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Gold Dealers in Bergen County: Things to Know About Selling Gold

Gold Coins

The luster of gold can be timeless, and so can its value. This is why gold is still considered a lucrative investment – if done wisely – even with the emerging new types of investment.  Physical gold can be considered as an asset whose price moves independently of stocks and financial markets. In addition, gold is an effective hedge against economic pressures such as inflation, and gold investment also diversifies your investment portfolio.

You can find different areas in the community, that are engaged in gold trade and dealership. The Bergen County, New Jersey is a particular area with a lively trade in gold and gold investments. There are many establishments where you can buy gold at reasonable prices and also sell gold at the current market value.  

So before going to the nearest gold dealer in your area, there are several things you need to know especially about selling gold.

Consider your Budget

You can purchase gold in coin, bar, and bullion form. Since you are planning on selling physical gold in the future, you have to balance the actual cost of buying gold and the prospective selling price. To save on buying costs, go to multiple dealers first and compare their gold rates. If you plan to buy gold online, look for dealers who offer free shipping. The same can be said when you are about to sell gold. Regularly monitor gold price and compare offers from several brokers to plan your profit options when selling gold.

Know your Gold

If you have gold jewelry, coin or any other form in your possession, you need to know how much of it is pure gold, especially for jewelry. Most jewelry in the United States is 10- 14- or 18-karat gold that is composed of gold and other alloys. For the case of jewelry, you will only get paid for the parts that are pure gold. So before you go and sell your gold jewelry, you need to weigh your options on selling it for the pure gold part or by weight.

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Get an Appraisal

An antique or intricate piece of jewelry can be appraised if you plan to sell it to a gold buyer that pays by weight. As mentioned earlier, a jewel may be worth more if sold as an entire finished piece than for the gold (metal) in it. Get an appraisal first of your jewelry from a trusted and reputable gold dealer and see if it will be worth more by weight than by its gold content.

Know your Dealer

To ensure that you get the best value out of your gold or gold jewelry, you need to know first if your prospective gold dealer has a license to operate as one. You can always inquire if they are members of a trade association such as Industry Council for Tangible Assets (ICTA), Jewelers of America or Business Consumer Alliance (BCA) among others. Also check with Better Business Bureau (BBB) if the business is accredited by the bureau, and if there are records of customer complaints with buying or selling gold items including jewelry.

Now that you have the basic knowledge on the things to consider before selling gold, you can now be confident in trading gold. No matter where you may be, you can ensure a safe and worry-free selling if you have these basic points to consider. If you still are not sure whether you should sell your gold or not, you can also do more research or consult a financial advisor. It pays to be well prepared.

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