Sell My Gold

If I want to sell my gold, what should I know? It’s a question that many owners of the precious metal often ask. If you’re unfamiliar with how to sell gold, here are a few things you need to keep in mind.

For instance, if you want to sell gold jewelry, it’s not always a good idea to try selling the unwanted pieces as scrap. When you’re selling items for scrap value, the value is based on the metal alone and not the historical value or quality of the jewelry piece. So often times when you have jewelry made from gold to sell, you could wind up losing as much as half of what you’d get if you were to sell it for its retail value.

However, not every jewelry piece will have a good enough retail value, such as a plain wedding band or simple chain necklace, and it would be better off being sold for its scrap value.

But even when you’re armed with this knowledge, you should still have a good idea of what your gold items are worth. You could easily have the items appraised if you know they‘re antique, but if the item isn’t worth as much as the appraisal fee, you could end up losing money.

If you have scrap gold to sell, an appraiser is usually unnecessary since the price is generally based on the melt down value of the item. Based on the current market value of gold, the gold buyer will buy your scrap gold at some percentage of the current market value of gold. (Dealers usually quote their prices in either ounces or grams. A troy ounce has 31.1 grams.)

Once the weight of your scrap gold items is determined, the dealer will then base what he’ll pay you on the going rate also known as spot price for gold and take a portion of the total price for their own profit before giving you a final quote. Generally a fair buyer will take no more than 30% of the total price and some may even take as little as 10%. Anything more than 20 or 30% should have you selling your valuables elsewhere.

One of the best places for selling unwanted gold are jewelry stores since they’ll likely give you up to 80% of the market value if your pieces are in good shape. Pawnshops are often not the best places to sell gold for cash since they don’t always offer a very fair price and are generally only interested in buying very low and selling high.

And finally, always remove jewels and other pieces that aren’t gold if you’re planning to scrap any jewelry. Businesses who buy scrap gold won’t give you any more for your jewelry items than what their metal value is worth, so you might as well make some extra money selling the jewels and non-gold items to another buyer.

Now that we’ve answered the question of, ‘If I want to sell my gold, what should I know,’ remember, to do your homework.

Related posts:

1. Where Can I Sell Gold?
2. When to Sell Gold Locally
3. How to Sell Your Gold
4. Do You Have Gold to Sell?
5. Sell Gold Stores Are Everywhere Now