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Questions you should ask your gold buyer before you sell

If you drive down the high street you will see money for gold ads all over Melbourne. The number of these ads has increased significantly over the past two years due to the financial crisis that has gripped the world. Gold has become a more reliable liquid commodity compared to any investment grade asset and more and more people are looking to this precious metal to generate money to get them through these tough times. The best gold buyers in Melbourne usually buy anything and everything made from gold. It also doesn’t have to be in pristine condition. If you have hidden old gold somewhere and find yourself in a financial bind, then now is the best time to consider selling. But before you do, be aware of what you have to do and educate yourself about this precious metal.

Selling gold has become an easy way to make money and no everyone can make money in these tough economic times. All gold buyers must pay for your gold. While they all have the same promise, they will not offer the same price for your gold, nor will they give you an exact amount that is the true value of your gold. They must be profitable and always leave a large profit margin between what they buy and what they sell. As a gold trader, you won’t get much return on your gold, no matter what the aesthetic appeal. Gold is a commodity whose price fluctuates constantly. However, owning gold jewelry is better than owning a hundred pairs of old shoes because unlike old shoes, you can reclaim the precious metal yourself. Use the information yourself and get the most from the gold dealer. If you have enough information about your own gold, you should research the price that Melbourne gold dealers will typically give you. Not all companies that promise money for gold are legitimate. Many are just looking for a quick way to cash in on the costs of those selling gold. How do you know you are dealing with an ethical and honest buyer?

Now you need to ask yourself some basic questions:

1. When did you buy the gold?

When gold prices rose, everyone wanted a piece of the action. This is why there are many gold buyers. Some of these buyers are in pawnshops, some operate pop-up kiosks, and some are operated from questionable locations such as laundromats and hair salons. Some of these devices do not support trust. How reliable is a gold buyer who buys gold from a laundromat? What about kiosk buyers? They hardly last long in one place. Gold is a valuable product and any buyer should be able to show you that they have been in the business for a long time and have built a reputation. Your buyer must work in a clean and safe environment. He must be professional in the way he deals with traders or anyone looking for information about gold.

2. Do you have customer testimonials?

There is no better business marketing strategy than “Word of Mouth”. You can learn a lot about buying gold from previous customers. You can ask for testimonials or better yet, search review sites like Yelp or Google Reviews to see customer feedback. However, a reputable gold buyer will not be shy about sharing customer testimonials with you.

3. How do you test my gold items?

A gold buyer should take the time to test your metal and walk you through the testing process. Beware of gold buyers who buy gold on sight. While you should expect them to tell you real gold from fake gold, you should ask for an assay to test the quality so you can get a fair deal. Buying gold is not a mysterious process or a secret business.

4. Where do you base your ratings?

The value of gold depends on three factors, quality, weight and price in a given area. A gold buyer must be able to bring you each of these three. If there are multiple gemstones in your gold jewelry, find out if they are valued separately and then add to the value of the gold.

These questions will help you find the best gold buyers Melbourne has to offer.

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