Gold is a precious metal associated with wealth, glamor, and affluence. It often symbolizes wealth and riches all over the world. If you want to earn extra cash on the side, selling gold is one way to grow your money.
If you plan on investing in gold, here are some ways ‘to make gold’ out of gold:
1. Buy now
As the prices of gold remain steady at the moment, it’s advisable to invest in buying some now just before their prices go up high. In a recent Filipino Times report, the prices of 22 carat, 21 carat, and 18 carat gold in the UAE went down. While the prices remain pretty steady today, this may be the right time to buy gold as prices are expected to increase during the Diwali festival.
RELATED: Why is it the best time to buy gold?
2. Save your jewelry
The value of gold increases over time. Many Filipinos, especially OFWs, keep gold as savings which they can use as collateral in time of emergencies. According to Security Materials Control Officer II of the BSP Gold-Buying Unit Roque Rubiano, through a report by Sunstar, there is no restriction in the amount of gold Filipinos—OFWs included—can take hold of as part of their savings.
Save your gold investment for later use: for emergencies or for when you retire as an OFW and return to the Philippines. Keep tracking the current prices of gold, so you know when to sell it. You’ll never know when you could need it the most.
3. Understand the trade
If you want to go down the business of selling gold, it’s important to understand how gold dealers value gold pieces. Before you choose to melt your gold, a report by MarketWatch states most gold dealers weigh gold by grams before determining its karat (purity) weight. The report states that gold is more easily recognized for what it is—may it be in jewelry or bar form—so it’s best not to melt it.
Moreover, it’s also wise to take your time around shops or stalls who buy gold. Ask the dealer for the weight and karat of your gold and compare the price offers from the different dealers.
Also beware of small-scale gold vendors in the market, freelancers, and even some pawnshops, as they usually have no official permits in trading gold. Ensure that you get papers along with the exchange for security or insurance.
4. Sell it to BSP
Instead of selling your gold jewelries or items to small-scale vendors or stalls in the neighborhood, you may opt to sell them to Bangko Sentral ng Pilipinas (BSP) for when you come home.
Aside from its legality, BSP purchases gold from gold producers, small-scale miners and refines it to forms acceptable in the international bullion markets.
BSP has several gold-buying stations in the Philippines where Filipinos can sell their gold. These stations are open in in the Mint and Refinery Operations Department (MROD) in Quezon City, in BSP Regional Offices in Davao City, Zamboanga City, Baguio City, and Naga City from 9am to 2pm.
You may click here for the full guide on selling gold to BSP.
