Want Cash for Gold? Watch Out For These 3 “Rookie Mistakes”

They say one of the best ways to learn is learning from your mistakes. That’s good advice, especially for young people growing up, but there’s some mistakes that you want to avoid. When selling gold, there’s the potential to make some choices that may cost you. Although it’s not the end of the world if you make one of these blunders, the result of such errors could lead to frustration. Therefore, it’s important to have an awareness of the poor decisions some people make when they seek cash for gold items. A foreknowledge of these errors can save you from unnecessary hassle.

Skipping Out on the Research

When people buy the wrong cars, choose the wrong careers, or date the wrong people, it usually stems from one problem: they didn’t do their research! It’s absolutely essential that you spend some time learning about the gold buying world and the items you plan to sell off. Failure to do so can result in disappointment, especially if you earn far less than what you were expecting to receive. You can avoid a lackluster outcome by spending some time getting acquainted with the values of your gold items, whether they’re jewelry, coins, or bullion.

Sweating the Details:

  • How much is your jewelry worth? – A quick way to get shortchanged from some gold buyers is failing to know the true value of your jewelry. Yet it happens quite frequently. You might not be able to get the original price for your gold jewelry, but a knowledge of their worth can allow you to recover up to 70% of their original value. So what’s the lesson here? Don’t sell any gold item without verifying its true value.
  • How much is your scrap worth? – Don’t assume your scrap is just a euphemism for crap. A lot of jewelry scrap is laced with intricate design patterns, suggesting that a high level of craftsmanship went into it. Yet still, like actual jewelry, people often overlook its worth and sell it for much less than they should. Again, it’s important that you gain an accurate understanding of what you can earn with gold scrap before selling it to a buyer.

Leaving Experts Out of the Picture

Reading the preceding paragraph may have you wondering how you can even know what your gold is worth in the first place. That leads us to our next point. Too many people seeking cash for gold forget to involve a gold buying expert or some other trusted person who can help them figure things out. As a result, they feel lost as if on some obscure road without a GPS. Involving a gold dealing aficionado can make it much easier to learn the process of selling gold, and earning what they truly deserve.

Whom to Consult:

  • Certified/reputable gold buyer – This may seem like a conundrum. Why see a gold buyer when there’s a chance they may not offer you the greatest deal to begin with? What sellers of gold often forget to do is ask the buyer for help. People don’t realize that buyers of gold are busy people and may assume that you already know about the value of your items. By simply asking them (better yet, a few of them), you can gain remarkable insight when it comes to learning the true value of your gold. No need to stay in the dark!
  • A Knowledgeable person with experience – You don’t necessarily have to consult a person who buys gold. Even speaking with an individual who has dealt with gold buyers before, can serve as a source of helpful information. They’ll most likely have an awareness of how much gold items are worth, and they can keep you informed so you can make good selling decisions.

Rushing It

One of the biggest mistakes that first-time sellers make is taking shortcuts. They often resemble the cartoons whose eyeballs are temporarily filled with dollar signs. Impatience and the culture of instant gratification clouds their judgement, and they’ll take the first shot at selling their gold without a second glance. They don’t think it through. Perhaps you too have felt a degree of impatience. That’s normal, but it’s important to exercise some restraint when selling gold. Rushing into a deal is a fast and easy way to earn less than what you really deserve. This relates to the first point on not doing enough research, since you are less likely to know who you’re dealing with when in a rush. Therefore, it makes sense for you to slow things down and not rush into a sale.

Take it Slow:

  • Don’t sell to the first buyer you see – It never hurts to keep your options open. In many cases, cash for gold attempts culminate in what can be viewed as an “it get’s better from here” proposition. In other words, there could be better deals out there as opposed to the very first one you stumble upon. You don’t want to be one of those people who has regrets selling gold that could have been sold for much more.
  • Accepting the first offer given – The second component to this problem is not the buyer, but the offer itself. Some people are so hungry for cash, that they fail to think about raising the price for their item. Again, a little research can help you uncover the real value of your gold items. Gold buyers can be pretty flexible when it comes to making an offer, but you have to be the one who makes the push.

Sell It Like a Pro

There’s a lot of room for error when selling gold items, whether they are jewelry, scrap, coins, or bullion. You’re not likely to find some guide or manual on how to sell it – if anything, you’ll probably only see a few scattered pieces of advice here and there. But considering the points mentioned in this post can help you avoid some of the common mistakes that people make when selling precious metals. Seeking cash for gold should be a positive experience, not a frustrating one. By avoiding the blunders made by others, you can be sure to earn what’s rightfully yours!

Looking to learn more about the value of your gold items? Get in touch with us so we can help you find out.