Over time, many jewellery collectors reach a point where their collections become too large, and to create space, they need to get rid of items to make room for more. Sometimes holding on to every piece of jewelry becomes overwhelming and even frustrating.
Your collection becomes a tangled mess, and you lose track of valuable and meaningful items. Even if you’re not a collector, you’ve probably considered getting rid of old jewellery. Unused gold that sits collecting dust isn’t doing anyone any good.
All of that jewellery sitting on the bottom of a drawer could turn into quick cash if you decide to sell it. If you’ve ever needed a reason to take the plunge finally, read on to discover ten reasons why you should consider selling your gold.
10 Things to Consider as Reasons to Sell Your Gold
Here are some of the top 10 things you must consider before you go ahead and sell your gold! Check out the list:
1. You’ll Make Fast, Easy Money:
Making quick money might be reason enough for many people to sell gold. Have you experienced challenging economic times lately? You’re not alone. Due to the global pandemic, millions of people have had to adjust to living in the uncertainty of a financial decline.
Fortunately, gold’s intrinsic value continues, and buyers are always on the hunt for high-quality pieces. Find a trusted and reputable gold buyer who will offer you the best price for your goods. If you’re in an emergency situation or merely looking to make some extra pocket money, selling your gold will provide fast, reliable money.
2. You’ll Create Space in Your Home:
Do you get a headache just thinking about your jewellery collection? When you decide to sell your gold, you’ll free up that tangled web of watches, coins, and jewellery sitting in your bedroom. Purging old belongings is beneficial to your mental health. Once you finally decide to sell your gold, you’ll feel as if a weight has been lifted from your shoulders. If you’ve been holding on to something that you associate with a memory, you’ll also help to let yourself go of the past.
3. There’s Nothing to It:
Many people don’t realize how simple it is to exchange gold for cash. You merely take your items to a trusted buyer, have them appraise them, and then walk out with significantly more money than you had when you came in. However, do a little bit of research beforehand. Consider looking up your pieces online to discover more about their value so you’ll know what to expect.
4. Pay Off Outstanding Debts:
If a credit card or student loan debt is looming over you, why not pay off a large sum of it quickly by selling your gold? It’s not always easy to make monthly payments on outstanding debts. Selling your gold jewellery to a dealer could be just what you need to help get yourself out of a financial hole.
If your collection has been untouched and collecting dust for years, it might be time to do something about it. By selling to the right gold dealer, you could make fast money, make space in your home, and make payments on outstanding debts.
5. Know the Current Market Price
Gold prices fluctuate daily based on the global market. Henceforth, before you sell your gold check the current spot price of gold, that is the price per ounce. Before you sell your gold in sure you are getting a fair wheel.
You can consider websites such as Kitco and GoldPrice.org for real-time updates.
6. Understand the Gold Purity
Before you sell your gold, you must know the purity of gold so you can assess the value you are getting. The purity of gold is measured in Karats, where 24k is pure gold. Other common purities include 14k (which is 58.5% gold), 18k (which is 75% gold) and 22k (which is 91.6% gold.)
Higher karat means the cold is more valuable. However, make sure you know the purity of your gold before selling it.
7. Type of Gold
Not in the early centuries when gold bars would lie around someone’s house (someone being a powerful person.) No matter what type of gold you have, be it coin jewellery or bars, they are valued differently. For example, gold coins have collectable value in addition to their gold content.
Similarly, jewellery may carry a different value for craftsmanship.
8. Reputation of the Buyer
Whether you are selling to a jeweller, pawn shop, gold dealer or online buyer it is important you research their reputation. Look for their ratings, reviews and testimonials. You can visit a better Business Bureau to know more about their business.
You should avoid buyers with weight policies or unclear pricing structures.
9. Fees and Commission
Some buyers may charge commissions or fees, which can reduce the amount you receive in exchange for selling gold. So you must always enquire about any fees afront to get a clear breakdown of how the price is calculated when you sell your gold.
10. Time of the sale
Timing is everything. When you decide to sell your gold consider the market conditions so that you can judge the price of gold. When the market is unstable or there is economic uncertainty gold prices will rise.
Monitor the trends and pick the correct time to sell the gold.
Sell Your Gold Mindfully
When you decide to sell your Bold it may be subject to capital gain taxes especially if you are making a significant profit. When you decide to go ahead and sell it for any reason, be sure to consider the list provided above for all the ways you can maximize your profit.
Whether you are selling it to clear of that or secure funds for an important event timing the sale is everything. Make sure you are choosing the right time and buyer for the best gains.
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