Tuesday, September 20, 2022

Where Do I Sell Gold

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How Much Is 18k White Gold Worth

Where do I sell my gold?

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.

Tax Implications Of Selling Gold

You may incur some tax liabilities when you sell some forms of gold. There are no tax reporting requirements when you buy.

Bullion dealers are required to file IRS reports when certain thresholds are met. An IRS 1099-B form must be filed in the following instances:

The reason these items must be reported is that all of them currently trade or used to be traded on commodity exchanges.

IRS regulations require brokers to report all proceeds from stack and commodity transactions. Reporting also only applies if you sell at least the minimum quantity that is equal to the quantity of a commodity contract for the object.

Form 1099-B reporting requirements do not apply to any other coins such as American Gold Eagles, American Buffalo, Austrian, Australian , Chinese or any fractional bullion gold coins.

What Is The Minimum Price You Should Get For Your Gold

At a bare minimum, you should receive a high percentage of the melt price for any gold coins you are selling. In many cases, you should receive a lot more than the intrinsic value for rare coins.

Be sure to visit multiple dealers to confirm the value of your gold, especially if it is in a form that collectors will prize.

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When Should I Sell My Gold Is Selling Gold For Cash Worth It

How to Sell Gold Bars

If you have to ask yes, sell your gold! Again, it is better to have cash that you very much need now to pay essential bills like rent, a car note, or utilities instead of gold coins, gold jewelry, bullion or scrap sitting in a drawer, or safety deposit box.

It can also make sense to sell gold for other investments, including stock funds in a retirement account, in real estate, or even education or a new business.

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Know What Youre Selling

After youve made the decision to sell certain pieces, its key to understand how best to sell them according to their category or categories.

Gold and Silver Bullion in Bars, Coins, or Ingots

Gold and silver bars, coins, or ingots are a form of investment. The form of metal is usually of high purity, as this makes it easier to sell gold and other metals later. For gold, this is 24 karats, also known as gold bullion.

Bullion, whether gold or silver, can also be in the form of coins. These coins are different from coins you would spend. Instead, they are simply bullion shaped into coins.

It should be easy to determine what type of silver or gold bars, coins, or ingots you have in bullion, as they will be stamped showing their weight, purity, and serial number.

Gold and Silver Coins

If youre selling gold coins or silver coins, their worth as collectable items may be more valuable than the metal they contain. Dont sell them for scrap before understanding what you have!

This isnt the case for bullion coins, which are like metal bars: theyre worth the market value of the metal itself.

The U.S. mint makes bullion in their American Eagle coin, which features the Bald Eagle and the Statue of Liberty. Their American Buffalo coins, featuring buffalo, also serve as bullion. Both are offered as both gold and silver coins.

Keep an eye out for rare coins like this. Even if you dont make thousands on them, they can still be worth more than their metal content implies.

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.

Read Also: How Much Is 1 Gram Of 10 Karat Gold Worth

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.

How Much Is 14k White Gold Worth

How to sell Gold by knowing what you have.

14k white gold contains 58.3% gold. Because gold is a soft metal, and 14k gold has less gold in it, youll typically find that 14k white gold will be sturdier than 18k white gold.

To find out how much your 14k white gold is worth, you will need to:

  • Look up the current spot price of gold.
  • Weight your 14k white gold and multiply that number by 0.583 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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How To Convert Gold Into Cash

The process is fairly simple, but to get the best price for your gold, you need to take some specific steps to protect your interests.

If youre a complete newbie to the process, you may want to visit the end of this article first. Weve put together a Glossary of Gold Terms that well be referring to throughout this article and you might find it helpful to know exactly what Im talking about if youre not sure.

First, you need to decide when you want to sell your gold. You may be financially strapped after a divorce, or the divorce itself may be forcing you to sell as part of the agreed-upon settlement.

You may also simply want to redistribute and allocate your investments, pay for college tuition, buy a car, or a house, or if the gold market appears to have topped out, perhaps youll shift your funds to trading in other types of metals.

If you can afford to wait so that you can find the right time, that may be your smartest move. Youll want to start following the spot price for gold which changes daily. Listen to gold market and futures experts on where gold is going to go and be prudent in your timing.

Next, youll need to find a trusted place to sell your gold. A local pawn shop or coin dealer will give you the opportunity to talk to someone in person and walk away with money in your hand that same day.

But some dealers, such as APMEX, offer a 1-day guarantee, meaning youll be paid within 24 hours from the time your products are validated .

Where To Sell Gold For Prospectors: Panned Nuggets Raw Flakes Dust

Most people who get involved in amateur gold prospecting dont ever find enough flakes or nuggets to worry about where to sell their gold. Recreational panning should be looked at as just that: recreation. If you arent having fun while youre prospecting for gold local streams and creeks or metal detecting for nuggets in the desert, then you shouldnt be doing it in the first place.

But if you do end up finding enough gold to make a profit, where exactly should you go to sell it? Selling prospected or panned gold isnt like selling your gold jewelry you cant simply go down the street to the nearest pawn shop and sell a vial of raw gold flakes or dust that you panned out of a local river. Theres a different process involved, and it takes a bit more time to convert your prospected going into money in your pocket.

The first step you need to take is to check out what the current selling price for gold per ounce is in todays market. The market price of bullion will have a lot to do with what you will be able to get for your flakes, dust and nuggets. And heres an important thing to remember: you will NOT get as much money for selling unrefined, raw gold as you would for selling a gold ring, earrings or necklace. A buyer of raw gold will have to pay for the refining process, so this knocks a few bucks off what you can sell it for.

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What Is A Gold Spot Price

The spot price is the price that gold will sell today on the spot. The gold spot price is used by gold buyers to set the price they will offer you for your gold today.

Gold spot prices is the value of gold to be delivered immediately after purchase is called the spot price, calculated as the average net value of all currently traded gold futures for the next month.

Sell Gold Bullion In Canada

Sell Krugerrands

Canada Gold is the countrys highest paying and most trusted precious metals dealer. We pay more cash for your gold bullion. We are pleased to offer the top market price for gold bullion in bars, coins or any form.If another gold buyer offers you more money for your items, well beat their quote with our 120% Best Price Guarantee.

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Selling To An Online Dealer

One of the safest methods to get a good price is to sell your bullion online to one of the major online bullion dealers who have proven track records and business systems in place. When you sell online to a dealer you will typically be able to commit with a quantity and price locking in either over the phone or even online without a phone call. When selling online the dealer will most likely take a credit / debit card deposit from you just in case you balk on the delivery of your end of the deal .

When selling to an online dealer they should give you an order number of some sort to identify the specific transaction, a packing slip to print and put inside the parcel, and an address to ship the contracted goods to. Then within one business day you would safely ship the metals to the dealer and give them the tracking information so they can monitor the incoming goods. Once the bullion items have been safely delivered to the dealers mandated address, the dealer will then inspect and verify the metals and finally issue payment subsequent to their payment policy and your payment preference .

This may require you to get multiple bids so prepare to drive around your city. If you live in a city with only one coin dealer, well that coin dealer has leverage to low bid and people who are in a bind, they likely will sell at prices lower than they should.

Local Coin Shop

Selling Gold For Cash: The Takeaways

When you want to sell precious metals, make sure you know what you have. Determine whether your items are gold or silver bullion bars, gold or silver coins , jewelry, or scrap items. Research their value and determine the ideal payment method.

Then, find someone to buy the items. The best overall value is with a site like CashForGold or CashForSilver. However, if you need money today, an in-person sale may be a better option.

Have you sold gold or silver before? What was your experience?

The reviews and statements published here are those of the sponsor and do not necessarily reflect the official policy, position or views of Observer.

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How Do Gold Buyers Make Money

Gold buyers are often gold dealers who can make money in a couple of different ways. They can buy gold from consumers at a discounted price and then sell that gold to wholesalers and refiners in their supply chain.

Other gold buyers stock an inventory of gold that they have pre-purchased in bulk at a discount. They will sell individual and smaller amounts of gold to consumers, taking a mark-up in the process. Other dealers are brokers who are strictly middlemen who take orders from one entity and drop-ship orders from larger wholesalers.

Sell Gold & Jewelry In Toledo

How to Make Money Buying and Selling Gold

Over 100 Years in Business

Over 100 Years in Business

Leo Marks began our journey in downtown Toledo in 1916. Leo Marks Jewelers remains a proprietorship to this day and prides itself on the time and personal attention we are able to give each and every client that comes to visit.

Lifetime Warranty

Lifetime Warranty

Now that your happily ever after has begun, we want to keep your precious piece of jewelry looking like the day you purchased it. With the Leo Marks promise you can rest assured that we are here for the lifetime of your piece. Whether it be a simple cleaning or repair of a prong, Leo Marks jewelers is here for your every need.

Warranty Coverage

  • Free stone check/tightening of prongs
  • Free prong replacement or re-tipping
  • Free head replacement if needed
  • Free annual polishing/refinishing for the life of the ring
  • Free annual rhodium plating for white gold
  • Free Lifetime appraisal service
  • Free lifetime stone replacement for diamonds in your setting up to 1/5 carat
  • Free sizing for a lifetime*

Leo Marks Jewelers will provide an insurance appraisal for your purchased jewelry to insure your ring against loss, theft, or unforeseen damages.

*Lifetime Sizing is limited to once per year

*Excludes pendant chains

*All warranty coverage is voided if alterations are made by a third party

Lifetime Diamond Upgrade

Lifetime Diamond Upgrade

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What Is Gold Used For

Aside from jewelry, and as an investment, gold’s durability and heat-conducting properties make it valuable for many other uses. These include:

Industry and technology, including wiring and data storage, as well as a reflector on glass.

Space technology, as NASA uses gold on astronauts’ visors, as well as in the wiring of space equipment.

Medicine, as gold’s healing and diagnostic properties are applied to treat cancers and rheumatoid arthritis.

Fun fact: Did you know that gold prices historically soar during a recession? Learn more about why it makes sense to sell gold during a down economy, and other financial tips for surviving and thriving in a recession.

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:

Read Also: Kay Jewelers Buy Gold

Why Should I Trust The United States Gold Bureau

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.

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