No matter which part of the globe you are living in, people, irrespective of their geographical location, social or economic backgrounds, have a tendency of selling or buying gold as a safe investment for the time of crisis. Although the gold prices are soaring high as a precious metal, selling gold is a complex affair that needs proper information and knowledge in order to make maximum profits. It is important that you are aware of the prevalent market conditions, the value that market is offering for scrap or worn-out gold, where to sell gold for gaining maximum return, and a lot of other important factors.
The two most important and relevant questions that demand attention before getting into the whole process are – when is the good time to sell gold and where to sell them?
When to Sell Gold?
The idea behind the deal of gold is to purchase the gold at a low price and sell it when the price is high enough. However, there is no rule or formula to know when you will have the highest price to gain the most profit because the cost of gold fluctuates with days and months depending on the market conditions. Thankfully, there are ways which can help you make a better decision like following the long-term market trends and estimating your probable monetary gains.
Where to Sell Gold – Offline or Online Market
For the starters, you can go for either offline or online market. You will never go out of buyers as gold is always considered as a precious asset.
For offline method, there are many options to go for, such as jewellers, pawnbrokers, dealers, retailers etc. The pawnshops should be your last option, if you are not in a hurry, because these shops always give less value for your asset than the market price taking advantage of your weakness. On the other hand, you can go to the jewellers. They will give you the wholesale rate of gold, specifically for the gold jewellery piece and not for the weight of the gold in it.
If you feel stuck in deciding where to sell gold or fear getting duped while selling them offline, you can go and sell them online for getting the probable highest rates. However, it also carries both advantages and disadvantages. Below are some of the pros and cons of selling gold online.
- Best prices: The online merchants usually operate on small margins as compared to the brick-and-mortar businesses which enables you to get the highest price for any of your gold items or jewellery piece.
- Easy process: You will be provided with a prepaid mailer by your gold buyer. All you need to do is pack your gold items and send them via postal or courier service available in your location. In most cases, you will also be provided with insurance for the safety of your parcel.
- Fast payments: The payment process is done via bank transfers, check, PayPal and other available options. The transaction takes place within 24 to 48 hours of handing over the items.
- Wait for payments: Although, the transfer of money does not take more than 1 or 2 working days, but for online buyers and sellers it may seem a bit longer as there are faster options available in the offline market. So, if you need money immediately, this might not be an ideal option for you.
The Bottom Line
After this discussion, you must have gained better clarity about the concept of where to sell gold. After doing market research, if you feel this is the right time to sell off your old gold jewellery, or the unused gifts and transform them into useful cash, you better go for it according to your convenience. Consider the above-mentioned tips while deciding what would be the best option for you.