Best Place To Sell Your Gold
There are many places you can sell your gold, and which you chose can depend on what type of gold you are and how much of a rush you are in to sell:
Pawnbroker Selling to a jeweler Selling to a dedicated gold buyer
A key thing to know is that the more keen you are to sell quickly, the lower the price you are likely to get for your gold.
Top Gold Stock #: Gold Resource Corp
- Estimated total annual return through 2026: 12.5%
Gold Resource Corp. is a producer of gold and silver, with operations in two mining units, in Oaxaca and in Nevada.
GORO is a small-cap stock, with a market cap of just ~$150 million. Investors should consider the unique risk factors of small-caps.
Source: Investor Presentation
On February19th, 2021, Gold Resource spun offits Nevada mining unit into a separately traded stock, Fortitude Gold .
This transaction was made to unlock shareholder value, as this mining unit currently has lower production but much higher growth potential than the mining unit in Oaxaca.
Is Buying Gold Online Safe
Buying gold online is as safe as any other transaction you make over the internet as long as you know you’re dealing with a reputable company. The best dealers use SSL encryption and are PCI compliant. Plus, all their shipments are insured for their full value.
The most significant risk you face is purchasing from an illegitimate company that sells fake products, overpriced inventory, or simply runs off with your money. As with any online purchase, you are your first and last line of defense against scammers. You need to do your due diligence on gold dealers by researching them online.
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Some Quick Guidelines Before You Go To One Of These Places
Pure gold is currently paying about $1250 per ounce. By going through the math, this means that 10 karat gold will scrap at about $16.35 per gram. And 14 karat gold will scrap at $23.50 per gram. Scrap prices refers to what these large companies get paid when they send in this gold to be melted, which is what most of them do with your gold. This means that its nearly impossible for you to ever get offered more than this amount for your gold. In fact, more than likely, it wont even be close to this number. As I mentioned earlier, this is because of the convenience charge these stores get for being market makers. However, the closer you can get to these numbers, obviously the better.
2) Your second option is to go a pawn shop. Many people recommend going to pawn shopes over the We Buy Gold places because often these shops pay significantly more. I recently sold some gold myself and this is exactly what I did. Ill detail my experience selling gold later in the post.
3) Finally, you can always just wait. Hold on to your gold and wait for the price to go up. Gold fluctuates. But in the long-term, it has always gone up. If you dont really need the money, it might be the way to go. Save it for that rainy day.
Craigslist Or Facebook Marketplace
You can always try selling your jewelry yourself to make more money. Jewelry stores and pawn shops must pay you a low amount so they can profit. Its free to list your items on Craigslist, Facebook Marketplace, or selling apps and you can charge less than your local stores.
Getting an official appraisal for your jewelry can help you earn more money as you can verify the authenticity. The appraiser should also tell you the fair market value for your jewelry.
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How Much Is A Gold Bracelet Of 14k Worth
Like other precious metals jewelry your bracelet is worth as much as the weight of the gold x the karat. If it has stones, such as diamonds in a tennis bracelet, those gemstones may add value to the bracelet. Learn more about selling your bracelet online.For other kinds of jewelry with precious metals and gemstones, educate yourself about selling jewelry online before you accept any offer.
*10% bonus offer. Customers who send in their item within 7 days of receiving the shipping materials will automatically receive an additional 10 percent bonus on top of the appraisal value of their items, compared to standard pricing. Total payout may not exceed melt value of items. The 10% bonus offer is not valid or able to be combined with any other special offers.
How much is gold worth?
The resale value of your gold is based on the current market price of gold bullion but considers several other factors. The higher the percentage of gold in your jewelry or coin, the higher the value.
What is the best way to sell gold?
While there are certainly reputable local jewelers who can give you an honest gold resale price for your jewelry, coins, bullion or other items, selling your gold online with a reputable, online gold-buying business is convenient and should give you the most cash.
Should I sell my gold now?How do I sell my gold?How much does gold sell for?
Payments Vary Greatly Depending On The Nation
First, let it be said that the real Olympic windfalls come from being a gold medalist who scores some serious endorsements. Most Olympians, of course, will not be champs and the ones who do reach the top of their game will still never end up with endorsement deals, because their sports are simply too obscure. Thats why you dont see dressage medalists on Wheaties boxes.
What you may find interesting is that some of the lesser-publicized winners still get a payout from their countrys Olympic committee. The payments vary in size from rather-paltry-considering-the-years-an-athlete-invests-in-training to amounts that are downright go-ahead-and-take-the-next-decade-off.
Listed below are the estimated sums for various countries. Please keep in mind that the dollar amounts may fluctuate based on exchange rates.
In general, nations that normally have a lot of Olympic success tend to cut back on the payments accordingly , and those that have had less glory are prepared to be very generous. At the end, well explain why its particularly good to be a champ from South Korea.
United Kingdom: $0
Singapore: $1,000,000, up from $746,000 in 2016
If that doesnt make a man want to win, what will?
This article was featured in the InsideHook newsletter. .
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The Best Places To Sell Gold For Cash
Bottom Line Recommendation:
Gold prices are currently at their highest levels since 2013. If you have old gold jewelry or gold bullion, selling it can be a great way to get cash immediately while taking advantage of todays high gold prices.
There are plenty of different places to sell gold, not all of which are equally good. The best way to sell your gold is online through a reputable buyer, as youll get a better price than you would selling through a local pawn shop or jewelry store.
For gold wedding bands, engagement rings and other gold jewelry, we recommend selling to Abe Mor Diamond Cutters. Theyll almost always offer the best price for your gold, with a fast, friendly process thats free of any hard-sell sales tactics.
Below, weve provided more information about selling gold locally and online below, including our recommendations to help you get the best possible deal.
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It’s Not Just About The Cold Hard Cash
At the other end of the spectrum is Trindad and Tobago.
When Keshorn Walcott threw a javelin 84.58 meters at the 2012 London Olympics, he set a new world record and won the country’s second-ever gold medal.
Walcott got a hero’s welcome when he went home.
The government declared the day of his arrival a national holiday and named a lighthouse as well as an airplane after him. He also was given $150,000 in cash, a new luxury flat and 20,000 square feet of land.
It’s not just governments that shower sports stars with riches. Businesses and corporations have been keen to muscle in on the action too.
After the 2012 Games, China’s golden swimmers, Sun Yang and Ye Shi-wen, were each given 1,500-square foot apartments as a gift from a local developer,according to local media.
Some of the most ‘mouthwatering’ incentives have come from Europe — Belarussian medalists in 2008, for example, were promised unlimited sausages by a meat producer.
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Selling Gold & Silver Jewelry
The big factor here is if youre selling bullion jewelry or costume jewelry.
Bullion jewelry are pieces that contain nothing but gold. Some 22-karat pieces contain an alloy to give it added strength, but its content is otherwise nothing but real gold. This signals to buyers that if they want an adornment that will also have resell value tied to the price of gold, then they want to buy bullion jewelry.
In contrast, costume jewelry contains many other items besides gold or silver . Some costume jewelry can be very valuable of course, but resale is usually not as high because 1) the value is more subjective, and 2) the retail markup was initially very high.
Browse our selection of gold jewelry
How Is Gold Bullion Different From Other Forms Of Gold
In general terms, bullion can be used to describe other precious metals like platinum or silver. Bullion can come in bars, ingots, and coins. It is never traded in a futures market. Bullion is always traded for actual amounts of physical quantities.
Gold bullion is a recognized weight and fineness that you can buy for the current price of gold, plus some added charges for refining, fabricating and shipping the bullion to you.
The bullion content of a gold object is usually measured by multiplying the weight of the object in troy ounces by the purity of the gold in that object. For example, a 1-ounce gold bar with a .9999 purity rating would contain one troy ounce of 99.99 percent pure gold bullion.
Most of the worlds bullion is owned by governments and central banks and stored in 400-ounce troy bars. Smaller quantities are also available for purchase by individual investors. The problem with buying or selling gold bullion as an asset is that it can be costly to liquidate after you remove it from storage.
There may be assay, refining or handling fees involved if you are dealing with larger quantities. Its much easier to sell gold bullion in smaller, more convenient and tradable sizes.
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Selling Your Gold To Jeweler
Selling your gold to a jeweler who can re-use the gold may be a logical place to start.
However, most jewelers dont have the equipment or skills to melt gold down, refine it and re-use it. Instead, most jewelers would need to sell the gold on to someone who can do this.
Selling to a jeweler is essentially adding in an extra middleman in the process, and every additional layer you add into a process means that the amount they can give you for your jewelry will be reduced.
It makes sense therefore to skip jewelers completely to make sure that you get the most possible for your gold.
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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Why Do Investors Care About The Gold Price
As with any other type of investment, those looking to buy gold want to get the best deal possible, which means buying gold at the lowest price possible. By watching gold prices, investors can look for trends in the gold market and also look for areas of support to buy at or areas of resistance to sell at. Because gold pretty much trades around the clock, the gold price is always updating and can even be viewed in real time.
Selling Gold Shop Around
Excerpts from the original article:
Save time by calling around to ask what a retailer is paying that day per gram or pennyweight for 14-karat gold . If they wont say, go elsewhere. In my comparison Nov. 9-10, pennyweight prices ranged from $16 at Gold Guys to $25 at Wixon for 14-karat gold.
I took the pieces to five dealers on Nov. 9 and 10 when gold prices were at $1,100 per ounce. The lowest price paid for all five pieces was $1,264 by the Gold Guys at Mall of America. The highest price was $1,677 at Grove Coin in Woodbury, but the total was skewed by the higher coin value. Without the coin, Wixon Jewelers in Bloomington paid the highest on each of the four items.
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How To Calculate The Tax You Owe When You Sell Gold
Take what an items worth today at the current fair market value minus the price for which it was originally purchased. If your gift, inheritance, or some other source then that will be used as a starting point and adjusted by any gain/loss in its value, from time of purchase until date sold.
Heres an illustration:
For example, if you paid $100 for a gold chain but later sell it for $200. Capital gains would equal 100 dollars so all told, capital gains taxes owed are $28.
On the other hand, when you inherit or receive gold jewelry as a gift, the fair market value becomes your cost basis. For example: when someone gives you 3 rings and 2 necklaces that have an FMV of $2,000 at the time they were given to youyou get no income from this transaction because it was sold for less than its original FMV price. Therefore, you dont have to pay any tax on this transaction.
Frequently Asked Questions About Selling Gold Jewelry
Here are the answers to some of the most commonly asked questions about selling gold jewelry.
Yes, it is worth it to sell gold jewelry if you have some that you want to part with. Or maybe you’ve picked some up for bargain prices at flea markets, garage sales or estate sales with an eye on cashing it in. Be aware that different grades of gold, determined by karat weight, will be valued differently. An 18K gold piece is about 75 percent pure gold and 10K gold is just more than 41%. So the higher the karat weight, the more money you will get.
The two primary ways to sell gold are through a local buyer or online. The advantage to selling to a local buyer is that you will likely get your money at the same time you received the offer. There are many online gold buyers and make sure you research them through the Better Business Bureau to make sure they are reputable. It will take longer to get your money through online gold buyers.
Yes, now is a good time to sell gold. To determine if the time is right to sell gold jewelry, keep an eye on the price of gold. In the early months of 2022, price per ounce was hitting near historic peaks, hovering around $2,000 an ounce. That is about $300 more than in the early months of 2021.
Contributor Cassidy Alexander is a Florida journalist with experience writing about education, local government and personal finance. Reporting from former Penny Hoarder contributor Steve Gilman is included in this report.
Ready to stop worrying about money?
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Make Sure Jewelry Isnt Valuable
Before you send any jewelry off to be melted down, first determine if its worth more than the value of the gold. Get an appraisal or ask a jewelry dealer how much hell pay for your things. Who knows, you may have an antique on your hands.
Costume jewelry sometimes called fashion jewelry can be made of many materials, including plastic, but typically not precious metals, especially gold. Gold buyers would not be interested in these pieces but that doesnt mean they arent valuable. Pearls and semi-precious stones are considered costume jewelry.
Look through your jewelry box and even other spots for tangled chains, which may be made of various grades of gold. They may have been hanging around for a while and never worn. Here are some of the things you might have at home that contain gold.
- Wedding and engagement rings
- Tooth fillings that have fallen out
Know The Jewelry Details
You should know as much about the jewelry youre trying to sell as possible. The more details you know, the better idea youll have of the material and market value of your jewelry.
Pay attention to these appraisal details:
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Other Ways To Sell Gold Or Gold Jewelry
I researched all these options before moving forward with CashforGoldUSA, and found it was the best choice:
While there are many reputable local businesses that can give you an honest gold resale price for your jewelry, coins, gold nuggets, bullion or other items, selling your gold online with a reputable business is usually the best way to sell gold.
Using an online gold buyer is advantageous because:
An online gold buyer will make an offer based on the weight and purity of the metal you send. This includes gold coins as well as jewelry: Youll be paid for the metal value rather than a coins face value.
Online gold buyers can offer high prices, since they dont have the expensive overhead of a retail store, and the competitive nature of the Internet means they are motivated to lower their fees.
Those we considered when deciding on the best included:
- Liberty Gold and Silver
- Goldco Precious Metals
- Gold Geek