What Is Gold Bullion
Gold bullion refers to a Gold product that is valued by and sold mostly for its metal content and does not contain any numismatic or collectible value. Gold bullion often appears in the form of bars, rounds and Sovereign coins that carry a face value and are backed by a government. These products are most commonly categorized therefore as either .999 fine or .9999 fine Gold bullion, meaning the product is either 99.9% or 99.99% pure Gold.
Cash For Diamonds Usa
Despite its name, Cash for Diamonds also deals in gold. If you have fine jewelry like a ring that contains both diamonds and gold, they can purchase both from you.
To use their service, request a free, insured shipment from them using their online form. 24 hours after they receive the shipment, they will send a check.
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How Much Do Gold Buyers Pay
Just like everyone else, gold buyers are in business to turn a profit. That means the less they have to pay someone who walks in the door and wants to sell some gold, the greater potential there is for them to turn a profit.
You will need to shop around to find the best deal when you want to sell. Recognize that a dealer has overhead and they will need to buy your gold at some kind of a discount before they can process what they buy and resell it to others in the gold marketplace.
Where To Sell Gold Jewelry In Southern Connecticut
Fairfield Center Jewelers offers high-level services to the Fairfield County Community. We have been buying gold in the area for more than 80 years, and it has always been a priority to make sure our customers feel at ease and solve all doubts about how to sell gold jewelry. When we consider selling gold jewelry, one of the first questions is where to go. The best place to sell your gold jewelry in Connecticut with the highest level of trust and professionalism is Fairfield Center Jewelers. Take advantage of Fairfield Center Jewelers expertise and reputation to receive the highest price possible for your precious metal, diamonds, silver coins, and diamonds. Be assured we are licensed and will offer discreet services. Visit us at 1498 Post Road in Fairfield, Connecticut, to learn more about buying and selling gold. We are experts in the purchase of gold jewelry. We will give your gold a thorough evaluation free of obligations. If you prefer, book an appointment at 259-5693.
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How Can I Tell If Gold Is Real
Before you try to sell your gold, youll want to know if your gold is real. If youre expecting a payday from selling gold, only to find that you dont have actual gold to sell, youll be sorely disappointed.
There are a few ways to determine whether your gold is real or fake.
One is to look for . Often, real gold jewelry is marked with its purity, usually on its clasps or the inner part of rings. It will be a number between 1 and 999 or 0K and 24K.
As a bonus, these markings indicate the purity of the gold, from 0 to 99.9%, or 0 karats to 24 karats.
These markings may be accompanied by a GF, GP, or GEP, standing for Gold Filled, Gold Plated, or Gold Electroplate respectively.
Another method is to see if yourgold floats. Authentic gold is quite heavy, so it will quickly sink in a bowl of water. If it floats, it is an imitation or fake gold.
Real gold is not magnetic. If you have a powerful magnet, see if it attracts your gold. If it does, the gold is impure or false. However, youll need a strong magnet for this test. Most kitchen magnets wont be enough.
Why Gold Is Valuable
Gold is a fascinating commodity one of the oldest forms of investment, wealth, as well as deeply sentimental when in the form of jewelry and other art. Plus, unlike stocks and bonds, gold is beautiful, and unlike real estate, highly transportable.
Because pure gold is a chemical element, it is finite it is impossible to manufacture new gold . The limited, finite nature of gold is what gives gold value.
Gold recycling is also one of the most environmentally sound processes reusing a natural resource again and again causing minimal environmental impact each time, and using tiny sums of energy.
Gold is believed to have been first used in 40,000 B.C. in what is now Spain, with evidence of smelting dating to the fourth millennium in Mesopotamia. Gold is mentioned frequently in the Old Testament, starting with the story of the golden calf, and the New Testament mentions gold as one of the gifts of the magi in the first chapters of Matthew.
Despite its ancient roots, and millennia of use, gold remains mysterious. However, there are some basic facts you should understand before selling your gold:
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Selling Gold Bullion Coins Or Bars Online
If you have gold bullion a type of gold coins or bars sold primarily for investment selling to a buyer that specializes in gold jewelry isnt a good idea, as youll generally receive less than you would get by selling to a dealer that specializes in gold bullion.
If you contact Abe Mor directly, they are willing to give a better rate for larger purchases of gold like bullion or coins. These days, online gold bullion buyers will usually provide a quote based on the weight of gold that you want to sell, then provide an address for you to send the gold via an insured, track and trace delivery service. Some also work with local partners at which you can drop off the gold.
Note that these companies generally wont buy old gold jewelry instead, they only deal in gold bullion.
What Are Gold Futures
Meanwhile, gold futures prices serve as the basis for the LBMA Gold Price, which is based on contracts for the physical delivery of a specified amount of gold on a set date in the future, and determined by predicted changes in supply of and demand, the estimated cost of transporting and storing gold.
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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.
How Gold Purity Affects The Price Youll Get For Your Jewelry
Most people have heard of gold karats, but not everyone really knows what this means.
Karat is a measure of the purity of gold and is measured on a scale using 24 karats.
24 karat gold is 100% pure gold, while 12 karat is 50% pure gold. Each of the different karats basically indicates how much gold is contained and the further down you go on the karat scale the less pure your gold is
|37.5% pure gold|
This may sound obvious, but the amount of raw gold in your item will affect the price that you will be able to sell it for.
18 is a 50% larger number than 12, so an 18 karat wedding ring has 50% more gold in it than a 12 karat gold ring. An 18 karat wedding ring will therefore be worth 50% more to the gold buyer as it is the raw gold it contains that they are concerned about.
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Where To Find Scrap Gold Around The House
Scrap gold that you may have on hand to sell includes:
- Dental fillings, bridges and gold crowns
- Broken jewelry
- Antique china you can chip off gold trim on these dishes
- Gold plated silverware
- Gold is found in the processors and connectors in computers, circuit boards, tablets, and smartphones use gold though extracting this gold is complicated
- Gold heat shields, gold reflectors, gold mirrors, gold optics
- Gold solder
Find Out How Much You Have To Sell
How much your metal is worth depends on the amount of it, as well as current market prices.
Precious metals are typically sold . If you are selling gold jewelry or a gold coin, instead, the metal is unlikely to be pure. Multiply the percentage of purity by the total weight to find the total amount of gold or other metals that you have.
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What To Expect When Selling Your Old Jewelry
Another way to make some cash is to sell your jewelry for its scrap value. This means youre selling it only for value of its materials. It will be disassembled and melted down into a bullion. This is the easiest way to sell your jewelry. To do this you have to go to a gold buying store with your jewelry or mail them off. They will usually make you an offer immediately. Here is a quick rundown of what returns you might see depending on the market from Bob Frick at Kiplinger:
When you sell gold coins or bars, you should expect to receive at least 90% to 95% of the current market value. But with gold jewelry, youre likely to get only 70% to 80% of the melt value. The difference reflects the dealers profit, plus the cost of melting and refining your gold and turning it into new gold jewelry or bullion.
You should know what kind of scrap value youre working with before you do this. You should bring your gold and silver items to a local metal buyer for appraisal first and it up to you decide to sell it there or not suggested Steve Gillman at The Penny Hoarder. If they make you an offer you still have the option to shop around for the best deal.
The American Gem Society offers some simple steps if you want to determine the scarp value on your own:
Best Reputation: Golden Eagle Coins
Gold Eagle Coin
Established as a family-owned business, Golden Eagle Coins has a nearly unblemished track record with thousands of positive reviews, making it our choice as the online gold dealer with the best reputation.
Extensive selection of gold coins
Solid online reputation
Limited selection of gold bars
Known primarily for its vast selection of gold coins, including collectible and numismatic coins, Golden Eagle Coins’ started in 1974 and maintains a track record of customer satisfaction that is unmatched, which is why it makes our list as the most reputable online gold dealer.
You can’t help but marvel at Golden Eagle Coins’ extensive selection. In addition to the popular coins, such as American Eagles, South African Krugerrands, and Canadian Maple Leafs, Golden Eagle Coins sells a wide variety of silver, platinum, palladium, and copper coins. Investors can also find a great selection of pre-1933 coins, commemoratives, mint sets, and foreign coins from more than 100 countries.
Also, you won’t find too many dealers that offer historical currency, such as Confederate notes and Colonial currency. Collectors are also impressed with its selection of ancient Arabic, Greek, Roman, and medieval coins.
Golden Eagle Coins’ pricing is very competitive but not nearly as cheap as BGASC or SD Bullion. Its Golden Eagle Coin sells for $2,044, about par with its main competitors. But you go to Golden Eagle Coins for its selection and service, not necessarily for its pricing.
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Is It Safe To Sell Your Gold And Silver Online
If you use a trusted buyer, it is. As with any industry, there are untrustworthy actors out there. Because of the value of precious metals, ensuring that youre working with a legitimate buyer is key.
First, check shipping policies. A legitimate buyer will offer insured shipping, both for sending and for returns. They will also use trusted shipping companies.
Read buyer reviews on sites like TrustPilot. See what previous sellers have said about the company.
Finally, look at how long the company has been in business. The longer a buyer has been working with precious metals, the more trustworthy they tend to be.
Know The Gold Price Per Gram
To get the best price for gold, youll need to have a grasp of your items value as well as current market data.
Understand How Gold Market Value Works
Gold is traded in worldwide markets. Its value changes according to how much is on the market and how much people want it.
Find the Up-to-Date Value of Gold
To find out what the current price of gold is, check the value on a site like Kitco.
Gold prices are listed per ounce. Keep in mind that the listed price is not how much a buyer will give you. Buyers only make a profit when they buy below the spot price.
Calculate the Market Value
In addition to the changing price of gold, another factor affects how much your piece is worth: the purity of the gold. The spot price only applies to 24k gold, which is almost 100% pure and too soft to use in jewelry.
The higher the purity, the more pure gold a jeweler will be able to obtain and the more the item is worth.
Base value calculations on the weight of your pure gold, rather than total weight of your piece.
Do Your Research
The above steps apply if youre selling everyday gold jewelry, where the price is based on its gold content. This is also known as its melt price.
However, for designer pieces and high-end pieces, it may be better for you to sell your gold jewelry to a luxury second-hand dealer, rather than a gold dealer.
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Understanding Gold Purity: 9k 10k 14k 18k 22k And 24k
Many of us, at one point or another, will shop for gold in the jewelry department of a department store or in a jewelry store.
If you’ve ever gone shopping for jewelry, you are probably familiar with the word karat as applied to gold. The higher the karat, the more expensive it will be. But have you ever wondered why? The short answer is that higher karats mean more gold, but theres more to it than that.
What does it all mean? And what is all of that fine print stamped into your piece of gold? What are karats really? How do you know how pure that gold really is? This article will answer these questions and more.
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.
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Does High Karat Mean Higher
Purer gold does not mean better, it means more pure, worth more money, and more expensive. With gold, the phrase less is more can certainly apply. As stated earlier, the less pure the gold is, the more alloy metals it contains. Gold that is blended with more alloys is stronger. This may be preferable especially for jewelry as 24K gold is very soft and not as durable. The lower the karats in a ring, the stronger it will be. Lets compare lower and higher karats:
- The lower the karat, the stronger it will be, while higher karat gold will be softer.
- Lower karat gold is not tarnish-resistant. Higher karat gold is much more resistant to tarnishing.
- Lower karat gold is not worth as much monetarily. Higher karat gold is more valuable because it is purer.
- Higher karat gold will appear more yellow.
Choose the purity level that makes the most sense for what you intend to use it for, whether you will subject it to a lot of force, and your personal preferences.
Should I Have An Appraisal Done Before Trying To Sell My Gold
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.
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