5 Myths about Selling Gold

Top gold buyers

Anyone who is interesting in learning more about selling gold should make sure they learn the basics of how to buy and sell gold before they try to make a sale. Gold buying is a fun hobby for lots of people, and sometimes it is even a lucrative business. It’s not always easy to sell your gold though, because you have to understand how to value different pieces of jewelry and coins. If you’re interested in learning about how to buy and sell gold, here are some myths and facts about selling gold that everyone should understand.

Myth #1: You’ll probably get ripped off if you sell gold. False. Although this is definitely a possibility, there are ways to protect yourself as a seller. Have the buyer appraise the piece in front of you to make sure the transaction is open and honest. Get several opinions from different buyers to see who offers you the most money. If you can, have an independent party evaluate the cost of the piece, because then you will know what to expect before meeting with a gold buyer.

Myth #2: There isn’t a big market for gold. False. Actually, the market for gold sellers is better than ever. Gold is usually sold to experienced professionals who resell it in bulk to be melted down and used in other products. And in the last two years, gold prices have risen about 70 percent. Now is a better time than ever to learn the basics of how to buy and sell gold, because the seller can make a lucrative profit if they do everything right. In 2006, the consumer demand for gold rose 26%, and it continues to rise today, with demand being high for gold bars and coins.

Myth #3: Gold is a bad investment. False. Gold is actually a great investment because it isn’t as affected by inflation as other investments. Things like real estate and stocks vary widely with the market, and over a long period of time the worth of these assets can decrease. Gold is considered a smart investment because it will always have value. No matter what the state of the economy is, gold will have an important role for things like coins, jewelry and other manufacturing purposes. Gold is one of the most stable investments someone can make, and it’s a great place for people to start if they aren’t sure where to invest their money.

Myth #4: New gold is being made all the time. False, mostly. There is some truth to the fact that new gold is being produced, however, the amount of gold made each year is only have of gold that is consumed. This means that half of the gold needed to make new products comes from recycled gold, or the gold that is bought and sold to companies who melt it down. Gold is expensive to extract from the earth, and it’s a limited resource. This means there will always be a market for people who want to sell their gold.

Myth #5: Gold isn’t as big of a deal as it used to be. False. People are crazy for gold, even today. It might seem like gold doesn’t have the same enchanting quality that it used to, but this is just an illusion. Gold jewelry and coins are timeless and will always have a special place in many people’s hearts. Gold isn’t just a trend, it will always be loved and treasured. Good references here.

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