The mere thought of selling their gold for cash money is unbearable to most people and the numerous “Cash for Gold” advertisements make us even more melancholic. We tend to develop an emotional attachment to golden jewelry even when it goes out of fashion, and the gold coins locked in the safe are supposedly for your retirement. But there may come a time of need (or perhaps an opportunity to change our lives for the better) that compels us to part with our gold.
If and when that time comes, you have to be well prepared and certainly up to date with the latest gold prices so that you can ensure the best deal possible and make the best of a sad occasion.
Cash for gold** **bad timing
Informed investors and coin collectors surely know that this is the worst possible time to sell gold bullion: prices are lingering close to a three year low, which means that if you have purchased the gold you wish to sell after July 2010, you are losing up to 40% of your investment, depending on your acquiring price. However blunt this may sound it is important for you not to take this matter lightly and not to “give away” your gold unless it is absolutely necessary.
What is more, there is every indication that gold has hit its rock-bottom price and the market is slowly recovering, so by no means should you let your disappointment prevail over your common sense and lead you to abandon the market completely.
Although this precious metal is a widely recognized standard of value, the market of physical gold is influenced by many factors. Before you bring gold jewelry, bars or coins to a dealer’s counter, you should know exactly what the metal in your gold objects is worth, and be certain you are getting a fair price (which is at least the current spot gold price) in exchange. Most scrap gold dealers keep the calculation a secret, so those holding gold in the form of crafted items can be deceived by organized gold buyers. Needless to say this is not the case with bullion bars and coins.
Spotting the best cash for gold deal
Having certified bullion bars or official government minted coins gives you a tremendous advantage when liquidating your gold; as strict standards apply to gold buying and selling, a business should be able to provide proof of compliance. If you are selling on line, negotiate a deal with a trusted gold shop or a legitimate buyer in order to facilitate a fair gold sale. Responsible gold buyers and sellers are bound to provide relevant information and put the seller’s mind at rest.
Checking the market you can find better buying prices for your gold bars and coins. Although most dealers offer no more than spot gold price, there are cases where popular uncirculated bullion coins give you back some small premium. Check the offers of coininvest.com and get the best buyback price for your gold bullion bars and coins.