This is complete guide of how to sell gold in New York City, don’t miss any step.
How Actually Prices Work
Gold is actually measured accordingly to its weight and prices in market are provided for one kilogram, one ounce and one gram of the pure gold.
For better understanding we can take a example that, current price (06 march 2021) is $54.66 per gram, $1700.07 per ounce and $54667.73 per kilogram. Now the most important thing you need to focus on while selling/buying gold is latest prices.
You have to notice the price of 24k gold, the letter “k” is known as karat and letter “24” is degree of gold which tell us that gold is 99.99% pure. If you know what karat gold you have. Normally the values of karat are 10k, 14k, 18k, 22k which tell us that how much pure the gold is.
24k gold is soft and shinny with shade of orange in it. Due to its softness it is not used to make jewelry. It is used for coins and gold bars. Instead of 24k, less pure forms are used for making rings, watches, gold jewelry, earrings etc.
It does not mean that you will not be able to sell 10k, 14k, 18k, and 22k of gold. If you want to sell less pure form of gold you will get in exchange will be measured according to what amount of gold will be extracted later it is refined and melted.
What Is Best Time To Sell Gold?
The best time to sell gold is when spot price of gold is high. Now we will see what is the meaning of term spot price?
What is spot price?
If you ever visited gold shop you will be thrown a term of “spot price of gold”. This term mean the price of gold at that moment you visited the shop, to buy or sell pure gold. The spot price of gold can differ from the price of next contracts. In short spot price means market’s current rate of gold at the moment.
Gold price is not constant, its price keep changing every minute. Exactly like stock market we cannot guess the price will increase or decrease. If you have sufficient amount of gold and want to sell it, you have to notice the ups and downs of market. You should have to walk with the market trends, this step can offer useful information about value of gold and can give forecasts about gold price.
You Will Not Get Exact Spot Price
All shops that buy gold from seller will not give exact spot price. This is simple, every shop owner need to make profit in order to meet expenses of melting gold, refining so that your jewelry can be reused.
So, you will not receive exact spot price of that gold, instead you spot price will be minus from buyer fees. The most important thing that amount you will be deducted will depend upon the purity/type of gold you are selling secondly it also depend on kind of buyer you are selling to.
How To Sell Gold In NYC
There are many things you should know while selling gold items:
- Sell at good time. Gold price increase usually when stock market and other assets are not doing well in market. In short gold have high prices when economy is weak.
- Do not afraid to negotiate. Where ever you are selling your gold online or at pawn store, it is good to have chatted openly. If you think the price the shopkeeper giving is not good, you have to negotiate and try asking for more.
- Keep your chat professional do not get angry or miss behave, there is a lot of chance buyer give counter offer that will be good enough you like.
- Choose the best option for type of gold item you are selling. It’s always good to select buyer that are specially expert in gold purchasing and selling according to the type of item you are selling.
If you are selling pre-owned jewelry, you have to select the buyer that is specialized in the jewelry. And if you are selling brand recognized jewelry than we will prefer to sell that in respective brand, this is useful and for the best market value.
- Check buyer reputation. If you don’t feel completely confident about buyer you are selling do not take risk. Look in detail for customer reviews and ask for user experiences. This way it will be easy for you to differentiate serious buyers and scammers.
While Selling Online
Selling online will give you the best highest price as compared to pawn stores and jewelry shops. We recommend you some steps to follow to get you the best deal on your gold or other gold items.
- Use calculator how much more you will get compared to pawn/jewelry stores. Get rough estimate about how much worthy is your gold.
- Be ready to refuse. If you have sent an offer and you don’t like it, say clear no and tell your demand or turn your deal off, and your things will sent back. Keep in mind that your small amount of charges will be deducted in order to cover charges spent in appraisal, shipping cost.
If You Are Selling At Pawn Shop
Selling at bars or pawn shop you will get price closer to the spot price. But make sure about the buyer reputation and research about that your buyer is expert in dealing gold items. Here that rule also apply that be ready to say no, you have to negotiate from buyer to make prices high.
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