The gold price is breaking record after record as investors seek safe investments in a turbulent world.
However, for those who have gold at home and are considering selling, there are things to watch out for.
I always start by saying: Do you really need to sell your gold or are you just tempted by the fluttering thousand-kronor notes?, says Lena Carlsson, CEO of the trade organization Jewelry and Watches.
What kind of gold
If you're going to sell, according to Carlsson, some work is required to get the right value. The first thing you need to do, according to her, is to find out what kind of gold you have.
Is it grandma's old wedding ring that's 23 karat, is it a broken gold chain that's maybe 18 karat, or is it something you bought on a foreign vacation many years ago that's maybe 9 karat? It's very important to find out, she says.
The karat of the gold is often indicated by the stamps. It's also possible to take it to a goldsmith for analysis.
When you know what kind of gold you have, it's easier to compare prices. Comparing is important, according to Lena Carlsson, since one actor can pay as much as five times more than another, according to her.
It requires a lot of effort from you as a private individual to find out where you get the right price. You have to search on websites and fill in different forms. It's designed to be difficult to find out what you really get, she says.
Read the agreement carefully
According to Henric Jonsson, legal advisor at the Consumer Agency, it's also important to remember that the Consumer Protection Act does not apply, since you're not considered a consumer when you sell something yourself.
Instead, it's the Sales Act that applies, and it can be negotiated away.
Therefore, you should read through the agreement and terms carefully before you sell, so that you know what applies, he says.
Henric Jonsson says it's also a good idea to check independent websites what others have to say about the company.
Also, check where the company is based and that there are proper contact details, so that you can reach them if there are any problems, he says.
Find out what karat your gold is. Different karats give different prices. It's often indicated by the stamp on the gold, otherwise a goldsmith can do an analysis.
Compare prices from different actors before you sell. The price can vary greatly.
Remember that you're not considered a consumer according to the law when you sell your gold as a private individual. You're not protected by the Consumer Protection Act.
Read carefully through agreements and terms before you sell your gold.
Check up on the company you're selling to. Read what others have to say about them on independent websites.
Check where the company is based and that there are proper contact details if needed.
Source: Consumer Agency and the trade organization Jewelry and Watches.
