If you’re debating selling your gold, you’ll understandably be eager to want to get the best cash in return. This applies to all manner of gold you might have in your possession, and you’re willing to sell: gold heirloom jewelry, like rings, necklaces, broaches, or earrings; a gold wedding band that you’ve fallen out of favour with (for emotional reasons); collectible gold coins that you inherited; or even gold bullion that, as a novice investor, you’re looking to sell for the first time.
As with most things in life, empowering and equipping yourself with an adequate education on the intricacies of selling your gold is a great place to begin. After all, you wouldn’t set out to sell a house or vehicle or to trade in your stocks, with zero understanding of those particular markets.
Fortunately, if you’re looking to learn more, you’ve come to the right place. Here, we’ll list some top tips and pointers for finding the best buyer for your gold and, in return, getting the best cash price.
Seek Out a Knowledgeable Buyer
There are a variety of establishments where you can sell assorted pieces of gold; these include antique stores, pawn shops and vintage markets. While these options are plentiful and easy to find all across North America, they may not get you the best price. This is an especially important consideration in major cities like Toronto, for example, where there’s a bounty of great, and not so great, gold buyers — so be sure to take your time.
Look for a location that offers gold buying and selling as one of its specialities and not just a side service. This is your best starting point when seeking a knowledgeable and reliable service.
Check Reviews for Each Gold Buyer
Regrettably, some gold buyers will take advantage of first-time or novice — or even veteran — gold sellers. To combat the risk of being deceived, do ample research before you set out. Check online for fantastic (and current) reviews and comments for gold buyers near you — Google, Yelp, and social pages are all good places to look. Positive feedback from happy and satisfied customers is an excellent indicator of a buyer that prides itself on integrity and respect and can offer you the best cash for gold in Toronto.
Ask around, too. If you have local social media pages for businesses in your town or city, why not ask for recommendations there? And if you know that a friend, family member, co-worker or neighbour was looking to sell their old or broken gold jewelry, see where they found success.
Word of mouth is a solid way to find a tried-and-true service when you’re looking for the best price in exchange for your precious metals.
Prioritize Transparency in Potential Buyers
Find a buyer that is transparent with their pricing. If you see signs in newspapers or on the internet that are emblazoned with incredible prices that seem too good to be true, they probably are.
To avoid gold-selling pitfalls, know that sincere specialists will clearly display snapshots of the current prices of gold, silver, and other precious metals, with real-time updates on their website and in-store. While the price shown isn’t the precise exchange rate for your gold — the gold will need to be processed to its purest form to achieve its full financial potential — it does provide you with a good gauge as to the most current rates.
Another mark of transparency is the offer of a free appraisal for your precious metals, including gold. Buyers who promote free appraisals, either in person or online, are likely confident and comfortable in their services. Much as you would when you were considering a major purchase, compare prices. Free evaluations will also allow you to obtain prices to compare and contrast between different buyers so that you can make an informed decision when you do decide to sell.
Is Now the Time to Sell?
You can easily review the current market spot price for gold by monitoring rate updates on buyers’ websites daily and over a more extended period of time. A spot price is the current price at which your precious metals can be bought and sold at that present, as opposed to a later date. Keeping abreast of spot prices will allow you to build a core understanding of how the market pivots. It will also let you see what’s considered to be a good evaluation and precisely how the rate can change.
That said, gold is a relatively stable asset, and so the rate of gold won’t fluctuate too severely from one day to the next. So, if you need money right now for an emergency, a special event, or to balance out the cost of living, selling your gold is a great way to get your hands on some much-needed cash, and you’re unlikely to regret making the sale.
Trust Your Instincts and Shop Around
When the time comes to visit a physical location, trust your instincts. Is the buyer open to answering your questions with patience and clarity? Do you feel pressured or rushed? And are they analyzing the gold in front of you and not in some backroom location? Don’t take the first offer you’re given; instead, visit at least two or three of your researched buyers to obtain the best price and the best customer service.
The Takeaway on Getting the Best Cash for Your Gold
Selling your gold can be daunting and overwhelming — especially for novice or first-time sellers, and for those who are exploring selling gold jewelry that holds an emotional attachment.
Remember that you’re the customer, which means that you ultimately hold the power. Do your research and take your time until you find a specialized dealer with whom you feel comfortable and at ease, and who you’re confident has your best interests in mind. Once you’ve found a buyer who fits this bill, you’ll have a secure contact moving forward should the need arise to sell more gold or other precious metals — in whatever shape or form.