If you try to sell gold to any pawnbroker in CT and don’t have your ID, you’ll be turned away. It’s nothing personal, it’s just a simple fact of selling gold in the US. All pawnbrokers in the United States are required by law to ask sellers to provide government issued ID. such as a driving license, or passport; The same must also be recorded. Unlike most other items which can be easily sold to any pawnbroker, gold falls under specific regulations, and with good reason. The requirement to provide identification helps to reduce the chance of stolen goods being sold on, acting as a deterrent; it also makes it easier for police to investigate and track these sales if they do happen. The law works the other way around as well. Businesses who buy gold must be licensed, so if you wanted to you could ask for evidence of this too. So when you head to your local pawnbroker to sell your gold or gold containing items, remember to take your ID with you. There are a small number of buyers out there who won’t ask for identification, or be loose with the regulations, but they’re breaking the law. If you’re not asked for ID, head someplace else. Meriden Pawn will always ask for your ID when you come to sell your gold to us. We’re also licensed (as required by law) and will be happy to provide evidence of this to any buyer or seller.
When is the best time to sell gold?
Choosing the best time to sell gold can make you a lot more money Like most markets, gold prices go up and down and what you get for your gold today might be different to what you get for it tomorrow. But what determines this? How can you know when it’s the best time to sell gold? Gold prices increase in times of economic uncertainty Gold is traditionally seen as a “safe bet” for investors. When the economy is doing well, investors may turn to riskier investments that net them higher rates of return. When interest rates are low and there is uncertainty in the economy, gold is often seen as a popular choice. It beats interest from savings accounts and bonds, and offers provides, steady returns. When the value of the dollar decreases, gold’s value increases. Gold price rises in action At the time of writing (June 2019) gold prices are on the up. The highest they have been since 2013. The global price of gold bullion has jumped 10% in a 4 week period. The prompt for this was the possibility that the US federal reserve may cut interest rates in July 2019. In general there has been a lot of uncertainty in the world that lead to this point. A US-China trade war, tensions in the middle east, Brexit and so on. And this is what history shows us. In times of uncertainty, gold prices rise. Gold price drops in action In the third quarter of 2018, gold prices were on a decline, in part due to the suggestion that the US dollar was strengthening. This turned investors to other assets. The U.S. dollar is the benchmark for the price of gold globally. As much of the world’s gold is denominated in US Dollars, when the dollar increases in value, this makes it more expensive for foreign buyers; meaning less gold is traded. How much more could I get? Unless you’re selling large quantities of gold, any extra you may get from holding out longer may be negligible. Let’s imagine you have $500 worth of gold to sell. If you waited for a 3% increase in the price of gold, you would get $15 extra. And that 3% increase may well take a long time to come. Of course, the longer you wait, the price can too decrease. But on the whole, if you need to sell gold because you need the money, there is no wrong time. Does it make sense to sell gold now? See the chart! Gold Price
Staying Safe When Selling Gold in CT
Selling unwanted gold is a popular way of raising some extra cash; buyers know this. The global gold exchange market is well over $2 trillion. This of course attracts a lot of players who don’t quite play by the rules, or don’t quite offer the price you deserve. How can you stay safe when selling gold? Check Credentials Did you know that businesses who buy gold in the state of Connecticut must be licensed? Any legitimate gold buyer will be happy to provide you with their license information if you ask for it. A licensed buyer must ask for a form of identification such as a driving license, passport. Gold buying licenses exist to help prevent money laundering and the sale of stolen goods. Don’t rush to a cash for gold shop They may seem like a fast and convenient way to sell your gold, but often cash-for-gold shops do not offer the best price compared with jewelers and pawnbrokers. Avoid pop-up shops/parties Anyone that suddenly shows up and promises high prices should be handled with caution. In reality you may receive only 70-80% of the value you would get elsewhere, and in some cases rogues will run out of town without paying at all. At gold buying parties gold is often grouped together and karat value is not considered, or the lowest karat value is offered. Get multiple quotes A good way to make sure you are offered the best price is to have your gold valued from multiple sources. Don’t be afraid to shop around. Be aware of the scales The standard measurement for gold in the US is troy ounces. 1 troy ounce is equivalent to 31.1 grams, however jewelers may also measure as a avoirdupois ounce, which is equivalent to 28.34 grams. Be wary of any buyer who measures in pennyweight (dwt). 1 pennyweight is equivalent to 1.555 grams. This can be used by unscrupulous dealers who attempt to pay you less for your gold. Know what you’re selling Don’t overlook the fact that your item may be worth more in its present form. If the item may be an antique for instance, get it valued by a person with experience. If it’s an item of jewelry have it valued by an experienced jeweler. Above all, don’t rush. Take the time to be sure that you are getting the best deal for you, especially if you are selling your gold because you need quick cash.
