Is Selling Your Gold A Good Idea
Is now the right time to sell? Should you wait for the price to go up, or will waiting risk losing money if the price goes down?
Selling gold now is a good idea for those who need cash or want to use the gold to reinvest in a newer piece of jewelry, Gizzi said. Outdated jewelry that is broken or single earrings also make great items to sell.
That being said, its possible to have regrets. Always remember that once the piece is gone, you can rarely get it back, Gizzi explained. Just because a piece of jewelry is outdated, doesnt mean that it wont come back.”
Sell To Gold Dealers If You Need Quick Cash
If you need money quickly, sell your jewelry to gold dealers. However, you should first collecta number of offers and compare them to make sure you dont sell for a price that istoo low.
Use the rule of thumb mentioned earlier in this article: You should expect to get about 80% of the current market value of gold.
How To Sell Your Gold And Precious Pieces Of Jewelry
by Admin | Sep 25, 2020
Gold or any other precious stone is valuable when you have it in your hands as jewelry. But it can be more valuable to you if you convert it to money by selling it at the right price. There are many gold buyers and dealers in the jewelry industry. However, you need to know the best place to sell gold jewelry if you are looking to get the best prices.
Read Also: Buy Wow Gold Safe
Take Your Time And Shop Around
Another common mistake that a lot of people make is rushing the sale of their gold and accepting the first quote that they are given. Even if you are in a rush for cash, the best way to maximize your profit is to shop around and speak to reputable jewelers and pawn shops. If they have a physical location that customers can visit, take the gold that you wish to sell to them and let them give you an on-the-spot evaluation. Get as many different evaluations as you can and also get the terms and conditions of the transaction and compare these closely.
It is essential to understand the terms and conditions as it is in the fine print that all of the deductions are listed, and these can vary quite drastically between all of the different companies offering to buy gold. The market price for gold is universal, but the fees that are charged can vary a lot, which is why you want to speak to as many reputable companies that you can before deciding which one to sell your gold.
What Is The Value Of Your Gold Today
As of September 9, 2020, the price of gold in the USA is $1,924.27 per ounce or $61.87 per gram a recent record and one of the highest gold prices on record since 2013. Gold prices typically increase as the value of the stock market declines, putting them at recent record highs because of the recent drop in the value of most stock indices.
Many people have gold, either around the house in the form of old jewelry, as old gold coins, or in the form of gold bullion purchased as an investment.
With gold prices at a recent record high, now is a great time to think about selling gold to free up some extra cash.
Although the process of selling gold can seem confusing, there are reliable, trustworthy buyers out there that will give you a great price for your gold jewelry, coins or other types of gold.
Below, weve explained everything you need to know about selling gold. Our guide covers how gold prices work, how much your gold is worth, the best ways to sell it for the highest price and the basic process of selling gold online.
Weve also gone into detail on common mistakes to avoid when selling gold, as well as the pros and cons of selling gold online versus locally through a pawn shop, jewelry store or other type of gold buyer.
Finally, weve provided some expert tips to help you get the best possible price for your old gold jewelry or other gold items.
Recommended Reading: How Much Is 18 Karat Gold Per Ounce
What You Need To Know Before You Sell Gold Jewelry
ByAbraham Barakat | Submitted On October 30, 2014
A check on the price of gold revealed that it had an asking price of A$1,429.44 as at 11:54 a.m. on 22nd October, 2014 . That is definitely a very handsome price at which to sell gold jewelry.
Don’t worry if your jewelry pieces are old and broken – gold rarely loses value because of that. Most of all, many reputable dealers and jewelers would be ready and willing to get such pieces off your hands. You can also add in all your old and new gold watches, bullion and coins.
All you need to know are a few important details that will help you get the best possible price.
Different Varieties of Gold Jewelry
Reputable dealers can offer you great prices for whatever variety of jewelry you have. Such items may have different gold colors depending on the type of alloys mixed in with the precious metal. Existing colors range from white, rose, yellow or a spectrum of multi-colors.
Jewelry also possesses varying carats of gold, including: 24ct, 22ct, 18ct, 14ct, 9ct, and 8ct. According to the United State Geological Survey, the fineness of gold in such jewelry is indicated by the composition of gold out of twenty-four parts. Therefore, the purest form is 24 karat, while purity decreases down to the least carat.
The reason why gold is mixed in with other alloys is simply because the pure mental is quite soft. Adding alloys makes the gold stronger and harder, despite possessing less purity.
Checking the Purity of Your Jewelry
Set A Realistic Price
After appraising your jewelry, move on to assign realistic prices. Pricing is a determinant of who buys your jewelry. While looking to have the best value from your jewelry sale, you should avoid overpricing as it deters buyers. Ensure to visit various jewelry stores and benchmark, considering the market prices as well.
You May Like: 18k White Gold Price Per Ounce
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.
Making Sure Your Gold Is Ready To Sell
For the consumer seller, its important to understand right from the start one will not be paid the value of the spot market price for gold sold. First, the gold buyer involved needs to make a profit to stay in business. They are not speculators in the sense of buy and hold investing. They dont buy to sit on the gold for months or years and then sell it when the price has risen further. As a business, they need to move that gold and resell it into the market at a profit to pay for their operations and growth. Because of this, anyone selling gold, even with the best pricing, will be doing so at a discount, period. The trick is to find the right gold buyer who gives the consumer the best price, even with the discounting included. The best price isnt always the most either. What good is a price if the person is subjected to risk and their safety is threatened or if the transportation cost there and back ends up eating a big chunk of change? In practice, the best price is the one that can be reasonable obtained for the gold being sold without losing cost somewhere else.
Dont mix your metals. If you are hoping to sell other precious metals in addition to gold, which some buyers will take. Keep those items separate from your gold. Silver and palladium items should be kept in their own bags and containers and not mixed in with everything else being brought to the buyer.
Read Also: Golden State Grant Program For Ssi Recipients
Benefits Of Pawning Your Valuables With The Best Pawn Shop In Los Angeles
What is pawning?
Pawning in the laymans words is giving a person their valuable items to take care till they come back and receiving some money in exchange for that. The pawning shop has been in existence for centuries. People from the primitive days, pawn gold, silver, diamonds, platinum, etc. They would rent their gold for cash and then buy it back from them as soon as they gather the amount. This may include interest or may not include interest depending on the person you pawn your jewelry with. However, there are many benefits of pawning your jewelry with the pawn shop instead of banks.
The benefits of pawning your gold for cash:
Cash loans through pawn shop are uncomplicated and quick. They are popular amongst the people of USA due to the lower rate of interest and your ownership remains intact. So, here are the benefits of pawning your gold:
Convenience: There is nothing easier than pawning your valuable with a pawn shop. They are in every corner, all you have to do is to go to Google and type the best pawn shop near me and you will lend on some of the best shops of your area. It wont take too long to evaluate the worth of your valuable items.
No background check: Your background will not be checked and you will not be asked anything as far as you sign the forms stating you agree to their terms and conditions of paying the amount. Your credit check will also be not done.
Why Do People Invest In Gold
People invest in gold for a variety of reasons. Gold has a lot of history behind it. It has been valuable for a long time and was frequently used as a currency. This history gives it value.
Gold also tends to be seen as a stable store of wealth. When currency values are uncertain or fluctuating, many investors buy gold to ride out the uncertainty.
It has also gotten easier to buy and sell gold. Before, you needed to purchase and store physical gold.
When you sold your investment, you would need to ship or transport it to the buyer. Today, you can buy securities that track the value of gold without holding physical gold yourself.
Recommended Reading: Spectrum Gold Package Channels
Get An Assessment For Your Jewelry
Some jewelry buyers opt to pay by weight. Before you sell gold to such a buyer, get a proper appraisal for your jewelry. Through an assessment, you can determine your jewelry quality, as well as give value to it.
You should get an accredited jewelry assessor who will help resolve all these.
Some jewelry cost more as an end -product than its original metal. A good jewelry evaluator follows existing market trends, giving you an understanding of your gold jewelrys possible resale price.
Avoid Scams When Selling Gold Online
Some companies send a check before you agree to their price, others assume you agree if you dont respond quickly enough and some dont send the jewelry back or pay you.
A little research goes a long way in avoiding scams when selling precious metals. Check whether there have been complaints with the Better Business Bureau against the dealer youre considering. Look at how long theyve been in business Davis recommended finding a dealer thats been around for at least 10 years. And of course, check their reviews online.
Remember that a bad review doesnt always mean its a scam. For example, some sellers will inevitably complain because they didnt understand that 10-karat gold is barely more than 40% gold. On the other hand, if 20 out of 25 reviews are negative, you can probably find a better company to work with.
Look for reviews that involve tests of companies using identical items. This feedback helps you discover which companies are difficult to deal with and which consistently pay the most.
Also Check: War Thunder How To Get Free Golden Eagles
Check The Reputation Of Potential Buyers
Finally, dont forget to vet the reputation of any potential buyer you are seriously considering. This is especially important for online dealers that ask you to mail your gold to them.
The website of the Better Business Bureau can be helpful in this regard, as you can check online if there are any complaints against a particular gold buyer.
Ways To Sell Your Gold
Refiners Youll typically get close to full market value from refining companies. The problem is that refiners usually only buy in bulk. That makes this an unlikely route for you to sell just a few small pieces of gold.
Local jewelers or pawn shops The second-best pay day can typically be had from these kinds of buyers. Call around to ask how much theyll offer for your gold, once you determine its weight using the suggestions below. Use the Better Business Bureau or consumer review sites like Yelp to vet any questionable businesses.
Gold parties These events take their cue from Tupperware parties, lingerie parties or any similar gatherings. You can enjoy a few glasses of wine and socialize with your friends, but dont expect top dollar.
Mail-in buyers The absolute worst deal for your gold and jewelry comes from firms that advertise online, on TV or on highway billboards. Money Adviser checked with Cash4Gold, GoldKit and GoldPaq and found they only pay about 11 to 29 percent of daily market value.
Read Also: Kitco Current Gold Price
Do These Four Things When Selling Gold
Once youre sure your items are worth no more to you no sentimental attachment or valuable appraisal as fine or costume jewelry than their value when melted down, heres a four-step process to get the most money when cashing in your gold:
Amount of Gold Per Karat Weight
| Type of Gold |
|---|
Check Businesses Before Selling Your Gold
And as long as were discussing precautions, with potentially significant amounts of money changing hands, you want to do at least as much due diligence as if you were, say, trading in a car. In addition to professional associations and recommendations, you can check with the Better Business Bureau to find out if there are complaints against a business you’re considering, and if so, how they were resolved.
Its smart to weigh your gold before taking it to a buyer — a kitchen or postal scale should give you a reasonable idea of the weight of your items. And make sure that when the buyer is weighing the gold, you pay attention to the procedure.
Also Check: How Much Is 18 Karat Gold Per Ounce
Ensure Proper Documentation Of Your Jewelry
When jewelry is changing hands, say for shipment or giving to a potential buyer, there is a need to protect yourself. Ensure to take photos of the jewelry and any other necessary documentation.
Documentation shows evidence, thus shielding you from any losses arising.
Losses can occur during the exchange. You can lower the risks of losing your jewelry and money by doing proper documentation.
Clickhere to watch a video on selling jewelry tips from the best jewelers in the market. In this video, you will learn:
- How to check the purity of gold by looking at the number of karats.
- The types of gold jewelry that are marketable.
- How you can benchmark gold jewelry prices.
- Know what to do with any scrap and antique jewelry in your home.
- How to sell jewelry
- Some ideas on where to sell gold.
Can I Sell Gold Jewelry
Yes, its possible to sell gold jewelry. If you do choose to sell gold jewelry, youll need to decide whether youre trying to sell it as jewelry or as gold, as this will impact your options when looking for a buyer.
If you want to sell your jewelry as jewelry, youll want to look to jewelers, pawn shops, or a way to sell to other consumers, such as through eBay or Craigslist.
If the jewelry is old, you might also have luck selling it to a person or shop that focuses on antique goods.
Selling jewelry as jewelry is usually best if it has some historical or artistic value. A plain gold necklace will be worth less than a well-preserved, hundred-year-old necklace that contains the same quantity of gold because the old necklace has historical significance.
If you want to sell your jewelry for the value of the gold it consists of, youll want to focus on selling to gold dealers or other companies that specialize in dealing with precious metals.
With these buyers, the value of your jewelry will be tied to the amount of gold it contains. Jewelry with higher purity gold will be worth more by weight than jewelry with lower purity gold.
Read Also: Banned For Buying Gold Wow Classic 2021
