Thursday, August 18, 2022

Is Selling Gold For Cash Worth It

Don't Miss

Where Do I Sell My Gold

Selling Your Gold Coins & Bars For Maximum Cash!

Since our founding in 2003, the United States Gold Bureau has been successfully buying and selling gold coins, silver bullion, precious metal bars and a variety of other pieces. Not only do we pride ourselves on maintaining a long-standing history and positive reputation within the market, we celebrate a growing roster of satisfied clients, many of whom return to work with us time and again.

The United States Gold Bureau is an active member in the Industry Council on Tangible Assets , and a registered official Precious Metals Dealer with the State of Texas, Department of Public Safety, Office of Consumer Credit Commissioner. We maintain the highest standards of professional and ethical conduct to ensure that our clients enjoy a pleasant, thorough and discreet experience.

Our buying process is not only straightforward and simple, but reliable and efficient. Once you are finished creating a personalized client account on our secure website, you will receive an instant quote on the purchase price of your coins or bars, be able to print a packing list and pre-paid FedEx labels for shipping to our facility in Austin, Texas, and even work with a dedicated Account Executive to sort through any questions or concerns you may have along the way. Your payment is processed immediately once your items are received and tested using specialized equipment by our team.

Reasons Why You Should Sell Your Gold For Cash

Gold is a valuable commodity that can help you with the much required money when you need it. If you are in possession of any type gold , jewellery or coins, and are still into a dilemma as to whether to sell your gold jewellery or not, these are the reasons that can help you decide if selling gold coins or jewellery or selling silver coins for cash is a good idea or not!

Urgent Requirement of Money: The best reason and probably the most common as well to sell your gold jewellery for cash is the urgent requirement of money. If you are in urgent need of money for whatsoever reason and have some unwanted jewellery with you, you may want to sell it for cash. Analyse whether the unwanted jewellery you have, has any emotional quotient attached and if not, you have every reason to go ahead selling it. Companies like 24Karat make it easier for you to sell your gold coin or jewellery for the best possible value.

You are not able to sell it in any other way: Selling used jewellery is difficult these days. Rarely any individual would like to buy the old jewellery as it is with a good price. Either he will opt to buy anew jewellery with that price or will offer very low prices for your gold. Again you have every reason to visit places like 24Karat to sell your gold for cash.

Blog Categories

Figure Out How Much Gold You Have

Before you can sell your gold, you will first need to know how much you have. Weighing it in grams will give you a good estimate.

Once you know the weight of the gold, check its purity by Karat. This can be done in a few ways. Oftentimes its written on the item for example, 18k. If you dont see anything printed on the gold, you can purchase a testing kit or bring it to an expert.

Finally, figure out how much of the item is considered pure gold. You can do this by dividing the karats by 24 then multiplying that number by the items weight. The result will tell you how much pure gold the piece has. This will be a good indicator of how much you could get when you sell it.

Read Also: Banned For Buying Gold Wow Classic 2021

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.

Calculate The Markup Of Gold

Selling Gold Jewelry For Cash

When you go to sell gold items, a lot of gold dealers will tell you they don’t calculate based on weight alone. In jewelry speak, that means there’s a markup price. But that doesn’t mean that you can’t get a fair price. Jewelry has markup prices, it’s a fact of life.

You should get the best price you can though, without being taken advantage of.

If you’re selling solid gold coins or gold bars, calculating the price is pretty easy. These are solid gold pieces and you don’t have to worry about other metals being mixed in.

Calculating the markup price of gold jewelry involves knowing three things: karat, weight and the current market price of gold. Remember, it fluctuates daily.

You can get an in-depth calculation example of both of these formulas to calculate the cost in this article by the International Gem Society.

As of today, the current value for gold per troy ounce is $1,904.60. Gold prices increase when the rest of the economy declines. It was the highest price ever at $2067.15 on August 7th, 2020. The COVID-19 pandemic had a direct impact on this.

Also Check: 400 Oz Gold Bar For Sale

Act Fast To Sell Gold Jewelry As Price Of Gold Skyrockets

  • Cassidy Alexander, The Penny HoarderThe Penny Hoarder

Gold prices have been hovering around $2,000 per ounce after almost hitting the record high in early March and are expected to stay robust through much of 2022.

Which means this is a good time to sell your gold jewelry if youre looking for some extra cash. That tangle of chains in the back of the jewelry box or the heavy gold earrings you never wear could be worth something, especially when assessed together. Keep in mind that gold buyers arent necessarily looking for the jewelry pieces themselves, its the gold content thats bringing the value.

Pandemic Affects Consumer Gold Sales

More and more consumers are looking to sell gold items, according to Gary Smith, past international president of the American Society of Appraisers , even if gold prices arent particularly high right now. Part of the reason for the heightened interest in selling? It’s a bit dark: The high number of deaths from COVID-19 has left survivors to sell property owned by their deceased relatives, Smith said.

Also, people facing financial hardship because of the pandemic are looking to sell gold and other items. People have actually come into our facility with very low-value jewelry, said Smith, who owns PA Gem Lab in Montoursville, PA. They need money and theyre willing to sell grandpas class ring. It is a sad state and people are hurting.

With all this need, scams abound, according to Smith. So its wise to be cautious when selling your gold and jewelry. As with most things, knowledge is your key to success.

Also Check: How Do I Get Gold Bars In Candy Crush

How Do Silver And Bitcoin Compare To Gold

Between the two, silver is much more similar to gold than bitcoin, but all three share a common trait as market or inflation hedges. Like gold, silver can also be used to make products or worn as jewelry. Bitcoin is a much newer asset, and without the centuries of data to draw on, its viability as a hedge is highly speculative compared to gold.

What To Do If A Gold Crown Falls Out

Selling Gold Undercover – Who Gives The Best Price?

If a gold crown falls out, you should call your dentist to re-cement, repair, or replace it to avoid any side effects to your natural tooth. If you cannot get an immediate appointment, you can try a temporary over-the-counter cement before you can get it permanently cemented.

Remember in the meantime to:

  • Avoid hard, crunchy foods to prevent harm to the underlying tissues.
  • Clean the crown gently with soap and water. Keep it in a safe place to bring to your dentist.
  • Gently brush your teeth to keep the area clean and void of plaque and irritants.
  • Chew on the opposite side of your mouth if possible.

Recommended Reading: Where To Buy Real Gold Bars

Recommended Reading: How To Get Free Eagles In War Thunder

Current Price Of Gold

The current selling price of gold is an obvious indicator, but its hard to manage since the value is constantly fluctuating. Luckily, there are resources to help check the spot price of gold, the current price that a raw ounce of gold can be bought and sold for immediate delivery. In the last year, the price of an ounce of gold rose from $1,300 to over $1,700.

How Much Is Your Gold Worth

Currently, the price of gold is influenced by supply and demand, in addition to speculation. The majority of the worlds total mined gold still exists today in accessible forms, like bullion and jewelry. This form of gold has great potential in the resale market providing money for gold. In the past few years, the quantity of pre-owned jewelry re-entering the market has turned into a multi-billion dollar industry. Many companies offer high market value prices to gold jewelry sellers.

You May Like: 400 Oz Gold Bar Value

Where Can I Get The Most Money For My Gold

Our biggest advantage is that we refine our own metals, so we can offer you a higher payout. Most locations send their metals to a smelting house and they have to pay a commission. The commission comes out of what you are paid for your gold. We dont think that you should have to pay this fee, so we dont charge you. We know you want to get the highest price when youre ready to sell your gold. We will offer you a higher price than other any other location in the tri-state area.

We will carefully inspect your jewelry or hand-test the metal if you are unsure of its quality. We always consider the possibility that your gold jewelry could fetch a higher price at an auction or online. We are here to make sure that you get more than just the metal value for your piece whenever possible. Gold pieces may be worth more through resale and here at Unique Gold & Diamonds, we have a different approach to buying. No matter the piece, well do the examination and make you the best offer possible.

Should I Have An Appraisal Done Before Trying To Sell My Gold

Cash For Gold In Philadelphia

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.

Read Also: Kay Jewelers Century 3 Mall

Is It Gold Scrap Or Something More

Before you sell your gold for a melt-down price, be sure its not worth more in its present form. In some cases, people will unknowingly take gold in to be sold, unaware that they may also be in possession of a valuable artifact or antique that could fetch a lot more elsewhere. When in doubt, have your gold pieces appraised and the provenance established

What Is The Value Of The Raw Materials

For pieces that are too outdated for resale as-is, or if you are simply looking for a quick payout, selling to a raw materials buyer may be your best option.This is the case with 99% of gold jewelry.

A $5,000 ring may only have about $2,000 worth of actual gold content. If this is a finely made ring, you may get a little more than $2,000. However, if the buyer will simply use the gold to create something else, they will pay you just for the value of the gold.

Also Check: War Thunder Golden Eagles App

How Much Is White Gold Worth

White gold is an alloy that consists of gold mixed with one or multiple other metals, such as nickel. Because of this, there is no such thing as 24k white gold. But since it contains at least some gold, white gold will still be valuable. 18k white gold will typically be worth about the same as 18k gold. The same is true when comparing 14k white gold against 14k gold.

Facts To Consider Before Buying Or Selling Gold

How to Sell Gold for the Most Cash

    When any market crashes, its a shock. For a real nose dive it normally takes something unexpected and dramatic to kick it of. If people had any idea of the reason or that it was coming then the fall would start early and be more shallow.

    Gold fell off a cliff on Monday and many were left scratching their heads. Did gold crash because of good news or bad news? Was the crash engineered by dark forces manipulating the world economy and protecting the dollar?

    The bottom line is no one really knows why gold crashed. Likely someone was a forced seller. Markets, gold or otherwise, have a logic all their own.

    Gold is a badly understood thing. Gold lovers have a crazy view on it, even governments seem to have an irrational take. Gold is the mad metal and here are five things to bear in mind when you love or hate on gold because:

    1. There is gold and then there is paper gold

    The gold price is set buy trading in derivative contracts in gold, contracts that are mostly not backed by the physical metal. When gold slumped on the 15th of April it said that about two months of the worlds production was sold into the market. This was not real gold but the promise to deliver gold or the equivalent in cash. When you buy a gold ETF or a gold share you are not buying gold you are buying a proxy for gold.

    As such gold fans need not worry about short-term moves, however dramatic, because they should be holding gold for the long term and for the benefits that gold offers in diversification.

    You May Like: Get Tinder Gold Free

    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.

    How Much Do You Get For Selling Gold

    A variety of sources online, such as kitco.com, will give you the spot price of gold. Dont expect to get that amount, though, for old jewelry or coins. For one thing, those are wholesale values, and you are selling to a middleman, who is going to need to make a profit when he resells your property.Smith, the past international president of the American Society of Appraisers said some places that post signs offering to buy gold pay just 40 to 45% of the value. Pawn shops may pay just 20%. So what’s a fair value? Consumers should sell to someone who will pay 65 to 88% of the value of an item, according to Smith.

    Why cant you get more? There are several reasons. For one, businesses that buy gold are usually required by state law to hold onto items for a set number of days before selling them, Smith said. This can be a gamble because of the volatility of gold prices. The purchaser of your gold also will likely sell to a refiner or to a middleman who sells to refiners. The gold will pass through two or three sets of hands before it is ultimately sold for its value.

    Gold jewelry isnt always very heavy, so the price that something was purchased for will not be the same as what you sell it back for, Gizzi said. Remember, the retailer that buys the gold, has to process it, clean it, and oftentimes melt it down to make it into something else before they can resell it.

    You May Like: Free Month Of Tinder Gold

    How To Sell Gold For Cash In India

  • Is it advisable to sell gold to a seller without a receipt?Although gold is also acceptable by a few jewellery stores and businesses without the requirement of an original copy of the purchase receipt, more authentic dealers will mandatorily ask you to present the bill. This is done to dodge discrepancies and to confirm the quality of the gold.
  • What are the best practices to follow for selling gold in India ?Start with the basics, inquire with multiple local and big jewellers, organize your bills , analyze the gold trend, and then pick what you want to sell .
  • Where to sell physical gold in India?You can sell physical gold to a jewellery store or an accredited gold re-seller/re-cycler, retail websites or cashforgold shops. Always do thorough research related to gold trends and goldâs value before selling gold in India.
  • Is there a standard invoicing pattern for gold in India?No, there is no single design for the same and so the price of physical gold may vary from jeweller to jeweller.
  • More articles

    Popular Articles