Occasionally, we all need fast cash. But, you have unexpected bills to pay, and your salary does not seem to stretch all the way. We know how you feel! So, what can you do for extra cash? Well, you have two options.
First, you can take a loan, but that adds to your monthly bills. You can also sell any gold jewellery or gold bullion you may have to your local gold buyers. Still, how do you sell your gold bullion or gold jewellery for fast cash
Understand what gold bullion is:
Bullion is an investment-grade gold, and you find it in the form of bars or coins.
First, you need to check your gold purity as it can be 22 or 24 karats, as it is essential to determine the price of the gold based on what you have.
Gold bullion is a long-term investment compared to jewellery which you wear day today. Most bullion investors buy it without thinking about selling it and hoard it for the long haul. But, perhaps you inherited some gold bullion or coins and have had it for a long time.
Examine your gold bullion closely:
Popular gold bullion is the one-ounce gold bars or coin issued by both private and government mints globally. Gold buyers will accept both bars and coins, in fact, gold buyers will accept just about any gold! If you have small fractional gold coins you may wish to keep these and only sell your larger gold bars.
Search online for the current gold price:
Gold prices change daily, and gold dealers base the price on the rate available for the day. Hence, know the current price to prevent people from cheating you.
In addition, the gold price you see in dollars per ounce helps to understand what your gold is worth. Most gold dealers buy back slightly under the spot price. Though branding and condition can come into it. For example, if your gold has scratches, you may get slightly less than the buyback price as the gold dealer has to get it refined
Understanding the buyback
An important thing is whether you sell gold jewellery or gold bullion, a gold buyer will pay less than what they can sell your item for, this is known as the buyback. Therefore, finding a trustworthy gold dealer is crucial to getting fast cash check their websites for the different buyback rates.
Also, factor in mind that you will get less for gold jewellery than gold bullion as gold jewellery needs to be melted down and sent off to refining, unlike most gold bullion products.
WRAPPING IT UP
Whilst it may appear you can sell your gold jewellery or bullion for more on sites like eBay, most likely you can’t once you factor in time, fees, postage, insurance Etc.
The safest and easiest way to get the best prices is to visit gold buyers Brisbane specialists instead. By understanding what gold you have and the current gold spot price of gold, you can deal face-to-face with a trustworthy gold dealer. Doing this, you know you are not dealing with disreputable buyers who want to take advantage of you.