Reasons To Sell Gold For Cash

Selling gold became one of the most popular ventures since the recession. Why? The reason is because the value of gold jumped through the roof during that period. It has succeeded in continuing to give some great cash benefits over the years. Instead of buying stock, people searched through every gold item they had to sell for instant cash, whether damaged or not.

Another reason is the opportunity it creates for people to settle their financial problems, especially with the rise in living standards. The cash they get from selling gold goes a long way to cover most of their bills and mortgages.

There is also the business opportunity that comes with making a career out of selling gold. Some people buy gold from family members, friends and neighbors. They pay them a small sum of cash and turn in the gold to gold buyers for a profitable sum.

How To Get Cash For Selling Gold

There are many gold buyers out there who would trade in some cash for gold. One of them happens to be local jewelers. People need only walk into their places of business, have their gold items weighed and given cash depending on the weight of the gold.

Gold buying companies also exist for the same reason jewelers do. The process is the same in these companies as well. Walk in with the gold, weigh it and cash is provided.

Gold buying websites are other avenues to venture when in need of selling gold. The selling process here is a bit different as it does not require a face-to-face approach. People should first send a sample of the gold they intend to sell as proof. Then they weigh the gold and communicate with the website of their weight which follows with a value provided of how much the gold is worth. Afterwards, they send the gold to the gold buying company on the website and their cash is sent in immediately after verification of the weight. This process takes longer, but it is just as effective in the long run.

What To Do Before Turning In Gold For Cash

It is always is important to conduct some research on the current value of gold and the selling process before engaging in any selling. This is so people do not get ripped off for a lower sum of money or no money at all.

Therefore, the first thing to do is weigh all the gold items. The next step is to find out what the current market gold value is and come up with an estimate of the amount of cash to receive. The next thing is to conduct some research on gold buying companies that someone may want to sell their gold to. This way, one can know their nature of business, if they are legit or not. When it comes to websites, reading a couple of reviews would be very helpful.

Better Business Bureau stated gaining some knowledge on the different kinds of gold weighing scales is also very important before selling gold. This is because companies and jewelers use different types of scaling machines with different gram sizes for an ounce of gold. For instance, the standard weight of an ounce of gold is 28 grams. However, some companies and jewelers use the Troy ounce which weighs an ounce of gold at 31.1 grams. Others use a pennyweight which is 1.555 grams.

Abraham dealt with Gold Dealers Company to sell his broken items of gold that lay around in the garage. He recommends this company because they gave him a great deal for his gold. The fact that the cash he got was the equivalent to the market price made him value the company’s professionalism. More information if you visit Sell Gold Sydney website.

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Fake Gold Coins

If you’re collecting gold coins or investing in them, there is a good chance that sooner or later you will be introduced to a dubious specimen that you would wonder about whether it’s a real thing or a counterfeit. It’s not easy at all to recognize fake gold coins and you may not spot them at first (and probably even at last either), but you should know at least a few things that may help you not to fall into a trap.

The oldest way to check if the coin is real was simply biting it – please note, I don’t recommend doing it, but rather just mention it. You must have seen it in movies about old times, treasure hunters, and pirates. It may seem odd but in fact, there is a very rational explanation for it. Gold is very soft metal, comparing to some base metals, such as copper or bronze for example, and biting a real gold coin would leave some teeth marks or at least leave a feeling that it’s biteable. Again, I would not advise testing fake gold coins this way for two reasons: if it’s a fake, you may break your teeth, and if it’s a real thing, you may ruin it by biting (and possibly break your teeth anyway).

Another way to check if the coin is a fake is to listen how it jangles. Fake gold coins sound dull and boring according to people who have very good ears. Again, this test may rather be not always reliable and you would have to spend years listening to real and fake gold coins to learn how to tell them apart.

Nevertheless, jokes aside, the most reliable way to check if your coin is real, is to ask a professional. Get you coin to your local coin dealer and most likely he or she will have enough experience and appropriate equipment to check if your treasure is genuine. There’re several devices developed for this purposes, but they may be quite expensive, hence not always accessible or affordable for general public fiddling with gold coins.

There’re a few things again that you can try even if you have no access to or desire to communicate with your local coin dealer:

Check for the coin details. If you don’t have a real coin to compare with, find a photo online and compare very little detail of the original with the one you’re checking. Look at the space between letters, look at the size and number of elements – it may sound stupid, but counterfeiters do miss such simple things for some reason and they even do grammar mistake, especially when then do it in foreign languages, so check spelling as well.

Find a coin forum (CoinForum for example), become a member, and ask there – there’re plenty of real experts and they will help you or at least will give you some pointers. You can usually attach a link to a web page or put a photo of the coin in question.

Check the coin weight and size. If you don’t have a coin catalogue, you can almost always find these details online. Fake gold coins are usually lighter and sometimes even smaller in diameter.

Check the coin rim (edge). Fake gold coins sometimes are made in halves and then soldered or glued together and sometimes you can see a very thin (or not very thin) seam on the rim of a fake coin.

Dare your seller to make an “acid test” – gold is a noble metal so it will not react or dissolve in nitric or sulphur acid. Hmm, this one is a bit too extreme as if your coin is not 99.9% fine gold, which is quite common for real gold coins, the test will still damage the coin, so this one is for your information only.

Be very careful whom you’re buying from. Buying online is fine, but see where your seller is, check his or her feedback, and check that this feedback is for selling gold coins, not for buying 5c post cards.

Another way to avoid dealing with fake gold coins is to buy only professionally graded or “slabbed” coins. Those are coins in plastic capsules (slabs) that have been graded and authenticated by such services as PCGS or NGC or some others. They usually cost a bit more than not slabbed ones, but they guarantee authentication and that’s worth it. Click here to see some of the slabbed gold coins, which are selling now.

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Gold History – Relationship Between Gold and Money

Up until the last century, coins were worth something in their own right thanks to their precious metal content whereas today they simply have a token value. While the use of precious metals in backing western currencies has long-since ceased, the qualities that made it so functional are still deeply ingrained in the human psyche. Despised for two decades by many in the investment community, gold is making a serious come back.

It is no coincidence that it has been a symbol of wealth for thousands of years and not just as a decorative item. The combination of durability, purity and portability has been an overriding factor for its monetary use, as has its physical qualities of malleability and ductility that allow for easy division. Its relevance in the modern financial world is more significant than ever, given its resistance to mass production. Unlike other commodities, it is not subject to the substitution effect when prices get too high.

There are many useful lessons from the history of the Roman Empire which used gold and silver coins as part of their currency. Following a build up of deficits by a series of lavish emperors, Nero used the excuse of the Great Fire of Rome to reduce the gold and silver content of coins, thereby creating a greater number of them, starting with the same amount of precious metal. By the time the empire folded, its percentage inclusion was close to nought. While it took the Romans several centuries to achieve the dubious honour of total devaluation, the fast-moving Americans are doing their best to beat them.

After Rome’s decline and departure from Britain, the country survived a prolonged period without an organised national currency although foreign coins were widely used. This was partly a reflection of the decentralised culture of the Saxon invaders which depended more on local trade and coinage rather than national. As England emerged from the Dark Ages she attracted the unwanted attention of marauding Vikings including one of their later descendants, William the Conqueror. Their imposing castles and cathedrals were soon thereafter to be found throughout England after the invasion of 1066. Just as unflinching Roman roads scarred their trail over the Celtic land and culture, so the Normans stamped their authority on the defeated Saxon foe with their constructions. One of the earliest examples is the Tower of London which is of course still standing today.

Next in the series Gold History coming soon.

Toby Birch at http://www.guernsey-gold.com brings impressive credentials to the Gold Industry. He is neither jeweller nor e-commerce guru jumping on the gold bandwagon; rather, Toby has 20 years experience as an international fund manager dealing successfully in precious metals, mining stocks and natural resources. He is a Fellow of the Chartered Institute for Securities and Investment and is police cleared to sell gold. Learn why gold must be an essential part of your investment portfolio visit: http://tinyurl.com/ycbtav7

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Buying Bullion With Confidence – The Golden Rules

Probably the best thing about this market system is that it’s actually very easy to buy bullion and build up your supply, so long as you can afford it. This, of course, is a great idea, but you do need to be mindful of a few possible pitfalls. Here are some easy to follow rules that can guide you.

Golden Rule #1: Buy Most Bullion From the US Mint

While it is true that all forms of bullion are great investment options, it’s suggested that you focus on American coins from the US mint. This is especially true when you begin, and for the first while you should avoid privately minted or foreign mint bullion, as well as any bullion bars. There are several very good reasons to follow this rule.

First, the government guarantees bullion coins minted by the US mint. This guarantee covers the purity, quality, and weight of all American bullion coins. This means it is easier to buy bullion coins with confidence, and are actually getting exactly what you paid for. A good place to start is by including American Eagles in your collection.

Another very good reason to buy American coin bullion is it is easier to obtain, and you have a choice of who to get it from. This means it is also easier to trade and sell, as it is a lot more popular than other bullion or even bars.

Golden Rule #2: Do Not Invest in Old Circulated Coins.

It doesn’t really matter if you are considering plain silver coins or those double eagles coins struck early in the 20th century. The fact is, these coins are highly sought after by collectors, thus the competition is higher and so is the price.

On the flip side, the modern bullion rounds do not have value to collectors (yet). This means that their cost and value is solely based on their metal content and is not increased by their age. In the end, you simply get more for your dollar this way.

Golden Rule #3: Avoid Internet Auction Sites

Unfortunately, every new buyer will probably go through a phase in which they are a bit too trusting and too eager to invest as little as they can. When you start out it may seem that sites like eBay have many good deals on bullion. While some of these “deals” may be legit, it takes a real pro to sniff them out from the rest of the junk.

Unscrupulous sellers are likely to word a deal to make a piece of dross sound amazing. Also, there may simply be sellers on these sites who don’t know any more than you do and have no idea what they are really selling you.

For example, your Humble Writer almost fell for one such deal early on. The title stated that a one ounce silver bar was 100 mils 999 silver. It even stated this on the bar. Of course, this was priced well below market value and this writer was very excited!

The only problem was that the “100 mils 999 silver” turned out to be electroplating, and a mil is actually a measurement in thickness, not purity. In the end, the stated price was actually much higher than the market value of this bullion… since the market value was close to zero.

99% of the gold listings are even worse than the silver. They are either being sold by newbies who don’t know any better, or by sellers who just want to take the money and run while they can. This is why we recommend to only buy from reputable dealers both online and off.

And you can buy bullion with confidence – as long as you avoid the pitfalls and traps most new gold investors make. You can find out how by subscribing to our free newsletter, the Gold Minute, and you’ll receive my practical, real-world guide to investing in gold.

Jeff Grant is the creator of AmericanBullion.org. He is definitely NOT a traditional “gold bug,” is the opposite of a “gloom and doomer.” Instead he is a realist who believes there are times when protecting yourself financially and changing your investment strategy are vital — times like now.

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