Published on September 5th, 2014 | by Day Trader
Three Things You Need to Know Before Selling Your Gold Online
Many people choose to sell gold online because of its convenience factor — you don’t even have to leave your house — and for the fact that most online places that buy gold offer higher payouts for people’s gold than storefront gold buyers, as online gold dealers don’t have to pay for the overhead of owning a store location.
But there is also a danger when selling gold online — that you could end up scammed out of your gold and the money you had expected to get in return for it.
So before you sell your gold to any online gold buyers, be sure to read and understand these three facts and realities about selling gold online:
1. The value of your gold: Calculating the value of your gold jewelry or coins is a necessity even if you aren’t selling your gold online. To find its value, you should find out the karat value of your jewelry and multiply it by its weight in grams. This will also help you tell your gold buyer exactly how much gold you have before you sell gold online.
2. The most reputable online dealers: As stated before, many people have tried to sell gold online, sending their gold through the mail — but never getting a check in exchange for their valuables. Before you fall victim to the same scam, check out the Better Business Bureau website for each buyer’s rating and peruse the reviews that prior customers have left.
3. The price you should be asking for your gold: Calculating the value of your gold will help you determine how much you should ask your buyer to give you for your gold. Never settle for less than 70% of what your gold is worth on the market, as a general rule.
When you understand what to expect by selling gold online, you can profit immensely from this quick, easy way to trade in your gold for cash. More information like this.