5 Tips for Selling Your Gold in Canada
Selling an old collection of gold coins, jewellery, or heirlooms is an excellent opportunity to add some money to your pocket. Gold is one of those valuables that's always in demand.
But you want to make sure you get the best price you can. Whether you own a collection of old gold coins, 99.9% pure bullion bars, gold jewellery, or an antique heirloom, you want to make the most of it. You want to find the best place to sell gold for what you have.
These tips will help you get more for your valuables.
#1 Find Out What You Own
The first step is figuring out what exactly you own. There is a big difference between 99.9% pure bullion coins (which are valued based on the price of precious metals) and numismatic coins (which are valued based on their collectability and condition).
Likewise, jewellery in different conditions and from different designers may or may not have collectable value above and beyond the value of their gold content.
#2 Learn the Gold Spot Price
Before you go to sell your gold, you should know how much gold is worth at the moment. The spot price of gold is a calculation of trades in gold futures that represents an average of its current valuation.
Importantly, this is not the price you should expect for your own gold. This is the price for huge trades around the world between major banks, funds, miners, etc. The costs involved in trading a 14-karat gold necklace mean you should expect to get less than the posted spot price. But looking up the spot price of gold will give you a benchmark for the price of one troy ounce of gold (troy oz are a measurement used specifically for precious metals – and have a different conversion rate than the generic oz we know).
#3 Check Jewellery for Designer Brands
Selling gold jewellery can go one of two ways:
- If the condition is poor or the brand is not highly desirable, it can be sold to be melted down and recycled. You're selling the jewellery for the gold content.
- If it's in good condition and it comes from a well-recognized luxury designer like Tiffany & Co., Cartier, Bvlgari, and many others, it may have a higher resell value and can be sold to the right buyer.
Once you have the brand name, do some research online to see if there's a chance it could be worth more.
#4 Get Your Gold Evaluated
When you sell gold, get it evaluated. An XRF machine can determine with certainty the purity of the coin or piece of jewellery. A numismatist can also give you information about the condition of a coin. There are 70 condition grades for numismatic coins.
#5 Sell to a Jewellery or Coin Shop
There are many places that will offer to buy your gold in Canada, offering quick cash and little fuss. However, the best place to sell jewellery or bullion is almost always going to be a jewellery or coin shop. They're likely to pay you the highest percent of the gold's value, as they can quickly turn it around to the right buyer.
If you're wondering where to sell gold, avoid pawnshops, hotel buys, and gold parties where you'll be offered much lower prices for your valuables.