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The two most well-known precious metals in the world, Gold and Silver, have been widely coveted all over the world, both as a form of wealth as well as beauty.
In fact, gold has been a sort of ‘de facto currency’ since the metal was first discovered millennia back.
However, selling the gold you own is not always as easy as waltzing into a neighbourhood jewellery shop and selling your precious heirlooms at whatever price is being offered for them.
Related – How to Calculate the Value of Your Scrap Gold
There are many organizations spread all over the world that are interested in the gold you want to sell, but you have to make sure you don’t get swindled.
With the current global political climate, many people are interested in finding the best place to sell gold.
This is why more and more organizations have been created for the express task of buying gold from you.
They all have one thing in common. They promise the very best prices that you as a seller may be able to get for your gold products (either bullion, or jewellery, or both)
Such organizations offer to buy the gold that you are selling irrespective of the fact that it may be tarnished, old, or even pieces of jewellery that have long since gone out of style.
But the question is who decides at what price you should sell? Is it you or the buyer? (Either an individual or an institution)
If you do not know the worth of your own property, the odds are you would have to settle for the ‘buyer’ deciding the ‘right’ price.
Regrettably, many such companies’ offer rates far below the bullion value of the gold you are interested in selling.
Most people are content to sell at the buyer’s price, due to one simple fact. The price being offered is still higher than the purchase price, at which they had originally bought the gold that they are currently interested in selling.
That is only due to a near steady rise in prices of gold all over the world, and has nothing to do with ‘market value’ of your products.
If you are not aware of the ‘day to day’ market price, you should always remember that the overall value of your product is, almost entirely, dependent on how much actual gold has gone into its construction, such as its purity as well as its weight.
Fortunately there exist many sites and organizations that would help you determine the value of your gold products, even before you venture into the market.
Gold bullion exchanges for instance, offers daily prices of Gold and Silver available in the open market based on both weight and precious metal content.
Gold purity is generally determined in a unit known as a ‘karat.’ The ‘gold karat’ is basically a unit of purity for all gold alloys but not their weight.
Buying and selling of gold products as well as their price generally based on their karat value. The highest karat gold would be 24 karat, i.e. 100% gold with zero percentage of any other metals.
Though gold is generally not sold in 24 karats – since it is too soft and gets damaged easily.
So before selling your gold, be sure to check the market first.
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