Find The Best Tips For Gold Panning And Gold Prospecting Supplies
How To Sell Your Panned Gold?
If you're interested in gold prospecting, panning for gold is definitely one of the most rewarding experiences. It allows you to search for gold the same way that gold miners did it during the California Gold Rush. And there's something to be said for using a basic yet effective method for gold hunting. But once you find the good stuff, how can you sell your panned gold? Here are some tips to help you accomplish that mission:
Do your homework
In particular, you'll need to learn gold bullion's (current) market price. That's because the amount that buyers will be willing to pay for panned gold will be based on this market price. While the price fluctuates, you can easily learn it on the Net or by flipping through your daily newspaper. Keep in mind that you'll get a modestly lower price for refined gold, since the cost of refining the gold must be added to the cost of the raw gold.
Find a dealer that tests gold
While gold dealers will obviously require that your panned gold be tested, some of them will do the testing themselves. This can help to save you some bucks and improve your profit margin. Another reason you may want to take this option, is if you want to sell the gold quickly. Skipping the extra step required to find a gold tester will allow you to complete the process much quicker.
Track how much gold you sell
Why should you do this? One reason is that you'll need to report the selling of the gold when you complete your annual income taxes. Written records are needed, so it's crucial that you keep receipts as proof that you sold the precious metal. Speaking of receipts, you should also keep them for the equipment you buy for gold panning. Some of the equipment could be tax-deductible.
Get your gold tested
It's reasonable for buyers of your gold to make this request, since unrefined gold always contains some impurities. Getting your gold tested will allow you to learn exactly how impure the gold is. You could have an online assay company test your gold, or have a local company do it. What's important is that you definitely get it tested, so you'll have a more accurate idea about how much your panned gold is worth.
Get multiple quotes
It's advisable that you get more than one quote before selling your panned gold. You've put your time, effort, and money into finding the panned gold, so it's justifiable for you to get the best price that you can. Ideally you should get at least three quotes, to boost your chance of getting more for your gold. Also, make sure to get the quotes in writing, so there won't be any future squabbling about the price that the dealer initially quoted.
One of the most rewarding aspects of gold panning, is the process of selling the gold after you find it. Use these tips to make the process, well-as good as gold!