While “cash 4 gold” might sound like the name of some old infomercial from the 1980’s, getting cash for gold is something that people do every day. Often people will hold onto gold; try to keep relic items in the family. However if you have gold that you just don’t need, for any reason, it might be a good idea to try and sell it. But how do you know you’re getting the best price for your gold? How are you able to tell? Consider these four tips to getting the best prices on your cash for gold.
Have it Appraised – One of the best ideas for what to do about gold is always make sure you have some kind of documentation as to your items true value. If you have documentation from when you bought the piece as to weight and purity; that’s great. If you don’t it’s a good idea to take your gold piece to a jeweler (maybe the jeweler where you purchased the piece) and see what they say the value of your gold is. Jewelers or appraisers are generally non-partisan and will go with the book value as well as their somewhat subjective opinion of condition.
Have it Objectively Priced – Once you’ve done this, take the gold to the place you want to sell it and ask them what they will pay you for it. Do so before showing them your appraisal.
Then Show the Appraisal – If the offer seems fair, that’s great. If it sounds like they may be trying to pull a fast one on you, whip out the appraisal and tell them you had an objective third party give you this information.
Get Multiple Offers – Another way to ensure you’re getting the best cash for gold offer is to field multiple offers. Once you’ve gotten the offers, show them a competing offer. Most good jewelers and purchasers are pretty fair about doing an apples to apples ‘best price guarantee.’ If someone was trying to rip you off though they are likely to try and downplay someone else’s offer or take their own offer off the table right away.
Have you ever before tried to get cash for gold? What was your experience in trying to sell your gold? Did someone try to take advantage of you?