Tips

15 Mistakes to Avoid When Selling Gold & Silver

Selling Gold & Silver

Today gold is greater than $1600 per ounce, and silver is sort of $16 per ounce. It does not take many ounces of silver to achieve into the a whole bunch of {dollars}, and it does not take a lot gold to achieve into the hundreds of {dollars}. But I warning you: there’s quite a lot of “Smoke and Mirrors” you may face when promoting your treasured metals, and it is all designed to assist the Buyer and never the Seller Selling Gold & Silver.

If you do not know how the sport is performed, if you do not know exactly what you’ve… earlier than you promote it… then you definitely’re a first-rate candidate to be taken benefit of when promoting. Here are just some issues it is best to know, and some issues it is best to personal, earlier than trying to promote your treasured steel treasures.

Selling Gold & Silver

Selling Gold & Silver

 

  • Avoirdupois vs. Troy Ounces: If you do not perceive the distinction between the 2, and if you do not know how you can convert one into the opposite, then you definitely’ll most likely be taken benefit of. Avoirdupois Ounces are rest room scale or delicatessen scale weights. Precious metals are weighed utilizing Troy Ounces, that are a very totally different weight measurement. You had higher study the distinction.
  • Ounces vs. Pennyweights vs Grams: Each Troy Ounce incorporates 20 Pennyweights (dwt.) or 31.1 Grams (g). Some Buyers use Grams to calculate worth, whereas others use Pennyweights. It will range from retailer to retailer. And if you happen to do not perceive how these work, and if you cannot convert one into the opposite, you’ll most likely be taken benefit of sooner or later.
  • Sterling Silver Fineness: You should perceive the Sterling Silver is all the time 92.5% pure silver and seven.5% base steel. Never any roughly.
  • Other Silver Fineness: You should perceive that some international locations used a silver commonplace aside from Sterling, resembling 95%, 90%, 90%, 83.5%, or 80%.  Each is marked otherwise and you have to perceive how you can establish the varied markings, and differentiate one from the opposite.
  • Solid vs. Weighted Sterling: There is a giant distinction between Solid Sterling and Weighted Sterling. Both metals comprise 92.5% pure silver, however Weighted Sterling incorporates a heavy cement to assist forestall the piece from tipping over. And nobody goes to pay you for cement.
  • Non-Silver Silver: If you suppose that German SilverAlpaca Silver, or Sheffield Silver are actual silver, you’ll be mistaken. And it might price you.
  • Gold Fineness: If you do not perceive the distinction between 10okay, 14okay and 18okay gold, it might additionally price you dearly. This may be very primary and, with gold at $1,600+ per ounce, a slight miscalculation might price you hundreds.
  • Other Golds: If you do not know the distinction between Rolled GoldGold PlateGold FillGold Vermeil, or Gold Tone… it might additionally price you large bucks.
  • Troy Weight Scale: If you do not personal a $15 treasured metals scale, you may’t correctly weigh what you personal, and you will not know exactly what you’ve.
  • Precious Metal Test Kit: If you do not personal a $15 acid take a look at package which allows you to take a look at and/or verify the fineness of gold and silver, then you definitely will not have the ability to verify exactly what you do, or don’t, have.
  • Diamond Tester: If you do not personal a $15 Diamond Tester, how will you understand whether or not it is an actual diamond or pretend paste? (Did you ever hear the story of the household that bought Mom’s $10,000 diamond ring for $10 as a result of they thought it was costume jewellery?).
  • Is the Buyer’s Scale Accurate? Can you establish whether or not the Buyer’s scale is about to a measurement that favors them over you?
  • Fake Gold and Sterling Items: Fake US and Foreign Coins are made to look genuine however they don’t seem to be. And we’re seeing an rising variety of pretend jewellery objects marked “Sterling“, or with pretend “10k, 14k, 18k” gold markings.Can you inform the distinction?
  • Are the Gemstones Real or Faux? Can you inform the distinction between actual and faux gem stones? And the worth of every?
  • Buyer Reputation & Longevity: Does the Buyer have in depth expertise, or have they not too long ago opened? I’d a lot slightly cope with somebody who’s been in enterprise, at that very same location, for a very long time time frame. You do not stay in enterprise for many years except you deal with folks pretty.

 

WHAT’S IT WORTH?: We have been serving to a lady from Florida to promote some Sterling Silver flatware she had despatched to us. Before we bought it, we referred to as her with our calculated weight and estimated re-sale worth. Her fast response was that our weight didn’t match hers and sounded too mild. I requested her three questions

 

  • Did she weigh it on a toilet scale? Yes, she had.
  • Did she weigh it whereas the fabric wrappers that protected the varied items have been nonetheless on? Yes, she had.
  • Did she weigh the Sterling-handled knives at full weight slightly than simply factoring within the weight of the hole Sterling deal with. Yes, she had.

 

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