It is quite astounding to discover that gold rush still occurs in our day (but in a different manner) and is still a lucrative means to get cash in an instant. When the United States suffered from recession, the industry of buying and selling gold was amplified, people from all over are rushing to sell gold pieces, jewelry, even gold tooth crowns in order to make money.
The price of gold, in fact, is consistently fluctuating through time and is seasonal; the industry of buying and selling gold will remain. Anyone can sell gold anytime, but wouldn’t it be better for the seller to be able to put up their products for sale and be able to get the right price for its actual value? Hence, it is wise that both seasoned and budding sellers should know what to avoid when selling their gold.
Here are three pitfalls that gold sellers need to watch out for.
Getting into the Hype
In history, a lot of people got themselves stuck in a rut when news would float around about gold rush in certain area. Not knowing what was laden before them left them broke, even indebted. That is why, in our century, it is significant to take a step back first, study the industry, get information about the “know how’s”, before plunging into this endeavor.
When you consider selling your gold items, you must know the following:
- Karats – Fact: Pure gold is too soft to stand on its own, so it is combined with other metals to create durability and color. A karat is equivalent to 1/24 of pure gold.
- Value – The value of the gold piece you are considering to sell can be appraised by any local jewelery store or online stores. Knowing the value of your item would be helpful so that you will not get an extremely marked-down price.
- Brand – In most cases, the value of the item is not solely dependent on the amount of gold it possesses. Branding play a significant role in affecting its price, we wouldn’t want your item to be sold as surplus when it values more than the offer you get from buyers.
Selling on a whim
There are plenty of platforms that have sprouted all around the state that offers to buy your gold and give you instant cash; these are gold parties and mail-away services.. Advertisements are created to lure the viewers to take an action, but for gold sellers, it is vital to know who your buyers are.
A gold party is usually organized by friends and neighbors and the whole idea is to have your jewelry appraised and get paid with cash in an instant. It is a fun and convenient way to sell your jewelry but it may not be able to provide you with the best deal. Avoid getting drunk in these kinds of parties as the influence of alcohol might leave you with a bad case of hangover and regret over a poor decision after selling your gold at a low price.
This could be one of the advertisements you saw on TV that requires you to mail your jewelry and wait for check payment. Before shipping your gold to an unknown dimension, contact the mail-away service first. Clarify their policies, make sure that they are a reputable company, It is also a must that the company pays you within 3 to 4 days upon receiving the item. But in this kind of platform, only 11 to 29 % of the true value of gold is paid.
If you want to sell your gold for what it’s worth and a secure manner, get in touch with Biltmore Loan and Jewelry. Biltmore Loan sells or lends on gold jewelry and provides offers and rates that are higher than industry standards. We’re not a pawnshop nor a bank, and that’s what sets us apart from the rest of the market. We have expert appraisers on board and our staff will be more than willing to discuss any concerns you have about evaluation or your gold piece. To get in touch with us, you can visit our locations in Arizona, give us a call, or simply fill-up the form found on the site.