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Things to keep in mind when selling gold

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Cash your Gold

Many individuals and families have unused gold lying with them either in the form of jewelry or coins. These pieces of jewelry are often seen collecting dust around them. But, if the same is taken out for selling, one can make a fortune out of them. Though getting a fair sale price for gold is not an easy task because of several factors that act as its determinant. The market conditions, the value of gold and general economic conditions play a great role in determining the selling price of gold.

Best places to sell gold

Often, understanding the best place to sell the gold is quite intriguing for gold sellers. One needs to look at various avenues for selling gold if one is searching for getting a fair deal. Let’s explore the various places where you can sell gold:

Selling gold through online mode

In case you wish to sell your gold jewelry, bullion, coins and other forms of gold in a short period, then selling it online would be the best method. The online gold stores that deal in buying and selling gold usually offers a higher price in comparison to those operating through brick and mortar network. Also, the process of selling gold online is quite simple and all you need to do is contact reputable gold buyers.

gold shop

Pawnshops

The pawnshops also purchase coins, bullion and gold jewelry. Selling the gold locally to a pawnshop is one of the easiest ways to sell your gold. However, the price obtained by selling gold at pawn shops is usually lower in comparison to the online gold dealers.

Local jewelry stores

A major place to sell gold comes in the form of the most accessible option, i.e., the local jewelry store. However, all jewelry stores do not buy gold, but many do indulge in the business of buying back the gold. These stores offer instant payment and are a convenient option if you have a jewelry store within close proximity.

Tips for making the best gold selling proposition

Like any other thing that involves money, one can easily stumble into pitfalls while selling gold. To emerge on the winning side at the time you sell your gold, the following tips can be of great help.

Consider the best time for selling gold

Before you sell your gold, it is of great importance to consider the prevailing economic conditions of the country as these conditions have a significant impact on gold prices. For instance, when there is a hike in the demand for gold, the price of gold will increase. Hence, it is always a wise decision to wait for the

rise in gold prices when considering selling gold ornaments or coins. Further, the selling price of gold is usually at its peak during the festive season; such situations can be considered the optimal time to sell the gold.

Negotiation is the key

Irrespective of the mode of selling gold you choose; it is never a bad idea to engage in some level of friendly negotiation. There is no harm in asking for more if you feel that the selling price offered is not good enough. Make sure to ask for a reasonable price and keep the negotiations limited to a professional level as there is a high probability that you will receive a counter offer that is slightly higher than the amount offered in the first place.

Don’t go on impulse

Before deciding on selling any piece of gold jewelry or coin, carefully evaluate and analyze as most pieces of gold have an emotional value attached to them. Hence, make sure that you weigh the emotional value of the gold price with its selling price before venturing out to sell it. However, selling ideal jewelry pieces such as broken items, or missing pairs of earrings are considered the best to be sold. Also, check for authenticity and purity of the gold as hallmarked jewelry attracts lesser deductions and thus fetches a higher selling price.

The factor of tax

The profit earned from the sale of gold is considered taxable by the Australian Government under Goods and Service Tax. If the same piece of jewelry is bought and sold within a short period, the treatment is done like that for a short-term capital asset and it becomes a long-term capital asset if the period is more than 36 months. The short-term gain gets added to the regular income and makes you fall into the trap of tax slabs. The same holds for gold ETFs and mutual funds.

Conclusion

Selling gold is one of the best ways of securing funds for unexpected expenses such as medical expenses, weddings, education, pandemic situations etc. You can start the process by inquiring the local jewelers and then moving to online vendors to search for the best buyer of gold. However, before you sell your gold, ensure to keep the above-said points in your head before making an informed decision.

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