3 Tips For Selling Gold

The practice of buying and selling gold has gained a lot of attention in recent years with the increase in online services offering to make the process easier. However, no matter how simplified the process seems, you need to do your research before starting. If you are planning to sell your gold, here are some tips to ensure you are getting the best price possible. 

Know the Scale

When it comes to gold, a different measurement standard is used than when measuring other substances. The Troy ounce is used for gold measurements and it weighs gold at a slightly higher weight than the standard U.S. scale. The special measurement helps to ensure that a fair value is given to the gold that is being weighed. 

Research the Pros and Cons of Mail-Away Services

Mail-away services have become an increasingly popular option for people who are looking to sell gold. If you are considering using this option, it is important that you understand the pros and cons of the service. 

Mail-away services are very convenient. You can send in your gold in a prepaid envelope to the service and wait for a check. All of this could occur without you having to leave home. Unfortunately, there is a downside to selling your gold by mail. The price that you are offered for your gold through these services could be less than if you sold your gold to a local jeweler. 

Understand Meltdown Value

Some gold buyers are interested in your jewelry pieces as a whole. Other buyers are more interested in what your gold is worth once it has been melted down. The meltdown value discounts whether or not your gold has jewels, has a famous designer, or is a unique piece. 

If you believe that you could fetch a higher sell rate for your gold because of its features or designers, then look for buyers looking for that particular type of gold. Otherwise, you could be left selling your gold for the meltdown value. 

To help determine whether or not meltdown will net the highest return, get an appraisal of your gold. Be sure to ask for both the sell value and the meltdown value of your gold. 

The price of gold can fluctuate, so it is important that you do your homework on the selling process as soon as you make the decision to sell. This can help ensure that you get the best price for your gold. To find out more, speak with a business like Rocky Mountain Coin Inc.