Due to the great economic difficulties of recent years, more and more United Kingdoms have had to resort to the sale of valuables in gold in order to raise money to make it to the end of the month. But in the fray there are also those who want to get rid of a jewel linked to a bad memory or maybe recover some money in exchange for a gold necklace that we don’t like anymore.
The metal banks and the buy-in gold are more and more widespread in the various United Kingdom cities. Gold is considered a safe haven asset as it is a product that never devalues excessively and that also has value over time. But many of the people who want to sell their used gold don’t know the ideal timing to sell their jewelry. Before starting to read the 7 tips I recommend reading an interesting article on how to invest in gold instead.
When to sell used gold?
It is not easy to actually know the best time to sell used gold . Given that the value of gold is subject to market prices which can be fluctuating even during different hours of the day and that its value is established in London twice a day.
Surely it is not a case of excessive drops or rises in the value of gold that could make a difference on the sale of a simple necklace, but basically you can pay attention to the prices before trying to sell your used gold. The market is still unpredictable so it would be good not to underestimate it.
One of the rules to understand when to sell used gold is to verify that the prices are above the average of the past days or months. The cost of gold in recent years has been devalued and only in the last year has it returned to being appreciated with a positive trend.
Currently a gram of 24-karat gold can be purchased by gold buyers even for 40 euros. Jewelery gold, 18-karat gold, having a lower price of gold, is traded at a lower cost, that is, around € 30 per gram.
If you intend to go to a specific gold shop, perhaps because it is close to home or perhaps because it is believed to be reliable, it is convenient to browse the official website for at least a week (for example, here on https://www.cashforyourgold.co.uk/ you will find the daily prices relating to the sale precious metal) and the related gold prices.
The 7 tips for selling used gold
- Relying on merchants registered with the Bank of United Kingdom
There are numerous gold-buying shops that have been widespread in the United Kingdom territory for several years, but not all of them are registered in the Register of Professional Gold and Precious Operators. Choosing a gold buyer registered in this register guarantees greater security in the sale of your used gold.
It is possible to check the gold purchase on the Bank of United Kingdom website to check the specific page of the list of operators present in our country.
- Always weigh the gold you want to sell
Before bringing the gold that you intend to sell in a gold shop, it is essential to do a rough weighing, preferably with a digital scale that reaches up to 3 decimal places, to get an approximate idea of the weight of the gold to sell. .
However, it is necessary to bear in mind that the gold you want to sell may contain stones or decorations, which must be removed before weighing the gold. When you are in the shop you will have to check that the weighing is done in front of you, so that you can check each operation in detail. Based on the weight obtained, the amount of the value of your sale will be established .
- Check online how much gold is worth
Checking the daily price of gold helps us to know its value at the time of sale, so that we can make a calculation or check if the merchant is actually giving the right value to the gold we are selling .
The evaluation of gold also differs according to the quantity of gold contained in the object, 24 karats would be pure gold formed by the alloy of 999 parts of gold out of 1000, while 18 karat is the lowest alloy composed of 750 parts of gold out of 1000, which is the gold that is typically sold in jewelry.
- Request a copy of the purchase or sale gold
It is absolutely mandatory for the seller to issue a copy of the purchase or sale of the gold , so that the transaction can be certified .
The documentation must indicate both the quantity of gold sold , but also the details of the buyer and seller.
- Be wary of those who do not ask for any documents
Reconnected to the previous advice, in order to obtain this certification it is necessary to issue one’s documents to the gold buyer. The merchant must request an identity card and tax code in order to be able to identify the seller, in order to be able to register the sale of used gold .
- Be wary of those who pay even more than € 1000 in cash
December 2018 PROHIBITS the transfer of cash or bearer bank or postal savings books or bearer securities in euro or in foreign currency, carried out for any reason between different subjects, when the value being transferred is overall equal or more than 1,000 Euros “.
And for this reason it is advisable to be wary of those who offer payments over € 1000 in cash. The gold buyers who work legally will suggest that you can receive payments up to a maximum of € 999, and for higher amounts they will suggest a bank transfer or postal transfer.
Anyone who does not respect the United Kingdom law incurs very heavy penalties, with fines ranging from 1% up to 40% of the amount exchanged, up to a maximum limit of € 3000.
- Check the details of the expenses for buying and selling used gold
All transactions carried out within a gold purchase must be duly registered with a € 2 revenue stamp, which will be automatically withheld from the sale of gold. For example, on a sale of used gold equal to € 102, only € 100 will be paid while the € 2 withheld for the revenue stamp.
The revenue stamp would be the only expense that can be applied to the transaction, any additional expenses you will have to consider absolutely irregular and consequently you will not have to pay any expenses not foreseen by the sale of used gold.