If you are considering selling your scrap gold or old unused jewellery then you may find yourself overwhelmed by the sheer amount of cash-for-gold vendors have popped up in Toronto and most major Canadian cities. It seems that everywhere you look on any main street Toronto you will see signs posted that read “cash for gold”! But how do you know where to get the best prices? And how can you avoid schemes and smooth talking pawn brokers who are only out to make the maximum from the transaction? This article is about arming yourself with the proper tools you need to avoid scams and get the most cash for your gold.
The most important thing you need to know when going into a cash-for-gold location in Toronto or any Canadian city is how to determine the value of your gold. After all you need to know what you are selling before you can agree on a price. The raw value of your gold can be found by weighing your gold, then taking the current price of gold, then factoring in the purity of your gold. The purity of Gold is measured in a karats which is the mass of the pure gold in the alloy divided by the mass of the total alloy multiplied by 24. Therefor 24K gold is Pure Gold. Detailed instructions on how to determine the value of your gold is are posted in the step-by-step article called Determining The Value of Your Gold.
The raw value of your gold can be easily found with a simple calculator, a scale and the current price of gold, however there is often more value to Jewellery and Gold Coins especially if they are antiques. With Gold Coins the value is based on age, rarity, condition and face value. A good place to look for the value of coins is online with many sites that list the price of old gold coins. You can also browse Ebay to check out what other sellers are fetching in gold coin auctions. It is recommended that you take your gold coins to a dealer for an proper appraisal.
When determining the value of Gold Jewellery, remember that there is value in the design and craftsmanship of the piece, as well there may be historical value making the jewelry an antique. Many styles that you find out dated have a huge market and can actually be worth more to a collector than you can ever get from a jeweller. So a good Idea is to see if you could find a buyer online by posting an ad. The best thing you can do is take it to an antique dealer for an appraisal.
However you should be aware of a common scam where buyers who claim to be antique dealers but are really only interested in refining the raw gold, will often give you only the pro-rated value of the raw gold rather than value of the piece. You can avoid this scam by making sure you have educated yourself about your gold. Know where it came from, how old it is and what the value might be by visiting collectors rather than dealers. Collectors are primarily interested in the historical value of the artifact rather than making a profit. They will understand the value and give you a good sense of what you could expect to earn from the gold piece.
The next step in selling your gold is choosing a gold buyer that you can trust to give you a fair payout. One good approach is to take your gold item into as many local cash-for-gold locations that you can find in your area. That way you can compare the prices and obviously go for the best one. If you want to narrow your search and save some time, we have compiled a list of some of the best gold buyers in Toronto where you can expect the highest payouts. Be sure to visit your local Jeweller and dont be afraid to negotiate a price once you get a sense of what your spare gold is actually worth.
When you are selling gold, remember that gold buyers are in business to make money, so they wont give you the market value for your gold. Its important to be reasonable and not stubborn when negotiating. To come to a fair deal you have to give the gold buyer some value. To be sure you are getting a fair price on your gold you should seek a reputable Jeweller.