Finance

The Steps You Need to Take Before Selling Your Gold

Selling Your Gold

Credit: sarawut795 via Freepik

If you have gold to sell, you won’t find a better marketplace for them in Toronto. As Canada’s biggest city, it has a wealth of gold dealers, exchanges, and jewellery shops where you can buy and sell gold coins, bars, rings, necklaces, and more.

When you’re dealing with designer brand jewellery or pieces that you believe have collectors’ value above and beyond the bullion content, there is nowhere in Canada you’d rather be. It’s the best place to find gold buyers who have the networks and knowledge to connect with collectors and get you a better price for your valuables.

Step 1: Evaluate What You Have

Before you sell gold in Toronto, you should know what you’re trying to sell. This can help make your expectations more realistic and help you avoid disappointment. These are some of the factors to consider:

  • Is the piece broken or worn? If so, it likely will be sold to a refiner where it’s melted down and recycled.
  • Is it a well-recognized designer brand name and in good condition? It may have better resale value, and you should make sure you take it to a dealer who can find the right buyer for it.

Step 2: Find Out Where to Sell Gold in Toronto?

When it comes to the gold market, transparency is key. Many dealers won’t advertise their going rates for weights and purities of gold. They’re hoping that you’ll take the first deal you get and that they can maximize your profit.

The first thing you should look for is transparent pricing for what they will buy. You should expect prices to be based on the day’s gold spot prices minus a percentage where the buyer will earn their margin on resale.

Generally speaking, 24k (or 99.9%) gold usually found in bars and coins will have less of a discount than jewellery.

Step 3: Shop Around

Selling in a hurry can be a quick way to undervalue your belongings. There are many different ways to sell gold, including hotel buys, pawnshops, and gold parties, but it’s widely recognized that jewellery and coin shops will get you the best price for gold.

Some dealers may be hoping that you take the first deal offered to you and that you’re desperate to sell. If you’re able to take your time, you can get estimates from a variety of shops and dealers. Don’t be afraid to take your jewellery to different shops around and find the best possible price.

You should expect evaluations to be free. An evaluation should also make you confident in what it is you’re selling. They should use an XRF machine to confirm the purity of your gold.

Why You Should Sell Your Gold

Selling your gold puts money in your pocket. Spend it on a vacation, a purchase you’ve been thinking about for a long time, or invest it into your retirement savings. It’s better to put that money to good use than let it sit around at home.

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