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Ten Commandments To Follow When Selling Gold For Cash


When you sell your gold coin or jewellery for cash, it is required that you do it legally as well as maximise the selling price. It is true that if you hold gold coins, it will not pay you any dividend but that does not mean you will sell it to any rogue buyer to be deprived of what you legally deserve. The main idea is that the prices of gold rise as you hold it and when you sell it you are entitled to a handsome profit. This is why gold is such a useful metal in times of financial crunches. There are a few ways in which you can do it and crystalise your profits.

The ten commandments

It is not luck and perfect timing that will determine how much you can squeeze out of your gold investment. It is the strategy that you follow, your knowledge about the market and the person you approach. 

The rules to follow are:

  • Do not buy loose coins to start with. This will ensure that you get the best value when you sell it off. All gold is not the same, and therefore you may find selling hazy and inferior gold very hard to sell. When you have a broader market, you will find more buyers and a more significant opportunity to sell your gold. 
  • Always consider capital gains tax when you want cash for gold NYC. The best way to maximise the selling price and your profit is to avoid the CGT, and you can only do this if you buy gold coins from the mint that has its own face value thereby making it CGT free. Also, avoid selling a large volume of gold in one go. Ideally, sell some before the tax year end and the rest after it.
  • Give the dealer some prior notice while selling so that they have enough time to hook up your sale with a buyer. It is an only good pairing between a buyer and seller that will fetch you a maximum price. Therefore, make sure that you communicate your desires early to the dealer.
  • Do not buy proof coins that look good in a flashy box as selling these will be difficult as these do not represent high value.
  • Plan your selling venture ahead instead of last minute so that you can ell it off when the price is high in the market. Gold prices can be very volatile in the short term, and therefore you must be ready to sell it off at the right moment. 
  • Maintain your gold coins so that it is in excellent condition as all physical assets are valued at its present situation. Keep it safe and handle with care especially if it is 24 karat gold that is prone to scratches. 

Last four commandments

Always invest in a variety of gold so that you do not have one price when you want to sell these off. Quality, weight, age and size all matters in pricing. Always research the dealer when you want to sell gold and shop around for a reputable dealer only and lastly think long-term.

Author Bio: Karen is a Business Tech Analyst. She is very responsible towards her job. She loves to share her knowledge and experience with her friends and colleagues.
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