Get The Best Price For Your Gold
So you have old gold jewelry or other gold items laying around and you want to sell it
. It's hard not to see the advertisements for gold buying lately. But unfortunately, the majority of people who are selling their old gold jewelry and scrap gold are doing so for a much lower price than necessary.
Even worse, many of them are completely unaware they could get a better price by doing a small amount of research online. The difference between a fair price and what they actually receive is often in the hundreds, even thousands, of dollars.
If you're thinking about selling your broken gold bracelets, old class rings, and other pieces of jewelry, take the time to find the best price. It's simpler than you might think. Below, we'll provide a few key suggestions to help you get started. The following tips will help you avoid buyers who will offer you much less for your scrap gold than you deserve.
The first thing you should do is assess the value of your scrap gold. Don't assume the price you see on a buyer's website reflects the current market price. Often, it merely reflects the price the buyer is willing to pay sellers. Look in the newspaper - or online - to find the current spot price per troy ounce. Next, separate your gold pieces into individual piles by the number of karats.
24 karats is considered pure gold while 8 karats is the least pure. The number of karats determines the percentage value of the price per troy ounce. Use a jewelers scale to weigh each pile, and then calculate its value by weight and carats.
It's important to know how much your old jewelry and scrap gold is worth prior to approaching potential buyers. Otherwise, you'll run the risk of accepting a low ball offer that doesn't truly reflect your items' worth.
It is wise to avoid gold parties, pawnshops and jewelers. Some of the most common places people visit to sell their gold watches, chains, earrings, and rings are unlikely to offer a fair price. Gold parties are popular because there is a social element that makes attendees feel at ease.
A host invites her friends and acquaintances to the party, and encourages them to bring their scrap gold pieces. A buyer is on hand to offer cash. However, the price offered is rarely, if ever, fair to the seller. Pawnshops are limited in the price they can offer because the owners need to sell the items for a profit.
Keep in mind they will have a difficult time selling broken jewelry to their customers, so are unlikely to offer a fair price based on the gold content alone. The advantage of working with a pawnshop is that you'll receive cash within minutes.
The drawback is that you would have received far more from an online buyer. Jewelers won't sell your old gold jewelry to customers. They'll simply "flip" your pieces to another buyer up the food chain. Thus, the price they'll offer you must be low enough to allow them to make a quick profit.
If your goal is to find the best price, avoid the buyers described above. There are online buyers who are easy to work with, and will offer a fair price base on the gold content in your jewelry. It is best to work with a reputable refiner. Over the last few years, there has been an enormous increase in the number of online gold buyers.
Most people are unaware these buyers are brokers. They will purchase your gold pieces, and sell them quickly for a profit. Often, they will sell the pieces to a refiner who smelts them before assaying and refining the gold. The metal is then recycled back into the market for use in new jewelry.
As mentioned earlier, a small amount of research will open the door to higher prices for your gold chains, brooches, earrings, and even old dental work. Depending on the size of your collection, the difference might be measured in the thousands of dollars.
by: Jack Landry
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