People opting for cash for gold is quite common phenomenon. Almost every household has a certain amount of gold collection, either in the form of ornaments or as gold coins or gold bars etc. These are looked upon as precious assets that can be exchanged for money at any point in time for emergency monetary requirements or any other reason. Gold is a good investment practice as the price of gold has a stable standard in the market. That is why it is considered as a “crisis commodity” that does not lose its value even in the times of global economic crunch.
Gold has an outstanding history of maintaining even sharp hike in its price over the last few decades. It has been observed by the investors that when the stock market falls, gold prices go even higher due to inflation. Now it is obvious that investing in gold is a great idea for the security of your family or any situation of financial crisis in the future. You may be unaware that you have thousands of dollars inside your jewellery box. But before going cash for gold you must be aware of some factors to avoid getting duped.
Tips for Not Getting Deceived While opting Cash for Gold
- The authenticity of the Seller
As it is an extremely profiteering business, the market is full of fraudulent gold sellers. If you are planning to exchange your assets for money, the first thing you need to do is to check the authenticity of the seller to save yourself from any deceit. There are many ways to find out the authenticity of the buyers and sellers.
2. Certified Hallmark
The hallmark is a crucial factor to check before buying a gold piece, more specifically if you are purchasing gold from investment point of view with an aim of selling it in future. It is a mark of trust and quality. This mark will be helpful to gain the trust of the buyer while reselling the piece to get instant cash for gold.
3. The purity of the Gold
Gold is a very soft metal in its purest form, which is the 24-karat gold. It is mixed with a certain amount of alloy such as silver, copper, nickel, etc. to make it strong enough for making jewellery. 20k gold is mixed with 4 parts of alloys. You may have noticed different colours of gold jewellery. The colours differ depending on which alloy is used in what percentage.
4. Price Difference
The price of gold may differ while selling or buying from any online shop or offline market. If you are planning to sell or buy in the offline market then you would have an added advantage to meet the owner in person while this is not possible in case of online market. Moreover, the price will also vary from one place to another or even one shop to another. Thus, you better tally the prices before investing your money.
5. Refund Policy
It is also recommended to check the refund policies of the store. Some shops provide guarantee of complete refund or partial refund while others don’t. Same thing applies in the online market as well. So, checking the refund policies along with terms and conditions of the shop or company is vital.
Selling your precious assets for extra money can be a good idea for many reasons. So, whether you want cash for gold because you need to pay different bills, or just want to earn some extra money, you can go and sell the piece of gold you have with you in any form. However, the local shops will be a better option as you have the facility to speak to them in person, which reduces the chance of getting duped and get more value for the gold.