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Monday, 15 August 2022 10:25

Sell gold: This is what you should consider

Goldankauf Sara in Berlin Goldankauf Sara in Berlin pixabay

For one or the other owner of gold coins or bars, the development of the gold price should certainly be an annoyance if the precious metal was not sold profitably within the past 24 months.

In August 2020, the gold price reached its all-time high and threw off rich profits for some or other investors. However, it is still possible to achieve a solid selling price and get a good return. In doing so, it is important to follow a few helpful tips.

Know important and common technical terms

Before the actual valuation of the available gold pieces, owners should study important and common technical terms in detail. Mastering the vocabulary will save moments of uncertainty and help to meet eye-to-eye with the person you are talking to. Commonly used terms, such as "carat," "hallmark luster," or "fineness," are extremely important when selling the coveted precious metal. For the sale of jewelry, coins or bars, this information is extremely important and equally necessary.

Determine the value of gold

Dealers, such as Goldankauf Sara in Berlin, will carefully examine the gold presented to determine the exact value. Purchasing points, where the willingness to quality and value control is conspicuously low, should not be considered for a sale of the precious metal. As a general rule, sellers should not display blind faith at any time and should always approach the transaction with a healthy dose of distrust.

The first step in the valuation process is to determine whether the metal is gold coins, jewelry, dental/old gold or bullion. The value of coins and bars can be determined fairly accurately by their fine weight. Especially with coins, the state of preservation and age (year of minting) can have a significant impact on the value. High-quality gold jewelry usually has an imprint that provides information about the fineness of the piece. In addition, the pieces are weighed by means of precision scales to obtain an exact value.

Do not sell gold because of financial constraints

Selling gold and the associated influx of capital should be an exceedingly pleasant experience for most people. Especially when money is tight anyway, selling precious metal seems to be an alternative. In practice, however, this step should be avoided at all costs. If you want to make quick money, you have to reckon with the fact that the gold price cannot contribute to the best possible result. If the price rises shortly thereafter, frustration and anger usually set in.

In financial distress, many people also tend to proceed rashly and much less carefully. Supposedly good offers turn out to be a miserable deal and once again cause great annoyance.

Only sell to reputable dealers

Serious dealers, who are potential buyers of the precious metal, should be compared with each other with regard to their services. Basically, the goal should be that both parties can be satisfied after the transaction.

However, black sheep are also represented among gold traders and are difficult to recognize. For this reason, sellers should pay attention to the appearance of dealers and check their competencies by asking questions. In this regard, the Internet can be searched for reviews in advance when selecting potential buyers. The reviews recorded here as well as opinions can provide a first meaningful clue.