More Facts to Consider Before Buying and Selling Gold

The selling of gold items such as jewellery can be a tricky situation. Gold buyers are everywhere with appealing offers, but who do you trust. Melbourne has several gold merchants that are both genuine and fake ones. If you want to get cash for gold Melbourne, you will have to prepare for potential scammers before you can get a genuine gold merchant. This article will try to advise you on where to sell your gold for competitive prices and in safe ways.

Gold Shops

The gold business is a highly competitive market due to its high demand. This creates a real challenge when deciding where to sell your gold and what price it can fetch. Flyby gold shops are being started in almost all corners, and most of them will offer a significantly less percentage of your gold compared to a legitimate store. Since most of the shops are unregulated and unlicensed, they won’t follow legitimate guidelines and rules as real gold shops.

Ensure you do proper research mainly online for legitimate gold businesses. Avoid fraudulent shops that use faulty scales and other tactics to dupe you such as hidden commission’s. Check for online review for the shops and also check their online social networking pages such as Facebook or Twitter for reviews. I would also recommend visiting different shops for the best price in Melbourne.

Avoiding Rogue Buyers

You will most probably encounter a gold buyer near a pawn shop or a gold shop. The will run many ads promising the best prices, and there are quite a few in Melbourne. They are also known as “flyby” buyers due to their business nature.  Most meeting will happen in a hotel ball room as their designated shop. Most of these rogue buyers will often leave you grossly underpaid. Even if you are in desperate need of money, always avoid such buys. If need be, always check their credibility via a business bureau or reviews online.

Selling Online

Another approach to selling your gold jewellery is through the internet. When you want to sell for a set price that you deem fair, you can put it up on trading sites such as eBay through auction or a simple ad. The advantage of using this sites is that you can set own price and negotiate until you see it fit.

However, this process requires trust on both ends and often you lose to the excessive fee’s that Ebay and Paypal charge you.

Manage Expectations

Whenever you decide to get cash for gold Melbourne, reduce your expectations to reality. You may be selling a family heirloom jewellery to a gold shop, to you, it is a priceless piece, but to the buyer, it is a normal jewellery that they are going to melt and may not be worth the expected cash. Selling of second-hand items may also not fetch nearly as much as it cost you due to the labor component in manufacturing jewellery. Keep in mind that the gold buyers can only offer you melt price for your gold jewellery and are also looking to make a profit in the process.

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