Tips for Selling Gold For Quick Cash
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Investing in gold sounds promising as long as you’re in a phase of life where your dependents are financially stable. What happens when you run into a crunch and have very little money left to get through the month?
That’s when your mind darts towards the gold you’ve stashed in lockers and bullions you’ve invested in. Admit it or not, everyone runs into an emergency, once in a while, where liquidating your assets is the only thing that can save the day.
However, don’t get bogged down by the immediacy to fix things and think about the best ways to sell your gold for quick cash. There are important considerations to factor in before you set out with your gold in the market.
Prices of Gold
Soon after the beginning of 2011, the price of gold had gone up 20% and by mid-august it was more than $1700 per ounce. This was a record-breaking all-time high in gold prices. However, the price of gold keep fluctuating around a $1500-figure in the present year.
A Few Tips For Selling Gold
Understand the Scales
If you’re planning on taking your valuables to a jeweler, make sure you know that they use Troy ounce as the measurement standard. This is essential for novices who are only learning now that the price of gold is determined by its weight.
Common US scales account for one ounce as 28 grams, but the Troy unit measures one ounce of gold to be 31.1 grams. However there are all kinds of dealers in the market and some may even use pennyweights (dwt) as their measurement unit.
A pennyweight is equal to 1.555 grams so using that, instead of grams may not be a fair substitute in your opinion. But since the price you get for your gold will be measured in terms of grams, a pennyweight unit can put you in a position of disadvantage. Beware of such unreliable dealers.
Know your Karats
Precious metals—in their purest forms—are too soft to be molded into jewelry patterns that withstand pressure. This is why the gold jewelry you own is probably mixed with other metals to make it more durable.
The Federal Trade Commission (FTC) has mandated that al gold jewelry sold within US must mention the karat measurement of the alloy. Since one karat means one part pure gold and 23 parts other metal, a 14 karat fineness means 14/24 of pure metal and 10/24 alloys. In order to estimate the scrap value of your jewelry, it’s important to know how many karats it’s worth.
However, once you’re out of the financial crunch, you’d want to look into investment opportunities with high returns. Gold investment has stood the test of time and economic crises to prove itself as a valuable form of saving.