Determine The Market Value Of The Gold You Have
Look up the current price of gold per gram or ounce, and multiply it by the total amount of gold you calculated in Step 3. This price will fluctuate on a day-to-day basis depending on the global supply and demand for gold.
Keep in mind that the price a gold dealer will pay you for your gold will be lower than the market price of the metal on the global exchanges. This is why its best to also check the prices different gold dealers quote in order to get a more realistic idea of how much money you can get.
Looking to sell your engagement ring or other diamond jewelry? Check out Worthy, which is an online jewelry auction platform you can mail in your jewelry and let Worthy organize the sale for you, sending you the money after the piece is sold.
Cash For Gold Calculator
This is the original Cash for Gold Calculator.
This software was developed by the National Gold Market Corporation to educate the public, providing the most accurate market price for Gold, Silver and Platinum at 100% of the current New York Spot Price and the Asia Stock Market. The Live Price chart gives you a breakdown per gram, DWT and Troy Ounce. What is the right amount to receive for your gold? If you’re selling Gold Jewelry, a reasonable settlement would be 70% to 80% of the market value. If you’re selling Gold Coins a reasonable settlement would be 90% of the market value. If you are near The Los Angeles area, National Gold Market is located in Pasadena, California. They pay 75% to 80% for Gold Jewelry and 90% for Gold Coins. You can walk in and get your items tested for free to determine the Karat metal purity and the gram weight. The company will give you a quote based off the current Live Prices on the LA Cash for Gold website. Payments are made in CASH.VISIT THE LOCAL SITE BY CLICKING HERE: You can also send your gold using our Prepaid, insured FEDEX Package by following the simple instructions on National Gold Market.com website.VISIT THE NATIONAL SITE BY CLICKING HERE: National Gold Market
What to avoid when selling Gold?
How to sell your Gold Properly:
How Gold Prices Work
Gold is priced according to its weight, with prices normally provided for one gram, one ounce and one kilogram of pure gold.
For example, the current price of gold is $61.87 per gram, $1,924.27 per ounce and $61,837.62 per kilogram. As with other commodities, the price of gold changes often, making it important to check the latest rates if youd like to buy or sell gold.
Unless otherwise noted, the price of gold refers to 24k gold, or pure gold, which consists of 99.99% pure gold. If you know what karat gold you have, you can use the gold price calculator below this paragraph. 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.
Pure 24k gold has an intense orange color and is quite soft and malleable. Its the type of gold thats used for investment grade coins and gold bars . Because its soft and bright in color, 24k gold isnt used for jewelry.
Instead, less pure forms of gold, such as 10k, 14k and 18k gold, are commonly used for rings, earrings, bracelets, watches and other gold jewelry. Weve explained how 24k gold differs from the gold commonly used in jewelry in our detailed guide to gold types.
Luckily, this doesnt mean that you cant sell 10k, 14k, 18k or 22k gold. If you want to sell these types of gold , the price youll get in exchange will be based on the pure gold content that can be extracted from the item after its melted and refined.
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Where To Sell Necklaces Online
My best recommendation is to sell your fine necklace worth less than $1,000 using online jewelry buyer CashforGoldUSA. CashforGoldUSA buys gold, diamonds, and other precious jewelry, has an A+ with the Better Business Bureau and was found by a Fox Business investigation to pay 3X the competition. They pay within 24 hours and pay a 10% bonus if you send in your item within 24 hours. Read our CashforGoldUSA review.
How To Sell Gold
Depending on where you sell gold, the process varies. Here are posts with more detailing on various options you could consider:
If you want to get the most cash for gold, heres the gist of how to sell gold online:
CashforGoldUSA pays a 10% bonus if you send your item in within 7 days of the request, and sends payment within 24 hours.
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My Gold Selling Experience
I recently sold some gold and went with a combination of the first two strategies here. I knew that I would be going to a few pawn shops since I had heard that they pay more than the We Buy Gold places. But first, I went to one of the pop-up stores. They offered me pennies on the dollar. About what I expected. Sure, the process only took a few minutes, and they did try to confuse me by telling me the amount I had in penny weight. As I got up to leave, they asked me how much I was looking for. What I had was 14 karat, and I told them I wanted to be paid $20 per gram for my gold. I didnt have much, and I knew I probably would never get this amount, but it is a great negotiating technique to start high.
Then, a strange thing occurred. This person gave me a card which guaranteed me 10% better than any other offer I received out there. I tucked that in my wallet and left.
Next, I went to a few pawn shops. Dont worry, they are OK to go into. The ones I found were pretty clean as well. I went to one chain pawn shop and a few mom and pop shops. What I found was that the national chains will offer you considerably more for your gold because they have more financial backing.
So you see, I more than doubled the money I would have gotten by just doing a little bit of research and leg work. If I had been more fickle, I probably could have forced the 110% promise, but I was happy with the $375 overall.
Selling Scrap & Broken Gold
If you have broken gold jewelry to sell for example, a broken necklace or damaged wedding ring you can generally take it to the same places that youd sell other gold items. Most pawn shops, cash for gold shops and some local jewelers will buy broken gold items.
Broken gold items are generally valued based on their scrap gold value the value of the pure, 24 karat gold thats left once the item has been melted down.
Just like with other types of gold, we recommend selling your scrap and broken gold to Abe Mor Diamond Cutters. Not only are their prices significantly better than pawn shops and local jewelry stores their gold buying process is also quick, easy and convenient for you as a seller.
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Shop Around Before Selling Your Gold
Amanda Gizzi, spokesperson for jeweler trade organization Jewelers of America, says that getting more than one offer and selling to a reputable purchaser are important steps to selling gold and jewelry safely for a fair price.
Shopping around is a good way to understand the average price you can expect, Gizzi said. If you can find a jeweler that you like to buy jewelry from, you may find you get a higher amount if you use the money toward another jewelry purchase.Kate Mars, who lives in Arlington, Virginia, went by recommendations from people she trusted when she sold jewelry and a coin collection from a safe deposit box left when her father died.
Through the estate lawyer, she found a coin dealer in nearby Frederick, Maryland, where the dealer gave Mars a sense of security as he went through her books of coins and told her what had value.
The jewelry had been appraised for the estate and none of it was particularly valuable, Mars said. She took that to a jewelry store that was recommended to her — and that had been in business for a long time. The people were nice, she said. They looked everything up…Even if I could have made a few more bucks , I am happy with the experience.
Is Rose Gold Worth Anything
Rose gold is an alloy of gold and another metal, most commonly copper, which gives it its unique coloring. Sometimes rose gold will also contain a small percentage of silver in addition to copper.
With this in mind, rose gold is worth as much as however much gold it contains. 18K rose gold and 14k rose gold have the same gold content as 18k gold and 14k gold, respectively.
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How Much Is 24k Gold Worth
24k gold is the purest form of gold that youll find. As such, youll get more money for 24k gold than for any other kind, such as 18k or 14k.
In order to determine how much your 24k gold is worth, all you need to do it:
- Look up the current spot price of gold in grams
- Weigh your 24k gold
- Multiply the weight of your 24k gold by the current spot price of gold
Determine The Gold Content Of Your Jewelry
To figure out how much pure gold there is in your gold rings and chains, look at the karat hallmark of each piece .
If you divide its karats by 24, the result will tell you the percentage of pure gold the jewelry contains.
For example, if a ring is 18K gold, its purity is equal to 18 divided by 24, which is 0.75, or 75% gold content. Do this for each of your jewelry pieces.
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Why You Wont Get Exactly The Spot Price When You Sell Gold
All businesses that buy gold in small quantities will buy it for less than the spot price, meaning you wont get exactly what the gold is worth when you sell it.
This is simply a reality of business. All businesses have expenses, and the companies buying gold need to be able to make a profit in order to stay in business. They also need to cover the costs associated with melting and refining your gold jewelry so that it can be reused.
As such, the amount of money youll receive from the business buying your gold wont be the exact gold spot price. Instead, itll be the spot price minus the fee the buyer adds to make the transaction economical for them.
The amount youll lose compared to the spot price depends on the type of gold youre selling and the merchant you sell it to.
If youre selling old gold jewelry in small quantities, youll generally get a lower price per gram than you would if you were selling, for example, a larger amount of gold in the form of bullion coins or bars.
As for gold buyers, commissions can vary hugely. We generally recommend Abe Mor for gold jewelry, as their fees are lower than other gold buyers, meaning youll get a higher percentage of the spot price for the gold you sell. However, there are many other buyers out there.
Below, weve explained what you do to get the best price for the type of gold youre selling.
This Is The Melt Price
This value is what is known as the melt price of this particular chain. The melt price refers to the actual price that your jeweler would receive from a refiner if they chose to melt it down and just be paid for the value of the gold.
The melt price, like the gold price, changes on a daily basis, but as long as gold stays stable in price, it will pretty much remain the same for any given period of time. Keep in mind that the melt price does not take into consideration any other factors, such as labor to create the piece, any stones that may be set into the piece, or any margin for profit that will be added on at the point of sale. Well discuss these points below.
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Protect Your Property By Protecting Your Privacy
It is likely that at times, you will be carrying a large sum of cash or valuable gold, so it is important to be aware of the risk of being robbed. Although you may feel safe if you are in a public area, going to your vehicle and returning home could pose a problem. If a potential thief knows you have cash or jewelry in your home, you could be opening yourself up to being burglarized. Do not tell strangers where you live, and be careful discussing what you do until you know a person well. Do not put your address on your business card, a phone number will suffice.
Buy From A Reputable Seller
As the buyer, you also want to look for a reputable platform to buy from. We would not normally recommend buying from a private seller unless it is someone you know personally. If youve never purchased jewelry through an eCommerce platform, you might be a bit skeptical, but there are some easy ways to tell whether or not a seller is reputable, and youre often able to secure cheaper prices when buying online than from a brick-and-mortar jewelry store.
If youre considering buying from a well-known online jewelry seller like Frost NYC, youll notice that these sellers have clear exchange and return policies listed on their website, as well as easy ways to reach their customer support staff. If you see a company that is missing either of these features, you should take that as a red flag.
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What Is Gold Filled
Gold-filled jewelry is constructed in two or three layers: The core metal is brass, and a gold alloy is then bonded to one or both surfaces of the brass core with heat and pressure. Gold-filled jewelry contains a much thicker layer of gold than plated or vermeil items and will hold up better with wear comparatively.
Get The Best Price For Gold And Silver
Youll find current gold and silver spot prices online, but only institutional sellers get the spot price. Why? Companies that buy your bullion or jewelry pay for advertising, overhead, melting jewelry, etc. and they have to make a profit so they buy below spot.
Many sources, including the Kiplinger article mentioned above, suggest that you should aim to get 90 to 95% of the spot price when selling gold and silver bars or coins, and 70 to 80% of melt value for jewelry and other items.
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Pawn Shops Near You That Buy Gold
Many pawn shops purchase gold jewelry, coins and bullion. Selling locally to a pawn shop is an easy way to sell your gold for cash quickly. However, youll almost always get a lower price than you would by selling to a reputable online gold buyer.
As weve explained in more detail in our guide to selling gold jewelry to a pawn shop, pawn shops usually offer significantly lower prices for jewelry than online buyers. In every secret shopping we tried, Abe Mor offered at least 10% more than the local pawn shop. Often much more.
The reason for this is that pawn shops make the majority of their revenue by loaning money to their customers. In order to get a good return on investment by buying gold, the pawn shop will need to buy it for a low enough price to be able to sell it with a reasonable profit margin.
There are also several other disadvantages to selling at a pawn shop, from employees that may not know much about gold to the occasional high-pressure sales process. Weve listed these a little further down the page.
Advantages of selling gold to a pawn shop include:
- Instant payment. When you sell gold jewelry, coins or other gold items at a pawn shop, youll usually be paid right away. This can be a huge advantage if you need to get cash right now and cant afford to wait for several days.
Disadvantages of selling gold to a pawn shop include:
Bottom Line Recommendation:
Shop Around For The Best Deal
Once you have a rough idea of what your gold is worth, you shouldnt accept the first offer you get thats close to the right number. Take the time to look up multiple gold buyers and shop around.
Dont be afraid to take your collection to several buyers and have them give you an offer. Making buyers compete usually means youll get a better deal.
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