for gold and that prices would average around $1,310 an ounce (up from $1,268 in 2018), which are the highest seen since 2013. What they’ve reported is so far proving to be true: in June gold prices were at their highest, breaking the $1,400 barrier. Stop by Muzeum.ca and check out their daily updated list of market gold bar, coins, and jewellery prices, to see for yourself just how valuable gold is right now.
While this news might tempt you to immediately get out there and sell your gold and unwanted jewellery, it’s best that you know what you’re getting into first. Here are five tips to keep in mind when preparing to sell your gold and unwanted jewellery.
1. Check the Reputation of the Store
With gold prices rising there are going to be a lot of people coming out of the woodworks trying to take advantage of unsuspecting sellers. Just about anyone can set up their own online store and advertise that they’ll buy your gold simple and easy, and there are even people who set up shop in poorer neighbourhoods hoping to convince desperate people to sell. Instead of getting yourself mixed up with a shady business, be sure to check their legitimacy first using the Better Business Bureau’s website.
2. Shop Around
Don’t settle for a quick sale – make sure you shop around and get quotes first before you decide to sell. You’d be surprised to see the differences in prices offered, so make sure that you’re getting the best deal. Also, a number of buyers will offer prices based on insurable value versus market value, which means you’ll be getting less than you’re owed. Check market prices online before visiting a store so that you’re aware of what your items should actually be worth.
3. Search for Transparency
Your gold coins, bullions, and jewellery, will need to be appraised before a price can be properly determined. A trustworthy establishment will perform their evaluation right in front of you and take the time to explain exactly what their process is and how they determine the final price. Typically they will weigh your items and test them for precious metal content as well as purity. If a buyer is hesitant to give you details about their pricing, then it’s probably best to look somewhere else.
Even though the market is hot right now it’s important that you don’t settle. Keep away from buyers who try to pressure you into making a sale, and only trust reputable businesses with a history of satisfied customers – otherwise, you might just find yourself seriously disappointed.