If you have gold to sell, you should educate yourself about what it is you have. Is it jewellery or bullion? What is it’s purity? What is the market price of gold on any given day? Once you know more about your gold, you should find out more about gold dealers.
Since 2019, there has been an increase in the number of people who want to buy gold as well as a surge in the number of gold buyers offering to sell. There is also a rise in the number of new gold customers own precious metals. 2020 was a terrible year (financially) and because of the economic fallout of Covid 19. This has meant that more people who own gold are looking to sell their gold to get through tough times. Bullion dealers are also taking an advantage of the economic upheaval and the high price of gold.
There is a lot of speculation about where the price of gold is headed, and so far, it has been doing better than other asset classes and attracting more investors. Some gold bullion dealers say that customers are more clued-up about gold and sales of this precious metal has been influenced not only by the economy but the political wrangling that has been happening between the world’s most powerful nations the US versus China as well as the UK versus the European Union.
A lot of dealers have been getting sales from estates, this has been happening because of the rising number of elderly people who are dying because of Covid 19. Gold bullion dealers have also been buying more gold from customers who need quick cash because they are unemployed or they need to get out of debt or deal with an unexpected financial emergency.
Unfortunately, there are horror stories about unscrupulous gold dealers who are also taking advantage of the dire economic situation we are all in. Because of these desperate times customers are vulnerable and unfortunately, there are gold bullion dealers who target the vulnerable. So, when you have gold to sell or you would like to buy, it is important that you know your gold bullion dealer. There are a few qualities you should look for:
Look into the company’s reputation. Dealers who have been in business for a number of years will have had the time to build a reputation in their communities. Ask around and go online to find as much information as you can about the service and about the price.
You can also look for affiliations or accreditations by government mints or reputable refineries.
Whatever price you are given for gold bullion should be based on the current spot price. Make sure that the dealer can indicate what the live spot price of gold is when he or she makes an offer.
Don’t accept the first offer you get from a dealer, talk to different dealers and compare the prices. Some dealers can offer more because they don’t use third parties in the chain. Some dealers are so confident of their price and service that they will offer to better the best quote you may have already. Don’t be too quick to jump at such offers though without checking if there are any strings attached. Knowing your bullion dealer can help you get the best deal whether you are buying or selling gold.