Selling your Gold

by | Jul 26, 2012 | Shopping

With the rising popularity of the gold buyer, Dallas residents are increasingly opting to sell their gold for extra cash. Despite the ubiquity of TV and radio ads promoting various Dallas gold buyers, potential sellers still have very little idea of what to expect from the process. Here’s a brief step-by-step process of what will happen if you go to visit a gold buyer in Dallas.

  1. The buyer will weigh your gold. Since most gold that you sell will be melted down into scrap metal, the value really is in the weight. The karat number of your gold, is also an important consideration for the buyer, since that tells him how much of the item is actual gold and not filler metals. 24 karat gold is pure gold, but buyers will normally buy anything that is 10 karats or more. Most buyers will use the pennyweight measurement to weigh your gold, but make sure you inquire whether they are using that or the standard ounce, since they do measure slightly differently.

  2. The buyer will make you an offer for your gold. You won’t be receiving the full value of your gold no matter where you sell, because there are a lot of processing costs and middlemen to be paid before the buyer can get any profit from your gold. So don’t expect to receive $900 an ounce for your grandmother’s gold earrings. However, the original offer that the gold buyer makes you will likely be much less than they are willing to pay for it. Many people have no idea what the true value of their gold is and are willing to accept any amount of cash that the Dallas buyer offers them.

  3. You accept or decline the buyer’s offer. It is good to have a general idea of how much your gold is worth before you enter the buyer’s shop. If you think the offer is too low, tell your buyer. He will likely make you a counteroffer. Most importantly, though, don’t accept his offer to buy your gold unless you are satisfied with the amount of cash you will be receiving. Keep in mind that some gold jewelry is worth more as a piece than as scrap gold.

  4. You get cash for your gold. If you accept the gold buyer’s offer, you will walk out of his Dallas shop with cash that you can spend on anything – rent, a night out, or a weekend getaway. Selling your gold can be a great way to ease your budget crunch. Nevertheless, if you want to find a reputable gold buyer, Dallas residents should be sure to do their research first!

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