Exchange Cash for Gold - Find Best Rates | SmartGuy

Exchange Cash for Gold - Find Best Rates

Gold Buyers

For centuries, people used gold as a means of exchange. The importance of gold is still as high today as it was in the historic ages. Countries use gold as a measure of their currency's strength. In the United States, the Federal Reserve serves as the chief custodian of the country's gold reserves. In your hands, gold is considered to be a worthy investment because it retains its value over a long period of time. It is therefore natural that after a while you will harbor the desire to exchange cash for gold. You might be in need of money more than you need the gold.

You can sell the gold in your possession or buy gold through a back street seller or a gold dealer. I would not advise you to use the back street middlemen. Some will give you low rates while others are cons who will take your cash and vanish into thin air. Always use official means like registered gold dealers. There are those who have set up shop in major cities and towns. You could also exchange cash for gold online. By knowing the options available, you can be able to get the right quantity of gold that is worth the money you are willing to spend. Here is how:

Dealers
These are actually the best people to buy gold from. Use the registered dealers only. Before closing a deal, visit a few shops and get their rates. Unlike selling, whenever you are buying gold, you should get a dealer who offers you the lowest rate among the shops you have visited. You can also check for details of the prevailing rates online. Use this information to bargain for a good price. It will also depend on the kind of gold you want to buy. Gold bullions and coins are the easiest to buy.

Online
Such dealers operate under the same rules as their brick and mortar counterparts. Whenever you are buying online, you should be very careful. Confirm the validity of the dealer. You can check whether the site is listed among the registered online dealers in America. Before giving out your credit or debit card information check the dealer's credentials. The dealer should be fully licensed and have insurance to cover any gold in transit.

Online auctions
Such sites provide a conduit through which you can exchange cash for gold. Through the site you can have a look at the gold on offer and make a decision on the type you like. It is not a must that you bid for all the gold at once. Try bidding on several sites. On one site you can bid for gold coins while on the other you can go for gold bullions. In case you need it in the form of jewelry, there are sites that specialize on this as well.

Stores that deal in gold jewelry

There are people who sell off their gold jewelry. This is also a good bet especially when you want to buy gold in form of jewelry. You can get a sizable quantity for a certain amount of money. You could try buying gold in this form.

Family and friends
These are some of the people whom you might have overlooked in the past. They could be one of your best options. Some of your family members could own vast amounts of gold that they want to dispose. By virtue of your blood connection they may be willing to offer you a large quantity than dealers. A family member would be confident to sell to someone they know. You too will have confidence in the process.