Being the safe haven for investors during financial crisis, the investment in gold is one of the most lucrative methods. However, once the period of investment is over or if you want to sell it and go for some cash, you need to keep a few things in mind to get maximum returns on investment. Read below and find out.
Know the scale of gold measurement
When you are buying gold, the shopkeeper will use pennyweight to arrive at the price. For example if your gold is 10.2gm, you are going to pay for exact 10.2. However, this is not the case when you are getting cash for gold. During this time, the shopkeeper often uses gram weight. Therefore, you will get a price for only 10gm instead of whole 10.2gm.
You should be aware of this fact to come to a conclusion of returns that you are getting. It is often recommended to go ahead with exact whole gram to avoid loss.
Know the karats your gold is made up of
Though gold of different karats are available in the market. The most common type is 24 and 22 karat gold. It is advisable to keep different karats separately and invest in them differently. While purchasing jewelry or coins always check for the karats they are made up of.
Also keep in mind that the on-going price for gold is normally displayed for 24 karats. If you are going for lower karats, you should do a little bit of research to know its trend.
Know the buyer you are going to deal with
Always go ahead with buyers who are registered with state or central government. You might think why not pay it to anyone who is willing to pay the exact amount. The catch here is that in case of any problem or tussle, you can always look forward for customer grievance department in case you are going ahead with registered buyer.
This task won’t be easy if the buyer is any random guy. Moreover, ask the exact way of payment beforehand. Make sure the amount is either being reflected in your account or the transaction status with the bank is successful before handling him the gold.
While turning your gold into cash, do the initial research either on phone or in person. Only carry the gold with you once the deal is finalized. If you will keep these tips in mind, you are going to get the most of selling your gold for cash.