I want to sell my gold, should I sell or wait for a better price? This question haunts anyone who wants to sell gold. This is because most of us want to own gold in any form, either for investment or safety for a rainy day. We all own gold in one form or the other whether it is jewelry, coins or bullion. Gold value always increases, hence the popularity of gold. Nevertheless sometimes the need to sell gold arises. We convert our gold into cash either due to an emergency or for a potential investment in the market. Whenever we sell gold we want the top price for it, although our elders say never sell gold instead buy gold. Gold is kept for many reasons; asset protection and waiting for an increase in gold price for the purpose of investment are the main ones. Some people like to keep gold instead of money in the bank, so that their assets are unknown to creditors and other family members.

I feel the best time to sell my gold is when the prices are record high; you may want to do the same. Remember that your gold jewelry can have a greater value, when sold than just the spot price at that time. Sometimes an old rare piece of jewelry can fetch you an unexpected price, so instead of giving it for current gold price, it may be a good idea to consult an experienced dealer whom you can trust to a certain extent. As far as the transaction is concerned, it is simple, sell your piece and take cash on hand whether it is bullion, coins or jewelry. You must aim for a gold dealer with a reputation for a better price.

If I want to sell my gold and it is scrap gold then I might have to be more careful, since scrap gold could be mixed with various metals or just plated. Scrap gold dealers will pay you atleast 40% less than the actual value because they have to reprocess before selling again. The first thing is to separate your scrap gold according to the Karat. This has to be done by using a magnifying glass, by seeing the Karat numbers at the back of the gold or if not imprinted then consult a reputed dealer to ascertain the gold amount. This is important as some metals like platinum and palladium may be mixed in your gold piece. These metals are valuable and you might sell not realizing it is present. There are online tools now, by entering the weight and purity of the gold, you want to sell, and you can obtain the details.* Divide the current price by 31.1 to get current price per gram.* Divide your gold Karat by 24 then multiply the number by today’s gold price per gram. In this way you will obtain your scrap gold value in ratio with the current price.

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