Selling gold and silver in Toronto can feel like a challenge. How do you know you’re getting the right price? Is there a better deal out there than what you’ve been offered? There are so many bullion buyers, cash-for-gold businesses, and pawnbrokers that you can feel frozen with choice.
It’s common to feel unsure about a deal you’ve been offered. These four tips should help put your mind at ease while helping you make sure you get a fair market value for old gold and silver.
4 Tips to Earn More Money When You Sell Gold or Silver
1. Check the Weight and Purity
The first thing you need to know is what you have. First, check the purity of the gold or silver. Depending on what you have, you may be able to find out what percent of gold or silver it isor how many karats the piece is by looking at a hallmark. If there is no hallmark, have the piece evaluated and weighed.
2. Look Up the Current Gold and Silver Price
Next, look up the spot price of the metal you’re selling. This is an average of the prices at which the metal is trading on stock exchanges and should give you a benchmark for your own precious metals.
There are several things to keep in mind about the spot price:
- The price is usually listed for 1 oz. of the pure metal.
- You likely won’t be able to sell for this price, as the dealer will expect to earn a profit.
- It does provide a good guideline as long as you remain realistic.
3. Evaluate Gold and Silver for Collectible Value
When you’re looking to sell jewellery that’s in good condition, there is a chance it may have some collectible value. Most of the time, jewellery will not fetch a higher price on the collectible market, and it’s likely to be melted down and recycled after you sell it. The cost of silver jewellery is often much higher than its bullion value because of the design and manufacturing costs. However, the strong brand and item might be worth more than the melt value.
The same applies to certain rare coins. If you have a silver coin collection that you inherited, it’s unlikely that there are many pieces that will be worth more than the silver melt value, but it’s not impossible.
Whatever you’re selling, it makes a lot of sense to have it evaluated by a reliable buyer before you agree to a transaction. Before you decide where to sell gold and silver in Toronto, research their reputation and reviews. You are likely to earn a better price if they have a reputation for giving accurate evaluations and if they have the ability to properly handle collectibles.
4. Sell When the Time Is Right for You
When you’re sitting on gold or silver belongings, it can be tempting to try to game the market and find the perfect time to sell. During the last surge in precious metal prices after the 2008 financial success, Toronto saw a notable increase in the number of gold and silver buyers opening up to take advantage of the situation, and many people became motivated to sell old gold and silver jewellery.
While there are many experts out there who will make price predictions, accurately assessing future prices is almost impossible.
The best time to sell bullion is when you need the money for something else. Trying to wait for prices to reach their peak could leave you waiting indefinitely. Whether you’re paying off debt, investing, or going on vacation, the right time to sell gold is when you want the extra income.