Gold rush.

By: Somiya Raudi

For a long time, gold has been considered to be one of the smartest and most lucrative investments. The price of gold has always been escalating in value and even at its lowest; it is substantially high enough for investors to make profits. All an investor needs for trading is an online account through which trading can be done during the working hours of the Gold Exchange. An investor usually sells gold in the form of jewelry, gold bars or gold coins.

Gold is best traded for another piece of gold, especially if it is a piece of jewelery. This way there is no chance of being cheated. However the main thing to remember is that the seller should visit a reputed store which will not risk its reputation by cheating its customers. If gold jewelery needs to be sold, the store usually deducts labor cost before giving the seller the amount the jewelery was valued at. However the seller must visit at least 3- 4 reputed and well known stores to assess the value of the jewelery that is intended to be sold. Gold jewelery can also be sold through reputed websites that provide such a service. However before the seller registers, they should read through testimonials of previous sellers who have used the website’s service to sell their jewelery. Selling jewelery in a pawn shop is yet another route a seller can take but it is not recommended since pawn shop owners do not give the seller the actual value. It must be remembered that while selling gold jewelery, unless it is in the purest form, it will be worth much less due to the addition of other alloys mixed with it to strengthen it.

Gold bars on the other hand can be sold to the same reputed company it was bought from. Companies are always on ready to purchase investment grade gold bars which are 0.999 % pure gold in their quality. This is the purest form of gold and there are no chances of the investor being cheated. If the gold bars are being sold to investors out of the country, then it must be kept in mind that custom tax will be applicable. However banks are the safest place to sell gold bars, although it must be kept in mind that banks do not give seller a substantial premium over the spot rate.

Private collectors are ever eager to buy old and rare gold coins from sellers and they are willing to pay a very high premium for it. Gold coins can also be sold in reputed and well known coin shops close to their home or work place or to companies which focus in trading in gold coins. It is not recommended to sell any gold especially high value gold coins to pawn shop owners.

It has been proven the best time to buy gold is when prices are at an all time low, but it is ill-advised to sell it during this period.

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