Increase Your Revenue by Selling Gold at the Right Price
A businessman who makes a living selling gold could earn hundreds of thousands of dollars a year but only if he or she knows how to sell gold at the right price. However, it is an extremely difficult process to be able to determine the correct price of gold at any given time.
For many decades, people who are in the commodities market complain of the difficulty of accurately predicting the price of gold when it is time to sell.
In the case of selling gold in the commodities market, it is important to know that there are no insider trading bans in commodities. At the same time there are no specific rules against spreading rumors about the current value of gold, aside from the general corporate law that deals with fraud.
As a result of the vagueness of certain rules, there are many people who find little problem when it comes to writing or saying anything about a particular commodity. People can claim to be an expert or a respected analyst because no one creates a system of check and balances to determine if a particular person making comments about the commodities market is someone who is qualified to make the said pronouncements.
There are many people who will create blogs or newsletters and all of a sudden they have the platform to disseminate information to thousands of people. For example, there are many precious metals newsletters that add little valuable information and in contrast create a significant amount of confusion because of the wrong information they broadcast to those who care to listen to them.
The goal of selling gold at the right price is as problematic in terms of selling scrap gold. The first thing that a seller should do is to determine the exact value of the gold that he or she controls. It is not prudent to go straight to a gold dealer and bringing different types of gold pieces. If one will go this route, then, he negotiates from a position of weakness. However, the seller is in an advantageous position if he has an accurate valuation of the gold scraps, gold coins or gold nuggets that is in his possession. The most practical way to go about this is to ask the assistance of a reputable gold dealer.
It is oftentimes difficult to ask a gold dealer to make preliminary test on the gold that the seller is intending to sell. An alternative solution is to purchase a gold tester or gold verification pen that uses the Skey method. Most of the time this type of tester costs less than a hundred dollars and yet it is able to make a thousand tests using the said equipment.
Finally, it is imperative that the seller separates scrap gold from gold coins. The seller must realize that gold coins have a higher value as compared to their metal value. The value of the gold is not based on the karat or weight of the gold but on age and rarity.
John Mitchell made the mistake of selling gold at a price that is lower its real value and he learned his lessons the hard way. Today, John makes his own valuation using a reliable gold tester and as a result he can sell gold at the right price.