Selling gold in Toronto – Christmas is supposed to be the most wonderful time of year – but tell that to your wallet. The whole season is a huge burden on your finances, whether you’re going out to meet with friends and family, hosting parties, attending parties, or giving out gifts.
So many people unfortunately end up going over budget during the holidays because they feel bad about leaving someone off their gift list. If you’re one of those people who spent too much and are now suffering for it in the New Year, consider getting creative to earn some extra money.
Sell your unwanted gold
If you’re a local you’ll know that there are tons of places to sell gold in Toronto – so many, in fact, that it might be hard to know which one will give you the most money for your gold. When searching for a gold buyer, always make sure you follow these tips:
- Check that they have good reviews online (like on Google)
- Look them up on the Better Business Bureau’s website to make sure they are legitimate and have no history of scams
- Take a look at their website first and get a sense of what their business profile is like and information on how they do pricing
- If you decide to visit their store, make sure you don’t get pressured to sell right away – a good gold buyer will be friendly and welcoming, and offer a free, no-pressure evaluation
It would also be great if you found someone who has a long-standing reputation in Canada and who also has an extensive network of buyers – this ensures that you will always get the highest prices for your gold.
What Can I Sell?
If you’ve invested in gold in the past, you’re probably already familiar with what kind of gold you can sell, including gold bullion, coins, bars, ingots, and rounds. But if you’re not a gold investor or if you don’t have any of these items listed, do you actually have anything worth selling?
Well, you might be surprised. If you have any old and unwanted jewellery and watches then you might get lucky and find that some of these items are made of precious metals. You can sell these items to gold buyers who will test and evaluate them to determine their worth.
Price is based on:
- Current gold market value
- Purity of the jewellery (i.e. how much of it is made of gold)
- Designer jewellery may be worth more (depending on the brand)
It can often be difficult to tell if your jewellery is actually made from precious metals. One way to test this is with a strong magnet. Lay your jewellery on a flat service and run the magnet across your pieces. If one of them reacts to the magnet that means that it is not a precious metal like silver or gold.
This is because precious metals are not magnetic. That being said, there could still be a low count purity level in some cases. That’s why it’s always best to get it tested by a professional gold buyer you can trust.