Get Extra Cash by Selling Gold

Selling Gold

Who doesn’t need some extra cash these days? You can get extra cash fast by selling gold. You can sell gold jewelry, gold scrap, gold dental and bridge work or any items you might have that contain gold.

Selling unwanted gold from an old marriage or relationship has become quite fashionable – you can even have a gold selling party, have fun with friends and family.

Gold selling parties have become a trend that’s quickly catching on in all areas of the country. Again, you can check online to see what’s involved in hosting a gold-selling party for your friends, family and neighbors.

You might also want to check with a local gold buyer to see what kind of deal he can offer. Hosting a gold selling party with a gold expert can ensure a fun time for all – and everyone walks away with some spendable cash.

With the price of gold roaring higher each day, many are selling unwanted gold contained in old or broken gold jewelry, coins and medals to get the cash they need or want. There are several methods by which you can easily sell scrap gold.

You can get lots of information online about companies who will buy your gold and will be happy to send you an information kit telling you all you need to know to sell your gold quickly and easily.

For some, selling gold that came from a defunct relationship and bad memories is a way to release all the bad “karma” that’s hanging on. For others, selling gold might be a necessity in order to pay a mortgage or car payment.

Whatever your reason to sell gold, you’ll find that the market is ripe and you can usually make a good deal.

In these tough economic times everyone is looking for a way to find extra cash and selling gold seems to be the way many people are finding it.

You can find dozens of methods on how to sell scrap gold on the Internet – and there are also dozens of buyers anxious to purchase it. Do your research and find the best method for you.

When you decide you want to sell your gold, the first thing you should do is check out the purity of each gold piece. Keep in mind that some jewelry will have a stamp indicating its gold content. 24 karat gold is pure, while 14 karat gold is 14 parts of gold to 10 parts of another metal.

After determining the content of the gold items, go online or read the newspaper to find out the current gold price. The price of gold changes on a day to day basis, but you can get a good idea of what your gold is worth.

You may be able to sell gold locally by calling scrap gold dealers, local pawn shops and other gold merchants to see what price you can get for your gold. Also, check out online dealers and make your decision based on the best price you can get for your unwanted metal items.

Jump on the bandwagon and join the gold rush that’s going on right now while gold prices are highest. Selling gold could be just the avenue you’re looking for to pay bills, take a vacation or sock away some extra cash.

How To Sell Scrap Gold For Maximum Profit

Sell Scrap Gold

In this economy it is a prudent and pragmatic idea to make the most of what you have. When dealing with selling your scrap gold, smart homework will help you get the most money for it. To be able to make the most profit out of selling scrap gold, consider the following steps.

Steps in Selling Scrap Gold

Step 1. Have your gold appraised before you make the sale. The first step in making  any sale is to first know the proper selling price for your merchandise.

The first thing you need to do when considering selling scrap gold is to calculate the price of the gold itself. This can easily be done by first determining the gold percentage in your scrap gold, weighing it, and using these to calculate its market value.

24 karat gold is 100% gold, use this to calculate the percentage of the gold that you have by dividing its karat by 24. So, 18K gold is 18 ÷ 24 or 75% gold. 14K is 14 ÷ 24 or 58.33% gold. 10K gold is 10 ÷ 24 or 41.67% gold. (Most gold jewelry is stamped with its carat someone on the piece.)

Gold coins are typically at least 99% pure gold, so you just figure them at the spot gold price.

After you’ve determined the carat of you gold pieces, you should weigh it and convert its weight into ounces. (Most scales will weigh in grams or pennyweight.)

You can then multiply the weight of your gold by the percentage of gold that is in it. Once you have the corresponding ounces for your real gold you can calculate the worth of your merchandise by comparing it with the current price of gold.

Step 2. Knowing the market value of your gold will help you when you go to a dealer to sell gold. Just remember that you’re not going to get the full market value for your scrap gold because the dealer needs to make a profit for his time and investment, so naturally he will be paying you a percentage of the gold market value at the time of the transaction.

When you’re selling your gold for scrap, always remember to remove any extra valuables, such as gems, attached to the gold before selling. This makes it easier to weigh and also ensures that you do not lose money due to undervalued appraisal.

Always keep in mind that the gold scrap price is based solely on the value of the gold, and does not consider craftsmanship, history, aesthetic, and personal value attached to the merchandise. If other gems are attached to the gold, you can sell these separately to make more money.

Step 3. Consider your options and find reputable dealers. When selling unwanted gold, usually the best path to take would be to sell gold locally. Look up jewelers, coin shops, or brokers who are willing to buy your gold so that these can be melted to make pricier items or who would be planning to sell these to refineries.

Selling scrap gold locally is a good idea because it maximizes possible profit and lessens risk. When local buyers are not available, other options like gold buying companies and websites are also viable as long as they are legitimate and check out alright with the Better Business Bureau.

These companies usually send you a kit containing an insured envelope and merchandise form; if these are lacking then better to deal somewhere else. Remember sell to the best buyer, but do not be too hasty.

Step 4. Other things to consider when selling your unwanted gold are to keep in mind that when checking out quoted prices that these can change pretty quickly since standard gold prices are set twice a day.

It is a better idea therefore to get the quoted price in writing. Always remember that when trying to make a profit from selling scrap gold, nothing beats an informed seller.