Money tip #108 – How to get the best price for your gold

2 min Read Published: 26 Oct 2010
Francesco Marino / FreeDigitalPhotos.net

   

Gold is all the rage, whether it’s investing in it or selling it. But if you do decide to cash in on the gold rush make sure you get the best price.

The TV and newspapers are full of adverts for firms promising to give you cash for your gold. All you need to do is post your gold to the company in question and assuming you accept their price you will be sent a cheque in return. But obviously if you don’t accept their offer they will send your gold back to you.

 

The problems with selling gold through the post

  • You have to trust Royal Mail not to lose your gold.
  • You’ll need to take out insurance at the post office to cover value of your gold should it go missing – which will cost you.
  • But if you don’t know the value of your gold, which is likely, then how do you know how much to insure it for?
  • According to Moneyweek some of these postal companies only offer customers 20% of the gold’s true value!

So if you want the best price for your gold don’t sell it through the post.

So how do can you get the best price for your gold?

Take it to a jeweller, who will not only value your gold but also tell you how to sell it. If you are lucky they may even offer to buy it off you there and then.

Looking for a financial adviser near you?

Do you need financial advice? An independent financial adviser can show you how to make the most
of your money. Find your nearest qualified and regulated adviser using this VouchedFor search tool.

Alternatively, Hargreaves Lansdown, one of the UK’s largest firms providing restricted financial advice, is offering a £200 John Lewis voucher* to new clients.