Considering the volatile situation of stocks and high markups on bank loans, you might be searching for a third, safer, prompter source of cash. Heck, most of you might have closed in on ‘cash for gold’ as an alternate source of quick money. Yes, they do offer cash quickly and with a little research you can get a pretty good deal out of them, but they do come with their own caveats.
Let’s go through some quick tips and tricks to get you the most money for your gold when you go in for the trade.
Do the Research
Before making the move and going in for the trade, you need to explore all your options. It’s true that jewelers are your best bet, but it won’t hurt exploring the local and online markets. It’s paramount to go for reputed companies to get cash for gold near you. They not only provide a no-hassle service but also promise a good return. You can look for registered jewelers and cash for gold firms available at bbb.org. The site lists businesses along with the reviews they have received and the queries they have resolved.
Get Valuation Beforehand
You should know exactly what’s the worth of your gold. You must know the weight and specifications, like how many karats gold you have, to get the current price. Aiming for that price might not be practical, as your precious metal would require a lot of work like polishing, melting or removing impurities before it becomes eligible to be sold to a jeweler. Choose the one that offers the closest valuation, which can lie anywhere between 70 to 80 percent of the current gold price. If you get more than that’s your good luck!
Timing is the Key
It’s better to go in for trading gold for cash when stock and commodities market is not growing. People tend to invest in other safer, more profitable options when the stock market is sluggish or on a downward spiral. Gold prices tend to hike in such scenarios since it is a relatively safer investment option. That’s when you should go in for the exchange.
Haggle When You Can
You are giving away your hard-earned gold, so try to get the maximum out of the trade. There is no ‘fixed rate’ established for trading, so you should haggle to get the closest trade in value relative to the current gold rate. A bit of haggling might get your extra money, making the sweet deal a bit sweeter.
When you are ready to make a deal, you might have to present your ID, since it is a Federal requirement and is in place to safeguard your interests. So, when asked, do present the ID and don’t get offended. In case, the dealer does not ask for the ID, you should know there is something wrong here. Stay clear of such shady trades for your own good.
- 3 Ways You Can Trade on the Market without a Lot of Money
- 4 Simple Ways College Students Can Make a Little Extra Money
- Ways to Access Cash to Finance Your Retirement Hobby
- Other People’s Money (OPM): Equity Style
- 5 Tips for Trade Show Success on a Small Budget