Selling Gold May Be Simple If You Know What To Do

Thinking about selling gold? It could seem deceptively simple

, but here's what you need to know.

First off, realize that many dealers will pay anywhere from ten to twenty percent less than what your gold's actually worth because they need to make a profit. Unless you're a dealer yourself, you most likely have less than fifty grams of gold to sell, so don't expect to negotiate better terms. If you had more than a thousand grams to offer, you might be able to "horse-trade," but as an individual with much much less you should realize that it's a buyer's market as far as you're concerned!

Another fact to understand when selling gold is that prices tend to rise in times of turmoil, particularly when war or inflation is involved. Most professional buyers keep their calculation formula a secret, however, but here is one formula you can use yourself that should give you a fairly good idea of how much your gold might be worth on the market.

First, determine the karat fineness of your gold. A very small number indicating this may already be inscribed on your gold (often best legible with a magnifying glass). Otherwise, you'll probably need to have it appraised by a trustworthy dealer. Be advised that what you assumed to be gold may only be gold-plated, which can be determined with a chemical test performed by the dealer. Then weigh your gold in grams, or convert to grams. Find out today's price for gold on the internet or the newspaper. Next, divide that price by 31.1 to get the price per gram. Now divide the karat of your gold by twenty-four and multiply the price per gram by this result. Finally, multiply your number by the weight in grams for the final worth.

For example, if the price of gold today were nine hundred dollars and you had five grams of fourteen-karat gold, you would

1) divide nine hundred by 31.1 2) divide fourteen by twenty-four 3) multiply the numbers in steps one and two 4) multiply the number obtained from step three by the weight in grams of your gold

Simply selling gold can be easy to do but selling successfully is another matter, as this article has hopefully made clear. One final noted: make sure that your gold is purely gold and not actually alloyed with other precious metals such as platinum, because you could make even more money by pricing them separately!

by: Paul Wise

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