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Before I Sell My Gold, What Do I Need to Know?

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.

How to Sell Your Gold

How to Sell Your Gold

If you need to sell your gold for cash, there are numerous ways to do so. For example, if you want to sell gold jewelry, you can take it to a jeweler who may be willing to give you as much as 80% of its market value if the piece is in excellent shape.

But if the piece is antique, you may want to think about taking it to an antique dealer instead. Or you could offer it up for auction locally or to an auction site like eBay if you really want a good price for it.

sell gold coinsIf you want to sell gold coins, a coin dealer is a good option if the value of your coins are worth enough. This was the option my father-in-law chose after he decided to cash in his 36 years worth of coin collection.

If the coins are extremely rare, you might consider offering them to a private collector who may be willing to pay their full worth. Or you can put them up for auction or see if an antique dealer would be interested in them if they’re old.

If you have broken pieces of gold jewelry or other items that can be melted down, you can sell broken gold as scrap and make a decent profit through a refiner either online or offline. If you choose to go with an online refiner, just beware that not every website you see claiming to buy gold is going to be legitimate. There are plenty of scammers willing to steal your valuables, so if the site looks fishy, chances are it’s probably a scam.

A good reference for an online gold buyer would be if they’re listed with the BBB. The same goes for offline refiners that advertise on television or in magazines. So always know the risks and protect yourself before you deal with these types of businesses.

Generally, when people want to sell gold for cash, local businesses are the best way to go. And if you think you’ve run out of options, the yellow pages in your local telephone directory is always a great place to start.

If you have coins, jewelry or pieces that may be of interest to individual collectors, flea markets and consignment shops are a great place when you have gold to sell. Just remember, both of these options will mostly likely have a commission fee you’ll need to pay, so you will want to include those fees into the price of your gold item. And try to find a shop that deals specifically in what you’re selling.

And keep in mind, no matter who you decide to make a deal with, before you do, go online and check the going rate for gold the day of your transaction. That way you’ll know whether or not the business is making a legitimate offer for your items.

Finally, don’t sell your gold items to any business that offers you cash without seeing the pieces first. Any business that is legitimate will always want to see what you have for sale so that they can examine it to know what it’s worth.