What To Know About Selling Gold As A Side Income
Posted on: 7 June 2019
Selling gold is becoming an increasingly popular income option for many people across the country. Most major cities have a gold buyer, and even smaller cities are seeing the businesses appear. If you are looking for a way to build a side income, this option may be ideal for you. Here are a few things you need to know about selling gold as a side income before you visit the first buyer.
Quotes First
The first thing you need to know before visiting the first gold buyer is to get a quote. You will need to know the karat rate of the gold prior to calling. Use one piece of jewelry that you know the most about. For example, a class ring or similar ring would be ideal. Let the buyer know the size of the ring and if the gold is 10, 14, or 24 karat gold. The buyer will give you an estimated quote for the gold. Keep in mind the quote will change based on weight, but the quote is an ideal starting point. Narrow down the gold buyer you want to use based on the higher quote amounts.
Prices Vary
You likely know that the prices for your gold will vary, but you may not know why. Gold buy-back amounts are based on the quality of the gold, the amount of the gold, and the current exchange rates. For example, if you are selling a class ring as your first item, the gold buyer will look at the quality of the gold first. This is based on the karat weight in most cases. They will ensure that the gold is the only material used in the ring. The ring will be weighed, and any stones are removed. The price is based on that information plus the current exchange rate of gold for that day. If you want the better return on your gold, check the exchange rates for the highest rates and sell on those days.
Buy and Sell
If you want to turn selling gold into side income, then you will want to expand your gold source options. Make sure you are buying gold from places like thrift stores, consignment shops, and similar resources. The gold is usually inexpensive, and you can find items like broken gold chains or damaged pieces this way. Keep in mind that scrap gold will sell just as well as gold that is in prime condition. Estate sales are another option for finding inexpensive gold pieces that can give you a substantial return at the gold buyer.
When you are ready to visit a gold buyer in your area like Beaverton Coin & Currency, make sure to set aside time for questions. Keep in mind that some buyers do offer a consultation. This can be an ideal time to find out what gold they buy and what to do if you have a large amount of gold to sell. They can also help you determine the ideal times to sell based on the current gold rates.
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