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Monday, 15 August 2022 10:56

What should you consider when selling gold?

recommendable gold purchase in Berlin recommendable gold purchase in Berlin pixabay

The price of gold has gone through the roof every now and then lately, and anyone who still owns scrap gold in the form of coins, bars, scrap gold and old gold jewelry or dental gold may think they have missed the right moment to sell.

In August 2020, the price of gold reached its highest level on the international stock exchanges. But do not worry, especially in economically strained times, a next high is not excluded and even now serious precious metal dealers will still pay good money for gold. With a gold calculator the possible purchase price can be determined at home also already considering the alloy.

To make oneself before a gold sale smartly

When selling gold, composure and a cool head are required if a decent return is to be achieved for a gold treasure. You should also be somewhat familiar with the technical language and know what is meant by words such as "carat" and "fineness". Fineness, for example, refers to the percentage of pure gold in a precious metal alloy. Gold bars are usually made of nearly pure gold. The specifications for the fineness are standardized and are given in parts per thousand. A gold bar can thus have a fineness of 999.9/1000. This corresponds to the maximum number of 24 carats. Gold coins are seldom made of pure gold, but they have a percentage, albeit small, of copper or silver. The fineness of jewelry or dental gold is even lower.

Fineness of gold jewelry and dental gold

Dental gold is usually not stamped and can have a very different fineness, which must be determined in a laboratory. A recommendable gold purchase in Berlin is therefore only one where the gold offered is professionally tested. Gold jewelry is usually made of gold of 8, 14 or 18 carats. This corresponds to a fineness of 333/1000, 585/1000 or 750/1000. Gold jewelry is usually stamped with its fineness and you can determine its value quite well by means of a precise scale and a gold calculator.

Determine the value of gold in advance

The gold calculators found on the websites of reputable dealers and goldsmiths, which can also be used to determine the current value of platinum, palladium and silver, are linked to the international exchanges for precious metals trading and thus always show the most current prices. If the value of gold jewelry or a gold watch is to be determined via a gold calculator before a planned sale, all foreign components, i.e. stones or a clockwork, must be removed from the jewelry before it is weighed on an accurate scale. A reputable precious metals dealer will also reimburse for alloy metals such as platinum, palladium or silver when purchasing gold jewelry. When planning to sell gold coins, expect that a coin's condition, mintage and year of minting will factor into the purchase price.

Sell when money is needed

You should only sell your gold when the money is urgently needed. Gold is a value in itself and has been for thousands of years. Countries stock up on gold to be prepared in crises and even one's own gold should be understood as a nest egg. It is better not to sell to the first dealer, because there are unfortunately also black sheep among precious metal dealers. It is recommended to get different offers. When selling gold, you should also know that the buyer, who examines gold free of charge and without obligation, may well incur costs, for example, the separation costs for dental gold, broken gold or old gold jewelry.