Kinds Of Gold You Can Sell
Now could be the right time to recycle your gold jewelry
. The price of gold tends to rise when the economy is doing poorly. The kind of gold you can sell ranges from inexpensive gold trinkets to dental gold to solid gold coins and fine jewelry.
A jeweler, pawn broker, gold refiner or scrap gold dealer will buy the stuff in the back of your jewelry box at a price based on the weight of its gold content, minus a handling fee. The less gold content in a piece of jewelry, the less money it will be worth to anyone who intends to melt it down.
When you buy jewelry in the store, you are paying for the design and craftsmanship, as well as any precious and semi-precious stones that may be a part of the piece. Most buyers of gold won't pay anything for stones, with the exception of diamonds. So if you want them, remove them yourself or have them removed before you turn a piece of gold jewelry over to a buyer.
If you've inherited somebody's coin collection and it includes some gold coins, these can be sold for meltdown as well. But it will probably pay to get an informal appraisal first. Dental fillings, gold teeth, bridges and crowns are usually 16 karat gold and can be resold as well.
Some dental gold contains platinum as a hardening agent, and that has a separate and often greater value. It pays to shop around if you have this kind of gold to sell. It can be harder to value than gold jewelry.
Gold knickknacks, medallions and religious items also are salable, but again, first find somebody who will help you determine their value as a collectible before you sell them to be melted down. It's easy to get burned in the gold-selling game. So it helps to have a clear idea of what you're selling before you approach a buyer.
The following presumes that we are talking about 24 karat gold. But most people's jewelry isn't that pure. So you have to figure out how much gold is in the jewelry or item you want to sell and multiply that percentage by the value in pennyweights.
The current price of gold fluctuates constantly, so what you see there is unlikely to be what you'll be paid for your gold, but it will give you a ballpark figure. The next step is to figure out how much your gold weighs.
If you have a jeweler's scale, that makes it easy. But if you are using an ordinary kitchen scale, you'll have to convert to pennyweights: 1.5 kitchen grams = 1 pennyweight, and 1 kitchen ounce = 18.23 pennyweights.
There are reputable scrap gold dealers who buy gold via the Internet, but it's hard to verify their ethics. An indication that they are trustworthy is their willingness to send you a packing envelope that is registered and requires a signature from them when you return it filled with your gold.
The shipment should also be insured. The dealer should then quote you a price, which you can accept or reject. If you reject that offer, the dealer should be willing to return your gold in similar packaging.
Don't accept a deal that requires you to turn over your gold and wait for whatever check the buyer chooses to send. At the very least, get an estimate and a guaranteed price range. Shop around. You may find great differences in the offers you get for your gold. Don't get your hopes up too high.
While what you're selling may look like a big pile of gold, by the time it's melted down and the impurities are removed, it may not amount to much.
by: Jack Landry
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