How To Buy And Sell Gold

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.

Youre Our First Priorityevery Time

NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance.

We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.

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.

• Luster
• Color
• Preservation

Recommended Reading: Gold Teeth Dentist New Orleans

What Is A Troy Ounce

A troy ounce is a particular unit of weight that the precious metal industry uses. That means that gold is typically weighed, bought and sold in troy ounces.

The troy weight system originated in 15th century England. In the troy weight system, 24 grains make up a pennyweight, and 20 pennyweights equal one ounce. Twelve troy ounces equals one troy pound.

One troy ounce equals roughly 31.1 grams or 1.097 regular ounces. When making rough approximations, you can assume that a troy ounce is 10% heavier than a regular ounce.

That means that if you have one regular ounce of gold, you have .91 troy ounces of gold.

In 3 Quick Steps Sell Your Gold From Home With Peace Of Mind

With over 50 years’ experience, our team of expert appraisers will carefully examine and test your gold, jewelry, diamond, silver and platinum using our cutting-edge technology to determine its value. Your item will also be evaluated on the following:

• The current day’s gold price
• If your item contains precious metal
• The weight of the precious metal
• The purity of the precious metal
• Any specific item characteristics
• How much precious metal you send us

The combination of these specifications will help us calculate your offer. Accept your offer using our express payment option to get paid in less than 24 hours. If you are not happy with your offer, we will gladly return your items free of charge, no questions asked. Our customer’s satisfaction is 100% guaranteed.

Don’t Miss: What Is Goodrx Gold Card

Bottom Line: Is Gold A Good Investment

Gold has been a commodity for thousands of years. Its value has been relatively stable historically, and it tends to perform better when stocks are down. For these reasons, gold is a popular investment strategy for many people who want to diversify their portfolios. However, most financial advisors dont recommend putting more than 10% of your assets in gold.

If youre looking to invest in gold for retirement, you might consider a gold IRA. Gold IRAs are investment retirement accounts that are backed by gold. They work similarly to a traditional or Roth IRA but hold bullion or coins instead of paper assets. To learn more, research how to find the best gold IRA company.

As a member of the ConsumerAffairs Research Team, Kate Williams, Ph.D. believes everyone deserves easy access to accurate and comprehensive information on products and businesses before they make a purchase. She spends countless hours researching companies and industries before writing buyers guides to make sure consumers have all the information they need to make smart, informed buying decisions.

Check Current Gold Spot Prices

It’s a good idea to follow the price of gold for some time before deciding it’s the right time to invest. You dont want to buy at the peaks, so you’ll want to understand what factors affect the price of gold. For instance, gold coin dealers maintain that numismatic coins are worth more than just the metal contained inside of them, which is how they can justify charging a premium when you buy. There’s really no getting around this, so be cautious of any dealer that claims it isnt charging a premium.

Shop around dealer websites to make sure you’re paying a fair price for gold. Check exchange sites to find out what the spot price is, and expect to pay a 5% to 8% premium above the spot price for a gold coin.

You May Like: How To Get Free Golden Eagles In War Thunder

Estimate Your Golds Value

Before doing anything else, take the time to estimate the value of your gold. However, this can be a bit of a complicated process because you have to account for the purity of your gold and golds changing value.

To start, sort your gold by purity, grouping each karat level. Once youve organized everything, weigh each group on its own, then multiply the weight you get by the purity of gold it contains.

You can put together a table like this to help with the process:

• 24 karat 99.9% pure

Ounce you know how much pure gold you have, you can multiply the weight by the current value of gold.

While youll have trouble getting the full value of your gold from most buyers, this will give you a ballpark measure of the price that you should get.

For example, if you have 14 ounces of gold and gold is selling for $1,300 per ounce, youll know that your metal is worth $18,200.

If you get an offer for $4,000, youll know its a bad deal. If the offer is for $16,000, its much more reasonable.

If Selling Gold to Be Melted Down, Make Sure It Is Not Worth More As-Is

If you plan to sell gold to a gold dealer that is primarily interested in its value as a precious metal, make sure that any jewelry or other gold items youre selling arent worth more than the gold they contain.

Antique jewelry can be worth far more than the gold it contains due to its historical or artistic value, and you might get a better deal from a specialized buyer of antique goods.

Buy Collectable Coins From Us

Coins hold some incredible value, in many cases that value increases overtime. There is a huge collector market out there that loves to buy and sell coins that have historical backgrounds! Here at Loyalty Pawn, from time to time these coins come through our doors!

So if you are a new collector looking to start a collection or if you are a veteran coin collector looking to ad an amazing piece to your collection. Give us a call or stop by one of our locations, you never know what cool treasures we have in our cases!

Also Check: Does Kay Jewelers Sell Real Gold

Best Online Gold Buyer: Cash For Gold Usa

In a highly competitive online gold buying world, Cash for Gold USA is the best online broker for several reasons:

You get paid fast. Within 24 hours after an appraisal and accepting the offer sent to you, Cash for Gold USA will send you a check, or pay you by bank wire or PayPal.

Not only can you request shipping free of charge for your gold items, but they are also insured every step of the way via USPS or FedEx. Standard coverage is $5,000 for FedEx, but additional insurance is available for items valued at up to $100,000.

Cash for Gold USA is established and highly reputable. In fact, their parent company has an A+ rating from the Better Business Bureau. The site has served more than 250,000 customers and paid out more than $53 million since 2005.

Your transaction is risk-free, meaning you can back out at any time if you dont like the price youre offered. If you make that decision after you ship your gold, your gold items will be sent back to you at no charge.

The site will buy kinds of gold, silver and platinum items, including broken jewelry and dental scrap. The material is based on weight and purity, not the condition. In addition, the site also buys diamonds and silver.

Local Precious Metals Dealers

If you live near a precious metals dealer, you can probably sell your gold to them. These companies have experience determining the authenticity of precious metals and assessing their true worth.

With a reputable dealer, you have a good chance of getting a good deal and the convenience of making a sale in-person.

Also Check: How Much Is 10k Rose Gold Worth

How Do I Buy Gold Online At Finserv Markets

Buying 24 carat Gold online on Finserv MARKETS is easy. Just 2 steps and youre done! Heres what you need to do

Tips To Avoid Gold Scams

Even though it is relatively easy to find and buy precious metal, there are some risks to consider. Avoid Craigslist, online dealers offering massive discounts, pawnshops, TV ads, cold callers and any dealer without a brick-and-mortar location, since there is no way of verifying that the dealer actually exists. Dealers that offer free storage or delayed delivery might not be legitimate, and you may never see the gold that you paid for.

Don’t give in to the pressure of late-night telemarketers insisting you call them immediately for a limited-time discounted rate on gold. Take your time to find a reputable dealer.

Don’t give in to the pressure of late-night telemarketers insisting you call them immediately for a limited-time discounted rate on gold. Take your time to find a reputable dealer.

Also Check: Is Dial Gold Body Wash Antibacterial

What Our Customers Have To Say

• Your browser does not support the videotag.

  I was excited to see the returns my SIPcould give me. I exchanged it for a pairof earrings easily.

  Shikha, Teacher from Varanasi
• Your browser does not support the videotag.

  I accumulated gold and ordered a gold coin. Within 2 days I got it delivered! Thank you SafeGold.

  Imran, Working professional from Mumbai
• Your browser does not support the videotag.

  Its transparent and easy to use. Showsthe price and purity upfront and theyhave a trustee.

  Sudhir, Head of Sales from Meerut

How Can You Tell If Gold Is Real

This actually applies to gold you already have, as well as gold youre considering as a purchase.

There are several possible ways to test gold to see if it is real. Because of golds unique properties, it is difficult to produce fake gold but that doesnt mean people dont try.

Gold is one of the densest metals on earth, meaning that any metal used to attempt to replicate gold will be much less compact. If you have gold bullion and coins of a purported certain weight, you can simply weigh and check the size of your bullion which is made to a set of specifications that make a reference point comparison relatively easy to do.

Another simple test is to use a magnet. Unlike most metals, gold is not magnetic, so a real gold bullion coin, bar, or piece of gold jewelry will not stick to a magnet. You will need to know if your pieces have other types of metals or not.

Gold also has a distinctive ping sound when it is struck. Precious metals will have a high-pitched ringing sound when struck, as opposed to base metals that will have a much shorter and duller sound.

You can also drag your gold over an unglazed ceramic plate applying slight pressure. If you see a gold mark on the ceramic once youve done this, then the gold is real. But if the mark is black then it is fake.

Different strengths of acid are available to test different carats, so gold that doesnt react to the acid is at least as pure as the carat rating suggested, if not higher.

Also Check: What Dentist Does Gold Teeth

Selling Gold For Cash Calculator

As we mentioned above, the gold spot prices you can find online refer to pure 24k gold, not the 10k, 14k and 18k gold thats commonly used to manufacture jewelry.

The pure gold content of 10k gold is approximately 41.7%. 14k gold has a 58.3% gold content, while 18k gold has a 75% gold content. This means that you cant accurately use the gold spot price quoted online to calculate the value of most gold jewelry based on its own.

Some gold selling websites provide calculators that allow you to quickly and easily work out the pure gold content of a gold ring or other jewelry, then calculate an approximate price for the gold used to make the item.

You can use this gold price calculator. To use it, type in an items weight, then select its karatage. The calculator will provide an estimate for the items value should you decide to send it in for appraisal.

What About Jewelry

Gold and silver jewelry, like bullion, is also considered a collectible. So if you sell your bullion jewelry for a profit, it is subject to the same maximum 28% capital gains rate for precious metals and must be reported on your income tax return. Current law does not require that dealers report jewelry sales, even when dealing with 22K or 24K bullion-grade pieces, or in quantities above the 25 ounce limits applied to bars and many coins. Thats another reason why investment grade bullion jewelry is attractive: its a real asset thats both portable, and discreet. It can even reduce the hassle when crossing borders. Gold and silver bullion can attract unwanted attention or require special declarations for monetary instrumentsbut a gold necklace is, well, just another gold necklace.

Recommended Reading: Gold In Dubai Online

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.