How to get the best price for your gold

14th March 2014

When deciding to sell your gold, it is important to assess your various options before taking the plunge. There are so many options, the choice is bewildering from one off events in shopping centres to 'Sell your Gold' envelopes sent through the post.

There is, of course, the option to take it to local jewellers, who depending upon their reputation, standing and whether they are registered with the National Assocation of Goldsmiths, could also offer fair deals.

In some cases, items of low gold weight but intrinsic or fashionable value, can far exceed the 'cash for gold' prices that are often offered.

If you go to auction, the level of competition is very high and will be the true market value on the day of the sale. By going to auction, you have the opportunity for the item to exceed its perceived 'scrap' value and if there is a hidden gem within your residual items, you will be the one directly benefitting from this.

There is, of course, a commission to pay when you go for auction, which is typically 15% of the hammer price. By creating competition, it is inevitable that you will get at least one bid more than everyone that wishes to scrap the item and highly likely more than that. In this element of competition, you are likely to return on the item in excess of the Auction House fees.

Ultimately, the price you receive will depend on the purity, origin, uniqueness of the item and, of course, guided by the price per gram at the time.

The ultimate choice of how to sell comes down to obtaining the best price and guaranteed proceeds of sale

Sell by auction through a firm that is Regulated by RICS means the highest standards of service. The most stringent Client Accounting Regulations assures payment and accountability.

We hold open walk-in valuation mornings at all three of our salerooms - Bourne, Grantham and Lincoln - every Friday between 9am and 1pm.

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