Selling Gold Jewelry And Coins Can Be Daunting With Hucksters Abounding Heres How To Avoid Being Scammed
Youve got some gold you want to sell. Some of your late aunts jewelry, maybe. Or your grandpas coin collection. Some old earrings that dont have partners anymore. Or a really hideous bracelet you never wear. You could use the cash much more than the knotted lump of old chains in your jewelry box. But selling gold can be intimidating.
We’re sure you’ve seen the signs promising quick cash for gold. What about an online buyer? Maybe you got a mail solicitation. Authorities warn about ripoffs, and knowing how to get a fair price in a volatile market is a challenge. But if you have some gold jewelry or coins or other gold you would rather cash in, there are ways to sell it safely and for the best price.
The key to this transaction is your comfort level and trust that the person youre selling to is reputable. So one of the first rules is to do your research and shop around.
Factors To Consider When Buying Physical Gold
If you decide to buy physical gold, youll want to keep a few things in mind:
- Storage: Physical gold requires a secure storage location. While you can certainly keep your gold at home, many investors prefer a custodian. Make sure you research secure options for storing your gold before you buy it, and keep in mind that safe storage adds costs to your gold investment.
- Insurance: If you decide to store your gold at home, you should insure your gold to protect yourself against theft or natural disaster. This can add to the cost of your homeowners or renters insurance. And even if you dont keep your gold at home, youll want to check in on your storage providers insurance policy to determine how its protecting your investment.
- Manufacturer: Because youre making an investment, youll want to make sure youre buying from reputable sources that will help your purchases value grow over time. When buying gold, look for respected producers like Credit Suisse, the Perth Mint and the Royal Canadian Mint.
- Purity: The gold content in the coin, bar or piece of jewelry has a big impact on its value and worth as an investment tool. Ensure any gold you purchase as an investment has the purity level to help it stand the test of time. That means youre probably targeting gold items that are at least 91%, if not 99%, pure.
Value Of Gold Per Ounce: Things To Remember
Do remember that the value of gold per ounce is always a function of supply, demand and many other factors. Just because the price of gold is high right now does not mean it will still be high about a year from now.
Ten years from now, however, this will likely be a different story. Gold is a long-term investment, and if you are not familiar with the ins and outs of purchasing this type of asset for the long haul, its important to consult people who have the knowledge base to help you.
Certain events can also change the current price of gold, so make sure that you keep yourself tuned in to the latest fluctuations to determine the best time to buy.
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Should I Have An Appraisal Done Before Trying To Sell My Gold
Yes. The more due diligence you can undertake, the more likely it is that you will get as much as possible when you actually sell your gold.
Although no paperwork is required when selling your gold, if you have had an appraisal done, be sure to bring it with you to support your ability to negotiate with a dealer.
How Are The Premiums Over Spot Calculated Are They The Same For All Gold Products
Premiums vary depending on the product.
The reason for this is twofold. Highly artistic gold products are more costly to manufacture. Buyers are also willing to pay more for such items.
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Testing Jewellerys And Gold Purity
The old process of testing your gold was through filing and acid test. Its done by scratching the surface of the gold and applying a little amount of acid to it to determine if the gold content is 9-carat, 18-carat or 22-carat, based on the acid reactions.
We take pride in having the best technology and industry expert professionals when it comes to gold testing and valuing. We got the latest technical equipment to test all kinds of metals. Use our scrap gold price calculator, which is updated based on the gold price today. You can get an accurate value for your 9-carat ring, 9-carat gold bracelet or other scrap gold.
How Much Is 18k White Gold Worth
18k white gold contains 75% gold.
To find out how much your 18k white gold is worth, all you have to do is:
- Look up the current spot price of gold.
- Weight your 18k white gold and multiply that number by 0.75 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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Whats The Best Way To Sell My Gold
You certainly are lacking for options when it comes to selling your gold. Pawnshops, local gold dealers and exchanges, jewelers, and a multitude of online gold and jewelry buying sites offer you a dizzying array of choices.
Taking all things into account, the best way to sell your gold is through a reputable and established online gold buyer that provides many advantages.
- The turnaround time has been flattened to just a few days instead of a week or longer which was the case not so long ago.
- Because online businesses are national or international, they have dealt with a lot more customers and in the age of the Internet, that means you can probably access more reviews and customer comments than ever before.
- Dont underestimate the convenience factor either. You can sell your gold from your home, instead of running around to local brokers who may or may not pan out for you.
- An online business will also have clear instructions and procedures, and automate much of the selling process, saving you even more time, and giving you the flexibility of selling 24/7.
- If youre worried about price fluctuations, know that many online brokers will lock in a price ahead of time for you. The mystery of how much youll receive will be removed.
With all of these advantages in mind, there is one online buyer weve found that stands above all the others.
How Much Is 1 Pound Of Gold Worth
|1 Troy Pound of Gold is Worth|
For long periods of time, yes, gold is an excellent store of value.
Until 1971, the U.S. was on the gold standard. This meant that the price of gold was fixed at $35 per troy ounce. Since that time however, the price of gold has increased by about 8% per year, more than twice the rate of inflation, and much more than bank interest rates.
This doesn’t mean that there haven’t been ups and downs. Between 19802000, the price of gold declined considerably.
However, with governments printing more and more money due to the coronavirus and pension crises, it seems likely that gold will continue to hold its value well.
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Sell Your Dental Work As Is
You should keep the extracted teeth that have any of the above items still attached, or gold foil dental fillings. Dont worry about removing any cement, porcelain or tooth parts from the dental work. Doing so may be hazardous, unpleasant and difficult. The Gold Center is prepared to handle materials in this condition.
Keep in mind that extracted dental work is probably contaminated with potentially hazardous biological materials. It is your obligation to handle and transport your materials with this in mind. We recommend keeping and transporting them in a sealed container or bag.
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Best Place To Sell Gold And Gold Jewelry: Cashforgoldusacom
CashforGoldUSA is the best place to sell your gold it’s a legitimate, reputable online gold buyer for selling gold jewelry that is also one of the oldest in the business.
- Pay within 24 hours
- A+ Better Business Bureau rating.
- 100% free door-to-door free, trackable FedEx or USPS shipping,
- Free Jewelers Mutual insurance up to $100,000 on each shipment
- CashforGoldUSA’s facility insured up to $100,000 by Lloyds of London
- Guaranteed highest price for your gold, coins and diamonds
- Paid out more than $156 million to sellers since being founded in 2005
- Fox Business News investigation found they pay 3X competitors:
CashforGoldUSA also pays a 10% bonus above estimated resale value for items shipped within 7 days.
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What Are Gold Futures Contracts
Futures contracts are agreements to buy or sell a commodity or asset at a future date. The amount being exchanged and the price are specified in the contract.
There are two main uses for gold futures contracts. They allow gold miners and dealers to hedge against falling prices. Futures also allow investors and large institutions to speculate on the gold price.
Gold Price Predictions For Next 5 Years
When looking at the potential price of gold over the next five years, there are a lot of factors that could propel it higher. Thats one advantage gold ownership offers: it isnt about one factor or another, its about any factor that increases fear or uncertainty on the part of investors. And there are a lot of risks surrounding us at this point that could cause any type of crisis.
But probably the biggest catalyst right now is monetary dilution. When a currency is debased, it makes real assets like gold more valuable, since they cant be created with a few computer key strokes.
And the U.S. now has both monetary stimulus and fiscal stimulus. Monetary stimulus usually goes first to the banking system and ends up inflating asset prices. But fiscal stimulus are funds injected directly into the economy and immediately spent. Its like me giving you $100 and you deposit it in a savings account vs. spending it that day on groceries.
You probably dont need me to say it, but the U.S. doesnt have trillions of extra cash to spend on fiscal stimulus packages. It already cant balance a budget. Some claim theyll collect on the backend as jobs are created and the economic grows, tax revenue will increase. But the debts and deficits are so high now theyre mathematically unpayable. And history clearly shows they will lead to inflation .
Where will the funds come from for these stimulus programs? They have to be , which will add to the already bloated deficit.
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Is The Gold Price The Same As The Spot Price
When looking at gold prices, the figures quoted are typically going to be spot gold prices unless otherwise specified. The spot gold price refers to the price of gold for delivery right now as opposed to some date in the future. Spot gold prices are derived from exchange-traded futures contracts such as those that trade on the COMEX Exchange. The nearest month contract with the most trading volume is used to determine the spot gold price.
Questions About Pawn Shops
Many people still have questions left, and many folks dont even know exactly what pawn shops do or what the difference between pawning and selling is. Let us help you with your questions. Advice is always free- even when you dont sell to our company.
We are proud to have our Head of Laboratory, Alan Jensen, on board. He belongs to a group of highly skilled experts with many years of experience handling precious metals. He is even able to do a fire assay and is very good at explaining things in laymans terms. We encourage you to get in touch with him if you have questions about how pawn shop pricing works.
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How Much Do Gold Buyers Pay
Just like everyone else, gold buyers are in business to turn a profit. That means the less they have to pay someone who walks in the door and wants to sell some gold, the greater potential there is for them to turn a profit.
You will need to shop around to find the best deal when you want to sell. Recognize that a dealer has overhead and they will need to buy your gold at some kind of a discount before they can process what they buy and resell it to others in the gold marketplace.
Gold Price Prediction Chart
Ive compiled gold price predictions from a number of banks and precious metals analysts.
The table below shows the gold price prediction from various consultancies and independent analysts. Not all gave a forecast for both time periods, but Ive listed what theyve stated publicly. Heres what they think is ahead for gold.
You can see that most analysts predict gold will exceed $2,000 per ounce in 2021. Two project it will average in the $1,900-range. And of those I found, all are very bullish long-term .
A couple interesting points to highlight from these analysts
CPM Groups projection is lower than most, but if gold averages $1,922 in 2021, it would represent an 8.2% increase over 2020 and a record annual average. They also state that we expect prices to rise sharply at some point in the future, to new records significantly higher than $2,000. Such an increase would be expected to be caused by investors buying increased volumes of gold in a future economic and political crisis the period 2023 2025 is perhaps the most likely time period to expect such.
Meanwhile, well note that analyst Ross Norman has won first place in the LBMA gold price survey nine times. He predicts gold will rise 20% this year.
Last, the average 2021 gold price forecasts from these analysts is $2,228.
So what is my 2021 gold price prediction? To answer that question we have to look at the various factors that are likely to have the biggest impact on the price, both positive and negative.
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How Much Is Gold Bullion Worth
It depends on the fineness of the gold piece and the current market price of gold. The purer the piece, the higher the gold content, resulting in a higher price.
Compared to numismatic coins, gold bullion bars or bullion gold coins can typically be purchased and traded at lower price premiums over the fluctuating spot price. They hold no historical significance as opposed to collectible coins.
What Is Spot Gold
The spot gold price refers to the price of gold for immediate delivery. Transactions for bullion coins are almost always priced using the spot price as a basis. The spot gold market is trading very close to 24 hours a day as there is almost always a location somewhere in the world that is actively taking orders for gold transactions. New York, London, Sydney, Hong Kong, Tokyo, and Zurich are where most of the trading activity takes place. Whenever bullion dealers in any of these cities are active, we indicate this on our website with the message Spot Market is Open. For the high and low values, we are showing the lowest bid and the highest ask of the day.
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How Is The Live Spot Gold Price Calculated
Every precious metals market has a corresponding benchmark price that is set on a daily basis. These benchmarks are used mostly for commercial contracts and producer agreements. These benchmarks are calculated partly from trading activity in the spot market.
The spot price is determined from trading activity on Over-The-Counter decentralized markets. An OTC is not a formal exchange and prices are negotiated directly between participants with most of the transaction taking place electronically. Although these arent regulated, financial institutions play an important role, acting as market makers, providing a bid and ask price in the spot market.
How Gold Prices Are Determined Today
Some people are not familiar with the notion that precious metal spot prices prices are largely determined by trading on the futures market. Because gold is a precious commodity, this trading takes places on the COMEX, the commodities exchange run by the Chicago Mercantile Exchange Group through the New York Mercantile Exchange . As hedgers and speculators enter into futures contracts, the balance of long and short positions moves the price of these contracts. This is why you often hear the net-long or net-short position of futures in the financial news this data is provided by the Commitment of Traders reports each week. The fluctuations of the price of gold futures contracts directly affects the spot price of gold that you see going up or down during the trading session.
- The difference between a dealer’s Bid and Ask price.
- Melt Value
- The value of the metal content of a precious metal object, regardless of workmanship or rarity. The raw value of an object if it were melted down. Metal value is usually only calculated on the precious metal content of an item. For example, the melt value of a sterling silver coin only takes into account the 92.5% silver content of the coin, and ignores the 7.5% copper content.
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