Sell Gold

When is the Right Time to Sell Gold?

Deciding the right time to sell your gold can be the determining factor for receiving the best possible price. The value of gold fluctuates based on global markets, making it essential to stay updated on the current gold prices. So, when is the ideal time to sell your gold? Generally, the most favourable time to sell gold is when the market value peaks. It might be tempting to sell your gold as soon as you get a decent price, but waiting for the market to climb higher can lead to a better pay-out. One easy way to keep track of gold prices is by checking the following factors, which are constantly updated to reflect the current market price. When determining the best time to sell your gold, there are several factors to keep in mind that might influence gold prices. Here are some of the key influences on gold prices:

1. Global Economy: Gold prices often rise during economic downturns, times of geopolitical instability, or when the value of the US dollar decreases. This is because investors tend to flock to gold as a safe-haven asset during such times.
2. Interest Rates: When interest rates are low, gold prices usually increase. This is because lower interest rates decrease the opportunity cost of holding non-yielding bullion.
3. Inflation: As gold is often viewed as a hedge against inflation, higher inflation rates can lead to increased gold prices.
4. Supply and Demand: The basic principles of supply and demand also apply to gold. If the demand for gold exceeds its supply, the price will rise and vice versa.
5. Central Bank Reserves: Central banks hold gold reserves as part of their mix of foreign reserves. If they start buying more gold, the price can increase.

Remember, while these factors can give you a general understanding of gold price trends, predicting the exact movements in gold prices is extremely difficult, even for experts. Therefore, it’s always a good idea to stay informed and take advice from trusted professionals in the industry. Whether your gold takes the form of jewellery, coins, or even scraps, you can always find a buyer willing to pay a competitive price. Patience is key in ensuring you receive the most from your gold sale. However, remember that the gold market can be unpredictable, so use your best judgement when deciding to sell. At Hatton Garden Buyers, we have a team of experts who monitor these factors closely to ensure that you get the best price for your gold, whether you’re selling online or in our Hatton Garden, London location. Our knowledge and experience in the market allow us to provide you with informed and reliable advice on selling your gold.

Gold Buyers

Gold buyers are professionals or companies that specialize in purchasing gold from individuals. These buyers typically deal with various forms of gold, including gold jewellery, gold coins, bullion bars, and even scrap gold. The primary role of a gold buyer is to accurately assess the value of the gold items being sold, make a fair offer based on current gold prices, and provide a secure transaction process. When selling your gold, it’s essential to take an informed approach. Here are some expert tips to consider:

1. Research: Investigate different gold buyers to ensure you’re dealing with reputable professionals. This could be local jewelers, pawnshops, or online gold buying services. Look for buyers who have positive reviews and a strong presence in the market.
2. Accreditation: Check if the buyer is accredited by professional bodies in the industry. In the UK, for instance, members of the National Association of Jewellers adhere to a strict Code of Practice.
3. Valuation Process: Understand the buyer’s valuation process. Reputable buyers will explain how they assess the value of your gold, considering factors like weight, purity (carats), and the current gold price. Some buyers, like Hatton Garden Buyers, offer free valuations, which can give you a good idea of what your gold is worth.
4. Transparency: A trustworthy gold buyer should be open about their pricing and the terms of the sale. They should clearly state any fees and provide a detailed receipt with the specifics of the transaction.
5. Current Gold Prices: Keep an eye on current gold prices. Gold is traded globally, and its price fluctuates daily. Knowing the current market price can help you assess whether you’re getting a fair offer.

Remember, the goal is to find a reliable gold buyer who offers a fair price for your gold and provides excellent customer service, making the selling process smooth and rewarding.

What is Hallmarks?

Gold hallmarks are official markings stamped onto gold items to signify the precious metal content, its purity, and other relevant information. In the UK, these hallmarks are used as a guarantee of the precious metal content and serve to protect consumers from fraud or misrepresentation. In the United Kingdom, gold hallmarks have been used since the 14th century when the King’s mark of a leopard’s head was first used. The hallmarking system was later formalised in the year 1478. UK hallmarks typically consist of four or sometimes five components:

1. Sponsor’s Mark: This mark indicates the maker of the jewellery or who is responsible for sending the item for hallmarking. This mark is usually an initial or symbol unique to the manufacturer or retailer.
2. Standard Mark: This mark indicates the precious metal content of the item and shows the type of metal in a simple pictorial format. For gold, this can be a crown, or for platinum, the head of the goddess Minerva.
3. Fineness Mark: This mark indicates the purity of the metal in parts per thousand. For example, ‘375’ signifies 9-carat gold (37.5% gold), ‘585’ indicates 14-carat gold (58.5% gold), ‘750’ denotes 18-carat gold (75% gold), and ‘916’ signifies 22-carat gold (91.6% gold).
4. Assay Office Mark: This mark identifies which Assay Office tested and hallmarked the item. There are four Assay Offices in the UK, each with its unique mark: a leopard’s head for London, an anchor for Birmingham, a rose for Sheffield, and a castle for Edinburgh.
5. Date Letter: This optional mark shows the year in which the item was hallmarked. The shape and font of the letter can also give clues to the item’s age as these change every cycle (usually every 25 years).

Identifying UK hallmarks can be a complex process due to the vast array of marks used over the centuries, and numerous guides and books are available to help. If you’re unsure about the hallmarks on your gold, it’s best to seek advice from a reputable professional, like Hatton Garden Buyers, who can accurately interpret the marks and value your piece accordingly.

Can I Test My Gold at Home?

Certainly, you can conduct some preliminary checks at home to evaluate whether your gold is genuine or not. But remember, these tests are not entirely fool proof and are meant to provide a rough estimate. For a more accurate assessment, consider reaching out to a professional appraiser. Here are some at-home tests you can do:

1. Weighing: Precise digital scales can help you weigh your gold. Genuine gold is heavy; if it feels lighter than you expect, it might be another metal plated with gold.
2. The Water Test: This is based on gold’s high density. Drop your item into a cup of water. Real gold should sink due to its density, while fake gold, being less dense, might float.
3. Magnet Test: Real gold is not magnetic. If you hold a magnet to your gold piece and it sticks, it’s likely that your gold is either not pure or entirely fake.
4. Visual Inspection: Look for hallmarks or stamps on the gold item. Genuine gold items should have markings indicating its purity. However, the absence of these doesn’t necessarily mean it’s fake; it could be an antique or foreign item.
5. Scratch Test: This should be your last resort as it can slightly damage your item. Scratch your gold piece against a ceramic plate; if it leaves a gold streak, it’s likely genuine. A black streak signifies fake gold.

Please note that these at-home tests provide only a basic understanding. For a comprehensive evaluation and valuation, a professional appraisal, such as those provided by Hatton Garden Buyers, is always recommended.

Scrap Gold

Scrap gold, a term that may sound less than glamorous, plays a significant role in the gold market. In essence, ‘scrap gold’ refers to gold items that are no longer needed or wanted, or those that are broken and not worth repairing. This could include gold jewellery, gold dental fillings, gold electronic components, gold coins, gold chain, broken watch or gold bullion bars that are in less than perfect condition.

Understanding the Value of Scrap Gold

The value of scrap gold primarily depends on two factors: the purity of the gold and the weight.

1. Purity: Gold purity is measured in carats, with 24 carat gold being pure gold. Common gold purities include 9 carat (37.5% gold), 14 carat (58.3% gold), 18 carat (75% gold), and 22 carat (91.6% gold). The higher the carat rating, the higher the gold content, and consequently, the higher the value.
2. Weight: Gold is typically weighed in grams. The more your gold weighs, the more valuable it is.

To determine the value of your scrap gold, gold buyers use a calculation based on the current market price of gold, the weight of your gold, and its purity.