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Scrap Gold Blog

Sellers Beware: Get Yourself The Best Price For Your Gold

Published Tuesday 5th April 2022

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Gold prices rocket

The value of gold generally rises in times of global and economic instability. 2022 has certainly continued this trend.

The Russia – Ukraine conflict has fuelled economic volatility, compounding the effects of Covid, and rising inflation. But true to form, what has been such a huge negative for many people had a positive effect on the price of gold. The price of gold has risen, starting the year around £43 a gram and currently sitting around £47, meaning now may be a good time for you to sell scrap gold.

It may be time to dust off your unwanted gold

With the gold price riding high at the moment, it may be worth considering whether to hold onto old gold that you don’t use, whether it be a necklace, ring or collection of coins you’ve been wondering what to do with.

But before you jump in to sell your gold at the first opportunity, it’s worth considering that when gold prices increase so too can the number of disreputable operators.

The gold market is upside down: sellers beware

The common phrase ‘buyer beware’ refers to the idea that the buyer has less information about the goods or service they are purchasing than the seller. However, when it comes to gold, the opposite can be true.

It is the seller who is likely to have less information about the gold than the buyer, therefore, it is the seller who should be wary.

Purity is the gauge on which a gold buyer will base the price they quote you for your scrap gold. A reputable buyer will be able to test the purity of your gold and in turn offer you a fair price. To accept their price, you will need to be able to trust that what they tell you is true.

We want you to get the best price possible!

We don’t want to scare you away from selling your gold. The market is full of reputable and honest buyers. We simply want you to be aware of any potential barriers stopping you from getting the price you deserve.

In this climate, when gold is doing well, it is more likely that you will come across a buyer who will give you an unfair price. To ensure you’re well informed, we’ve summarised some of the most common tricks a gold buyer may employ to pull the wool over your eyes.

The typical tactics

A dodgy buyer will use crafty methods to fool you into thinking you’re getting a good price. One classic tactic is to list the spot price of gold rather than the price they are willing to pay. They might also detail the price they are willing to pay in ounces. This is designed to confuse you as selling scrap gold means you will probably only have grams rather than ounces to sell.

Beware of potential buyers that do not publish their rates before you send in your items. “Best price guaranteed” is no substitute for a genuine guide price!

You will rarely get given a value anywhere near the spot price. However, Scrap Gold UK pays you 95% of the gold spot price. To be clear, the spot price refers to the current value of gold on the investment markets.

Moreover, Scrap Gold UK is an established business that offers honest pricing. We also provide a 100% guarantee or your gold back!

A great way to become just a bit richer

Selling your unwanted gold can be a simple way of generating some much-needed cash.

At Scrap Gold UK, we will always make sure you get a fair price, whether your gold is hallmarked or not. This is because we check the purity of the yellow metal. And if it contains the correct level, we will pay you the market price.

Say goodbye to your unwanted gold today

We operate an easy-to-use service. If you want to find out the value of your gold, you can use our gold calculator. If you enter the weight and carat of your precious metal, we will generate its value.

For example, 5 grams of 18 carat gold would get you £169.90 today (5th April).

When you are sure you want to sell your item, complete the sell your gold form. Our team will generate a reference slip for your parcel, and you can attach this before posting your gold to us. We recommend you pack your items in a jiffy bag with the sell your gold form. They should also be placed in a Royal Mail Special Delivery tamper-proof envelope (available for free from your nearest Post Office).

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