If you have a gold bar or an old piece of jewelry that you want to turn into cash, how do your know that you are getting a fair price? It is important to consider that anyone who is going to buy your gold is going to want to buy it for as little as possible. Therefore, you shouldn’t necessarily trust anyone who makes an offer even if they seem knowledgeable or say that you are getting the highest price available.
Look at the Spot Price
The first thing that you should do is find the spot price for gold on the day that you want to sell it. As gold stocks and futures are traded on the open market, its price can change dramatically from day to day or even from hour to hour. By knowing how much gold is worth when you go to the pawn shop or the gold dealer, you know whether the quote you get is reasonable.
Don’t Show a Sense of Urgency
Whenever you attempt to liquidate a valuable asset, you don’t want to show any sense of urgency or desperation. Even if you are selling a gold chain or locket for rent money, you should always give the impression that you are ready to walk away. Doing so gives you a little bit of leverage in negotiations when you sell gold Toronto. It also provides you with the opportunity to continue shopping around in the hopes that you get a higher price elsewhere.
Get Your Gold Graded
Gold is graded on a number of factors such as its age and condition. The higher the grade, the more you can get for it on the open market. In some cases, someone who is buying your gold will want to get it graded themselves, and that person will include the price of grading in their offer to you. Gold that isn’t graded may also go for less just because there is no way to establish how much it should be worth other than the spot price. However, the spot price may not truly represent the actual value of an old coin or another object that has intrinsic value in addition to however much the gold may be worth on its own.
Gold is a valuable commodity, but it is easy to get less than market value if you aren’t careful. By doing some basic research before you decide to sell, you can ask for and get the price that you want or need in a timely manner, which allows you to pay bills or use cash raised for any other purpose you deem worthy.