Are you thinking of following the horde and selling your old gold to make a profit? More and more Britons are finding out everyday that yes, there is money to be made from selling your old gold. You just need to know how to sell it properly, so you don't fall prey to people counting on you not knowing the Gold price today.
During any sort of recession, people come up with new and inventive ways to make money. The latest craze is seemingly flogging your Gold to "Cash for Gold" resellers. So how does it work? well, they will take in your old gold to inspect, and they will offer you a quote based on how much they think it's worth. Simple.
The only problem is, often these Cash for Gold resellers will play on the fact that a lot of people are unsure of the real worth, so will offer you a paltry quotation, often as low as 20% of the real value. Ideally, these companies should be offering you closer to 80% or even 90%, as the remainder will be their margin.
To get the best possible deal for your gold, you should follow these simple steps. First, find out whether it is real gold or just gold plated. Any local Jeweller will carry this test out for you for a small fee. Then hold a magnet near the object, if they are attracted to each other, then it's not pure gold.
Then put the item into water, if it is pure gold, it won't float. You can also carefully prick the gold with a pin as it should mark it because gold is a soft and maaleable metal. Find the Hallmark on your gold next, the higher the number the better. 916 for example is 22 carat gold.