Buying and selling gold is a very big business, especially when gold prices increase during times of economic uncertainty. The recession inspired a gold rush, and the price of gold is still high meaning that it’s easy to make quick cash by selling gold. However, finding a true expert among hundreds of gold dealers can be difficult. Below is a brief guide that will help sellers get a fair price for their gold.
Determining the Worth of Gold
Three variables influence the price a seller may get for their gold: purity, weight and spot price. Pure gold is 24K, and it’s very soft and bright yellow. In most cases, other metals are mixed in to give it strength and color variance. Purity is determined by acid testing, or fluorescence scanning. Once purity is judged, Gold Dealers weigh the gold and calculates its value against current market pricing.
Karat, Weight and Spot Price
Two variables remain constant: weight and karat. However, the spot price can vary hourly, and jeweler prices can change with the winds. Gold buyers are not bound by restrictions; they can give any percentage of that day’s value. However, a reliable dealer will pay at least half of the spot price for gold.
Selling Gold Jewelry
The question everyone asks is, “Who gives the best price for gold?” It’s best for sellers to visit several gold dealers and find out what type of prices they’re offering. Use the following tips to choose Gold Dealers in Chicago.
- Go for reliability. Choose a dealer who’s been in business for a long time and who has a reputation to safeguard.
- Ensure the dealer has a brick-and-mortar location. Sell gold only to places with fixed addresses.
- Consider what’s being sold. If the customer has a rare gold coin, it may be worth more than its weight in gold. Antique pieces carry similar concerns, and all such pieces should be evaluated by a reputable gold dealer.
Gold is one of the most valuable things on earth and its price fluctuates on a daily basis. To ensure that they get the best price for their gold, customers should take the time to find honest, reputable Gold Dealers in Chicago.
