When’s the best time to sell your gold?

If you’re looking to sell your gold for some quick cash, it’s worth taking the time to check you’re making the right decision.

With so many factors at play, it can be easy to leave yourself feeling a little shortchanged by selling your gold at the wrong place and at the wrong time.

But to stop you from feeling any gram of regret, we’ve mined some 24-karat golden nuggets of tips and advice that’ll help you decide whether to sell your gold or hang on to it for a little longer.

Why is gold valuable?

Apart from its rarity and visual beauty, gold is known as a ‘noble’ metal, meaning it barely reacts to other elements.  

This is a particular attraction to element enthusiasts because it gives gold the ability to hold its shape and quality in a pristine condition for, quite literally, thousands of years.

It’s one of the reasons gold is seen as a safe choice for investors and, until 1933, it was also the main reason gold coins were in circulation.

Okay, that’s enough science and history for one post. Let’s move on.

How is the price of gold calculated?

Typically, gold is priced by dividing its weight (in grams) by its purity to determine how much will be left once it’s melted down.

The final weight is then multiplied by its current global value to provide a spot price for which the gold can be bought or sold in today’s marketplace.

Why does the price of gold change?

Many social, economic and political factors influence the price of gold, which is why its price is in constant fluctuation on the global market.

But ironically, the price of gold typically increases during a financial crisis. This is because its demand reaches new heights from those who see it as a preferred investment in times of uncertainty.

Based on that knowledge, if you really want to get the best deal for selling your gold, keep your eyes on the news and wait for a global recession.

And on that cheerful note, let’s move on to the price of gold.

What’s the price of gold today?

As you can see from this live performance graph, the price of gold changes daily, which means buyers and sellers need to regularly check spot prices.

At GA Pawnbrokers, we update our prices at least twice a day, offering the best rates across Brighton for anyone wanting to sell their gold or other precious metals.

As well as offering you an instant spot price for your scrap gold, we also buy other prestigious gold items, such as krugerrands, sovereigns, half sovereigns and other numismatic gold coins.

How can you tell if gold is real?

The easiest way to check whether your gold is the real deal is by checking its hallmark, usually located somewhere on your item out of plain sight.

Most hallmarks – unless purchased overseas – will have two parts: the standard mark, which confirms purity, and the traditional fineness mark, which confirms the precious metal, namely gold, silver, palladium or platinum.

Under UK law, only gold items weighing under one gram or items manufactured before 1950 do not require a hallmark.

If, however, your gold item doesn’t have a hallmark, but you think it’s real, feel free to drop by one of our stores and we’ll happily test it for you – free of charge.

Where can you sell your gold?

There are three main places to sell your gold: a reputable online trading website, a licensed pawnshop, or a local jeweller. Each has its advantages which you’ll need to assess depending on your circumstances.

For example, an online sale might offer more convenience, but you’ll likely be waiting between 24-48 hours for payment. Whereas choosing a pawnbroker or jeweller might require a little travel, but you’ll get paid instantly.

In both instances, be aware of rogue traders who will often advertise their gold prices at ridiculously high prices. If it seems too good to be true, it probably is.

At GA Pawnbrokers, we also offer an online gold buying service that starts by filling in our quick and easy valuation request form.

Alternatively, if you want to sell your gold to us in-store, we require proof of identification and address before a transaction can be made.

For identification, we accept:

• Driving licence or provisional driving licence (if dated in the last three months)
• Passport (UK or international)
• EU national identity card

For address, we accept:

• Utility bills
• Driving licence or provisional driving licence
• Bank or credit card statements
• Lease agreements or mortgage statements

Want to sell your gold? Call us on 01273 691 939 and one of our qualified valuers will be happy to help with your enquiry.