Do you know you might be sitting on a small fortune? I can give you a hint; it is very shinny and has a gold color and it’s probably gathering dust in your drawer right now. Yes, you guessed right, gold.

Gold has been used as a source of money for years and people tend to invest in it for years. Jewelry is one of the most common uses of gold. About 80% of the global gold is used for jewelry. Until now, it was worth investing in gold. The unique advantage of gold is that it represents the minimum risk as an investment, and regardless of the type of gold you invest in, you have less risk compared to other sources of investment.

So, do you want to know how you can convert your gold to cash? Then read on. We have prepared a guide for you to convert your cash to gold.

But before you know how to convert your gold into cash there are some things you need to know:

Know your gold

It is important to ensure that your chosen purchase is an authorized agent in the gold buying sector.

Consider the following points for a fair price:

BULLION VS. Collectible

The first thing you need to know is whether you have a collectible product or bullion.

Sovereign vs. Private mint

The second thing to look for is whether you have a (sovereign) government-sponsored currency or private mint bullion. Value and redemption rates are conditional to what you have.

A sovereign mint is sometimes referred to as national mint or government mints. Products made of government mints are legally manufactured in that country. The product often has a nominal value and a formal legal status.

Private mints belong to individuals and do not produce bullion for legal bidding. With private mints, they produce products of their own brand or design, purity, and mineral content.

COINS VS. BARS

The third feature is to determine if you have bars or coins. Typically, the marketing price of coins and rounds is greater than bars.

Since the value of gold is measured by weight, the ounce price for each gold coin may be higher, but the total value in one bar can be much higher. Because bars are more likely to be purchased in heavier weights.

Bid vs Ask for a price

Bid price: The price the gold dealer wants to buy your product.

Selling price: The price at which a trader offers to sell the same product.

How to sell your cash for gold?

Once you have decided that you want to sell your gold bullion the next step is to find a reliable gold dealer and sell your gold to get some cash. You can gather all your gold coins and bars and head on to local gold buyers.

Not only will gold buyers buy gold coins and bars, they will also buy unwanted or broken gold (rings, chains, pendant, and earrings, etc.) plus consider precious stone.

Most gold buyers will advertise live payment rates at the top of their webpage, which is linked to the live world gold spot price. This website has up to date live gold prices for you to value your gold.