How To Sell Your Gold For A Fair Price
Many people are finding value in selling old gold jewelry that they never wear any more
, or that has been passed down through the family. When it is outdated, it can be undesirable to wear and hard to sell to a jeweler.
If you are considering selling your gold, following these simple steps can educate you and make sure you get a fair price.
Step 1
It is important that you have your gold appraised before you even make the sale. When you sell anything, the very first step should be that you know the correct selling price for the merchandise you are trying to sell; as you don't want to under sell yourself or rip someone else off with too high a price.
The first thing you need to do when considering selling scrap gold is to calculate the price of the gold itself. This can easily be done by first determining the gold percentage in your scrap gold, weighing it, and using these to calculate its market value.
24 karat gold is 100% gold, use this to calculate the percentage of the gold that you have by dividing its karat by 24. So, 18K gold 75% gold. 14K is 58.33% gold. 10K gold is 41.67% gold. (Most gold jewelry is stamped with its carat someone on the piece.)
Gold coins are typically at least 99% pure gold, so you just figure them at the spot gold price. After you've determined the carat of you gold pieces, you should weigh it and convert its weight into ounces.
You can then multiply the weight of your gold by the percentage of gold that is in it. Once you have the corresponding ounces for your real gold you can calculate the worth of your merchandise by comparing it with the current price of gold.
Step 2
Knowing the market value of your gold will help you when you go to a dealer to sell gold. The broker needs to make a profit for his time and investment with your gold, so understand that you won't be getting the full market value of your items.
He will pay you a percentage of the gold market value when your transaction transpires. When you're selling your gold for scrap, always remember to remove any extra valuables, such as gems, attached to the gold before selling.
This makes it easier to weigh and also ensures that you do not lose money due to undervalued appraisal. Always keep in mind that the gold scrap price is based solely on the value of the gold, and does not consider craftsmanship, history, aesthetic, and personal value attached to the merchandise.
If you have other gemstones in your jewelry, you can always sell those separately to a jeweler if you would like.
Step 3
You have many options when selling your gold. Consider them all and find dealers who are reputable. It is advised that you sell locally if you can.
Look up jewelers, coin shops, or brokers who are willing to buy your gold so that these can be melted to make pricier items or who would be planning to sell these to refineries.
Selling scrap gold locally is a good idea because it maximizes possible profit and lessens risk. When local buyers are not available, other options like gold buying companies and websites are also viable as long as they are legitimate and check out alright with the Better Business Bureau.
These companies usually send you a kit containing an insured envelope and merchandise form; if these are lacking then better to deal somewhere else. Remember sell to the best buyer, but do not be too quick to choose who are selling to.
When you research your options, you will sometimes figure out that the best deal that was advertised has some fine print that ends up not being the best deal for you at the time. Research until you have found the appropriate buyer for your needs.
Step 4
When you are checking out quoted prices, they can change rather quickly because standard gold prices are set about twice a day. So you will want to consider this when you are trying to sell your gold.
It is always smart to get your quote in writing as well. When you are trying to make a profit on anything you sell, the more informed you are, the better off you'll be.
by: Jack Landry
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