Finding gold in every place is very difficult; this could be because it is so precious. Imagine you open that drawer and see gold jewelry you purchased when you were a teenager, maybe ten or so years ago. Here is a solution for you, take the scrap gold and put it in an envelope; take a trusted dealer to sell your scrap gold.
Well, you have now decided to sell the scrap gold; the act seems to be easy. But there is a lot you need to know before you sell. Below are few thighs you need to know before you sell your gold scrap.
- Clean Your Gold
Just like any other thing, gold may tend to fade or tarnish over time. You have decided to sell a gold necklace given to you as a present from your grandmother, but it has stayed for a long time without being used; perhaps you grew fat, and longer fit you well. This could make the gold necklace fade to some point; as a remedy, you should clean it, use warm water, dish soap, and a soft toothbrush; after that, let it dry at room temperature before selling it.
- Know The Weight Of Your Gold
Knowing the weight of what you are selling is vital; this will enable you to understand how much you will sell scrap gold specifically. On most occasions, gold is weighed in troy ounce; there are also available kits in the market to enable you to weigh the gold accurately.
- Know The Purity Of Your Gold
Knowing the purity of the scrap gold you want to sell is an important thing because it will enable you to see the price to trade the gold. Since the value of gold is determined by the purity of the gold, no one will pay for the metal component of the gold. For instance, ten karat gold is around 46% purity while 18 Karat is about 78% purity. Determining the purity of the gold is very easy since you can easily get the acid test kit on the market.
- Timing is crucial
Just like any other things to be sold, knowing the time to sell your scrap gold specifically is critical. There is the point when people require emergency money, making them trade the gold at a cheaper price. But it is recommended to sell your gold when the price goes up.
- Identify A Reputable Gold Dealer
Take your time and visit the market and ask about the price of the gold you about to sell. Don’t just ask one dealer, and you decide to sell this won’t help; shop around and see the best price you can get. It is sometimes important to approach your relatives or friends; if they will, they will refer you to the best dealer in town.
- Check The Buyers Credentials
Before you sell your gold, ask the potential buyer to show you his credentials. To know a legit buyer, he must be licensed by the state to buy gold. To some extent, the buyer is required by law to ask you for your passport, ID, and driver’s license; if the buyer does not ask to see your ID take your business elsewhere.