Alternatives To Selling Gold
There are a lot of reasons that you might wish to sell your gold. Maybe you realize that you own gold you dont need and want to cash it in for a large purchase or other investments.
Or you might have inherited the gold and dont want to deal with storing it.
If youre selling gold because youre in financial trouble and need help making ends meet, there might be alternatives.
Many gold buyers wont give you the actual value of your gold if youre desperate to sell it. And knowing the other options can provide you with time to get the full amount for your precious metals.
It can also help you avoid selling jewelry or other gold with sentimental value.
If youre experiencing a financial emergency or are facing an unexpected bill, a personal loan may be a good way to get the money that you need. Check out thislist of the top personal loan companies.
You will have to pay the loan back, and youll pay interest on the money that you borrow, but it can save you from selling gold that you dont really want to sell. It can also buy you time to make sure you can get the full value of your gold.
While borrowing money shouldnt be your first resort, there are some situations where it makes the most sense, especially when the alternative is selling something for far less than its worth.
How Much Are You Selling
Dealers may offer a higher buyback premium if you have a large lot to sell. Or if the dealer is in short supply of a specific product at the time. Always inquire .
Generally speaking, most bullion dealers will offer about 95 percent of the spot price, though this will vary depending on market conditions. If supply is tight and demand is high, you could fetch more, and if supply is ample and demand is low you could get less. There are also circumstances where you could be offered spot or even above.
Buyback prices are less for a piece of bullion jewelry, since more advanced design and fabrication went into it. For costume jewelry, keep in mind the actual precious metal content may be low, and buyback would thus only be based on how much gold it actually contains.
What Is The Minimum Price You Should Get For Your Gold
At a bare minimum, you should receive a high percentage of the melt price for any gold coins you are selling. In many cases, you should receive a lot more than the intrinsic value for rare coins.
Be sure to visit multiple dealers to confirm the value of your gold, especially if it is in a form that collectors will prize.
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Selling Gold & Silver Bars
Gold and silver bars generally have high resale value, especially those bars that have been kept in professional vault storage.
Bullion bars produced by the most reputable mints and refineries have the strongest resale value. These bars come with a seal from the mint of origin, and sometimes include a serial number for easy identification and certification. With these bars there is low risk involved in buying or selling.
Where Can I Sell Rhodium
Rhodium can be sold to a variety of buyers, including jewelry stores, pawn shops, and other stores that buy scrap precious metals. One of the easiest and most cost-effective ways of selling rhodium is to sell it with an online buyer.
At Cash For Gold USA, we are happy to purchase whatever rhodium items you want to sell. This includes things like rhodium sponges, bars, wire, rods, foil, mesh, and sheet.
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Are Gold Transactions Reported To The Irs
Yes, you generally need to report gold transactions to the IRS. However, tax liabilities on the sale of precious metals like gold and silver are not due the instant that theyre sold. Instead, sales of physical gold or silver need to be reported on Schedule D of Form 1040 at your next tax return.
Specifically, the Schedule D form is what most people use to report capital gains and losses that result from the sale or trade of certain property during the year. This includes things like stocks, bonds, real estate investment trusts , and collectibles like gold.
It also depends on how much gold youre selling and what kind.
If you sell gold or silver coins for more than $1,000 worth in one year then Form 1099-B needs to be submitted at the time of sale.
Items that require this filing include U.S 90% Silver Dimes , and more than 25 pieces of one-ounce coins of Gold Maple Leaf, Gold Krugerrand, and gold Mexican onza coins. This includes coins and bars measuring 1 kilogram or 1000 troy ounces in weight respectively, along with any gold or silver item that has more than 50% pure gold or silver content.
Form 1099-B is a form used by individuals who have sold an asset valued greater than $1000 which contains metal . The person selling such assets is required under tax law to file said document within 30 days of the sale.
Total Gold Content Weight And Purity Of Your Gold
The total gold content, as well as the weight and purity of your gold, make a huge difference when it comes to the value of your gold. A single 24 karat gold coin may be worth more than a huge bundle of gold-plated jewellery, or some decorative 12 karat items.
Pure gold is 24 karat, and most jewellery and other items are not made of pure gold, because its so soft. The lower the karat rating of a gold item, the less pure gold is contained in it. To determine the total gold content of your items, we will weigh your gold, examine it for marks and signs of purity, and determine its overall value.
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The Purity Of The Gold In Your Ring
Gold intended for daily use like a wedding ring is not made of 24k gold. Pure gold is more prone to blemishes and wear and tear, so it isnt recommended for everyday use. Adding other metal alloys to the gold strengthens it and keeps it looking great for years.
What this means is that your ring is part valuable gold, part worthless alloy. Wedding rings are frequently made of 10k, 14k, and sometimes 18k gold. The higher the number of karats, the more your gold is worth.
18k = = 75% gold
How Is Gold Appraised
A regular gold appraisal is the process of evaluating the worth of the gold. A certified jeweler or gemologist will first examine and weigh the gold, and then calculate a monetary value based off the examination. The entire process usually takes about fifteen minutes per piece, as the appraiser tests it, weighs it, and then inspects it.
Test: The test is usually done with hydrochloric acid. The appraiser will apply a small drop of acid onto the gold and if there is no reaction, then the appraiser knows that the piece is made of real gold.
Weigh: The appraiser will weigh the gold piece on a certified scale. It is usually weighed in grams, troy ounces or pennyweight.
Inspect: Lastly, the appraiser will inspect the gold with a 10x magnifying glass to check for any inclusions or abrasions, as this will affect the overall resale value.
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How Much Money Can I Get For My Gold
The amount of cash you can get for selling your gold depends on a number of things. The main factor in determining the payout is the market price for gold bullion at the time of the sale. It also depends on how much the buyer plans to make off of the transaction. If they want to make a higher profit, theyll offer you a lower percentage of your golds value. Youre likely to get the best price from an online gold buyer who doesnt have to factor in the costs of running a store.
As of August 28, 2020, the U.S. market price of gold was $1,921.93 per ounce . This price changes regularly, so make sure to check the most current price when you plan to get cash for gold.
Cash For Gold USA ensures that you get all the money you deserve for the items you sell.
Glossary Of Gold Terms
You may already know a fair amount about gold, but to fill in any holes you might have, heres a glossary of terms you should get familiar with when looking to sell your gold.
Ask and Bid Prices. The ask price is the price a precious metals dealer has set for a bar or coin, also known as the selling price. The bid price is how much a dealer is willing to pay to purchase or buy back a coin or bar.
Assay. A test to determine the fineness and weight of a precious metal.
Avoirdupois. The weighting system used for commodities, except precious metals, stones, gunpowder, and drugs. For example, corn, wheat, meat and other common items use the 16 ounces equals one pound unit of measurement. One avoirdupois ounce equals 28.35 grams or 437.50 grains.
Metals stones, gunpowder and drugs are weighted according to a Troy ounce. It is heavier than an avoirdupois ounce. One troy ounce equals 1.09714286 avoirdupois ounces. One troy ounce equals 31.1035 grams
Comex. Located in New York City, Comex is a division of the New York Mercantile Exchange and one of the worlds major commodities futures exchanges where gold and silver are traded.
Fine weight. The precious metallic weight of a coin, ingot, or bar, as opposed to the items gross weight. The gross weight also includes other alloys. For example, a 1-oz Gold Eagle has a fine weight of one troy ounce but a gross weight of 1.0909 troy ounces. The .0909 troy ounces are composed of other alloys.
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Do I Have To Pay Taxes If I Sell Gold
In general,you have to pay tax when you sell gold if you make a profit. According to the IRS, precious metals like gold and silver are considered capital assets with financial gain from their sale seen as taxable income.
Earnings from the sale of gold jewelry are classified in this way because theyre treated similarly to other valuable personal property and can be easily sold off for cash. Because of this, youll pay tax based on the capital gain youll get when you sell your gold.
In this case, capital gain refers to an increase in your gold items value. A capital gain may be short-term or long-term , but it is usually considered as realized when the property is sold and then must be claimed on your income tax.
Where Does Raw Gold Come From
Gold occurs naturally in various places around the world. It can be found encased in veins of hard rock or in unique deposits that form in streams and rivers.
Countries that produce large volumes of gold include Russia, Australia, South Africa, China, Canada, and the United States. In the U.S., gold is famous for being plentiful in the west. A lot of the countrys gold currently comes from Nevada and Alaska.
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How Do I Sell Gold Jewelry
You can sell gold jewelry for cash by taking your items to a cash-for-gold exchange, pawn shop, jeweler or other such buyer. You can also sell your gold jewelry from home by working with an online scrap gold business. Online gold buyers are accessible from anywhere and commonly offer better, more competitive prices.
Have Your Stuff Appraised
Its always a good idea to get your jewelry appraised before you sell it. But only do this if it makes sense. If you have to pay a bunch of money to get your used jewelry appraised, dont do it.
- If you have a friend of family who owns or works at a jewelry store, thats great. You can get your stuff appraised for free.
- If you cant get it professionally appraised, see what you can do on your own. There are a lot of websites that can help you appraise your own used jewelry.
- You also should have an idea of what it may be worth based on where it came from. If it has real stones, then it has to be worth a decent amount.
- If you have to, ask the people who gave you the jewelry what they paid for it. This works if the gift was from a close friend or family member.
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What Is Gold Worth
Gold is a precious metal, but its also a commonly traded commodity. The market price for gold changes every single day.
For example, gold cost $1,819 an ounce on February 12, 2021.
To know what gold is worth, youll have to look up that days prices. You can easily do this with a quick internet search.
The price that you see quoted is the price for pure gold. Not all gold jewelry is made of pure gold. Gold is a very soft metal and can easily get damaged.
It is often mixed with other metals, such as copper and silver. This reduces the purity of the gold, reducing its value.
Gold purity is measured in karats. Common karat ratings and their associated purities are:
- 24 karat 99.9% pure
- 12 karat 50% pure
- 6 karat 25% pure
If you have four ounces of 6 karat gold, you only have one ounce of real gold.
The other three ounces are other metals that are alloyed with the gold, so the price you can get for the gold will reflect how much of its weight is pure gold.
How Much Is 14k White Gold Worth
14k white gold contains 58.3% gold. Because gold is a soft metal, and 14k gold has less gold in it, youll typically find that 14k white gold will be sturdier than 18k white gold.
To find out how much your 14k white gold is worth, you will need to:
- Look up the current spot price of gold.
- Weight your 14k white gold and multiply that number by 0.583 to determine how much pure gold is in the item.
- Multiply the number above with the current spot price of gold to determine how much it is worth.
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Check Out Us Gold Buyers
If youre looking to sell used jewelry online, check out U.S. Gold Buyers. They help people who are looking to sell gold for cash in person and online.
U.S Gold Buyers pays about 98% of your golds value. You dont have to worry about losing a huge percentage of what your used gold is worth. The other great thing is online companies like U.S. Gold Buyers send you a pre-paid package so you can deliver your gold to them.
Good to Know:
U.S. Gold Buyers will insure the jewelry so if anything happens to it you wont be out your money.
Online companies also put very detailed information on their site about what they pay for gold. There are value charts that go by weight and type of jewelry.
Sell Scrap Gold With Redollar
reDollar.com is designed to provide a great selling experience, and weve worked hard to create the best way possible to sell scrap gold online. Scrap gold has a decent value, and shipping requires a well-thought-out process. While many sellers are not prepared to ship valuables, we offer you free gold-shipping supplies. You can either order a selling kit for your scrap gold or start the process right now. If you order a selling kit, well mail you a solid bubbled envelope or a box, sorting pouches, a gold-selling confirmation sheet, and selling instructions. If you sell your gold online, well provide you with a free and fully insured shipping label by email right away. Selling is easy, safe, and hassle-free.
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How To Sell Gold Coins
Bottom Line Recommendation:
If you have gold coins that youd like to sell, we recommend Abe Mor Diamond Cutters. They offer competitive prices for gold coins, bars and other items. Shipping is free, payment is fast and your gold is fully insured throughout the process for peace of mind.
For more information about selling gold coins, including our recommendations to help you get the best possible price, continue reading below.
With gold prices at record highs, many people with gold coins, jewelry and other gold items are looking into selling their gold to take advantage of high prices and free up cash.
As of August 2020, gold prices have exceeded $2,000 per ounce for the first time in history. As such, now is a great time to sell gold coins if you have a collection that youd like to convert into cash.
Selling gold coins is a relatively simple process, although there are several things youll want to know before you begin. Below, weve covered everything you need to know about selling gold coins, from tips to get the best price to the best vendors to sell to.
What Does Raw Gold Mean
Raw gold refers to the natural, unrefined, or found in the form of nuggets, flakes, or dust. When it is first mined, the ore is technically an alloy of gold with other metals. It is then refined into pure gold.
Although it isnt very pure gold in its raw form, gold ore is still extremely valuable and highly sought after. In August 2020, a South African man was arrested for trying to smuggle 500,000 rand worth of raw gold from a mine.
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