RSSAll Entries Tagged With: "going rate of gold"

How to Sell Unwanted Gold

Sell Unwanted Gold

Why sell unwanted gold? That’s a question you may be asking yourself right about now if you’ve been a little worried about cashing in on the popular metal. And if you were keeping track of the going rate of gold, you’d know why you should be selling to gold buers right now.

At around $1,100 per an ounce presently, gold is making a lot of consumers happy to cash in on everything from gold coins, bars, bullions, gold jewelry and even dental pieces. As long as it contains gold, it can be sold for fast cash.

Yet not too long ago it used to be that people just weren’t really interested in really selling their old gold items. And even if they knew their gold items were worth something, they would just drive to the nearest gold buyer or pawn shop and get as much as they were offered for it. Or they’d throw it in their yard sale for a specific price and be done with it.

So now that consumers have gotten wind of the decent amount of money you can make when you sell gold, they’re cashing in, but not always at the right places.

One of the biggest businesses that’s profiting from the current gold rush are pawnshops. They know that desperate people want to sell quickly without any hassle and pawnbrokers have no problem stepping in to buy your valuable pieces.

But, if you really want to sell your gold for the best price possible, you may need to avoid the pawnshops and do your research. Don’t just try to get rid of your items to the first business who has a sign posted, offering to buy and sell used gold. Instead, know what your items are really worth first, then shop around for the best offer.

The easiest way to know if you have enough of the precious metal that’s worth selling is by checking it’s purity. Most pieces, especially jewelry will be engraved with a number and the letter “K” (karat) (like 10K, 14K, or 18K) and a higher number will mean a higher gold content and value.

Once you know the value of your gold piece, make sure you know exactly how much the going rate is for your items. The market fluctuates daily, so while that old wedding band may be worth a couple of hundred in the morning, it may only be worth ¾ of that by mid-day.

Don’t pass up a coin dealer or jewelry store when you have coins or jewelry. Even if the pieces are not in perfect shape, these businesses may still take an interest in what you have since the precious metal is very valuable.

Think outside of the box when it comes to selling scrap gold. While there’s nothing wrong with considering an online dealer, refiners will allow you to skip the middle man if you know how to talk to them.

Most refiners however, are often leery of purchasing from individuals since there’s generally not enough items to be worth their time. They want a large quantity of the precious metal, so if you have enough friends and family who are willing to  sell unwanted gold, then you might just be able to grab a refiner’s attention.