5 Tips for Getting a Fair Price for Gold

You shouldn't sell your jewelry, coins or bars to anyone until you know what it takes to get a fair price for gold. There are many scam artists who want to offer you a low price, so that they can resell your gold for a large profit. Avoid getting ripped off when selling gold by following these 5 selling tips:

Tip #1 - Figure out the Content of Your Gold

The content of your gold determines its value and is the starting point for figuring out a fair price. If you're selling gold coins, you can research the spot price for gold online. You can also enter the weight of your gold and what karat gold you have into a gold calculator to determine the market price.

Tip #2 - Get It Appraised

You should get your gold appraised if you have a large amount of gold, or if it's so unique that figuring out the gold content is difficult to do on your own. When you know what the gold appraises for, you won't get duped by companies who make low ball offers. The cost for getting an appraisal is worth it if you expect the total value of the gold that you want to sell to be significant.

Tip #3 - Sell Local

Nothing beats walking into the business or store of a coin dealer or jeweler and negotiating a fair price for gold. It's difficult to get that if you ship your gold off to an online business. Those businesses, if they are legitimate, will let you know whether they'll buy your gold and for what price. There's not much room for negotiation, although some will make a slightly higher offer when you ask for your gold back. If you end up sending your gold to a scam company you could end up being charged to get it back, or filing an insurance claim if your gold gets stolen. Find a reputable dealer in your area and don’t leave your gold with anyone. Be prepared to negotiate if the price is lower than you want, until you can agree to a fair price.

Tip #4 - Compare Prices

Getting gold for a fair price is no different from selling other goods in many cases. You probably wouldn't sell to the first person who makes you an offer. Find out what other dealers or jewelers are willing to pay, so that you can weed out the low offers and sell to the one willing to pay a fair price. This works well when you deal with local businesses. It's risky to mail in your gold to compare prices, because it could get stolen or you may lose money and time when you try to get it back.

Tip #5 - Find a Reputable Dealer or Jeweler

It would be hard to remain a reputable dealer by ripping off customers and offering low prices for gold. You'll have a better chance of getting a fair price if you deal with a reputable coin dealer or jeweler. You can research buyers by checking with your local Better Business Bureau office and asking people you know for personal recommendations.

You can get a fair price for gold no matter what the external market conditions are. With that said, you’ll get better deals if you wait for prices to go up beyond your original purchase price.