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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.

Need to Sell Your Gold?

Sell Your Gold

Thanks to the government’s financial disaster, many people have been feeling the pinch of not having enough money to cover their bills on a month-to-month basis. A few weeks ago it hit home when my father-in-law announced, “I need to sell my gold today.” They were words I never thought I’d hear him say.

My father-in-law is proud of his gold coin collection. As a matter of fact, there’s not a visit that goes by when he doesn’t bring out his coins to show them off. So to hear my father-in-law utter those words was practically heartbreaking. Yet, what can you do? When money is needed for food and bills you have to do what you can, just as my father-in-law did.

Of course there are numerous gold out there who are willing to take your precious metals off of your hands. But, not everyone is willing to give you the cash you need, immediately. That’s almost a rare thing unless you’re willing or actually can find a local gold dealer.

My father-in-law lives in a small town, so about the only buyers he could find in his area were pawnbrokers and jewelry stores. He ended up having to travel almost 2 hours away to make any sort of decent money from his collection of coins.

If you’ve been thinking about selling your own coin collection or jewelry, your best bet is to stick to the local dealers if you’re looking for fast cash. Internet and television companies who deal in precious metals can take time to send you your money and it’s a safe bet they’ll be sending a check, which you’ll want to clear with your bank first. So by the time everything has been cleared, you could be waiting for at least a few weeks, if not longer!

You could try auctioning off your gold items when you need to sell gold, but most auction houses require a week’s notice and sometimes longer to advertise your items for the auction. And if you’re considering an Internet auction site, those can take weeks.

If you don’t mind waiting a few days, you might want to consider having a yard sale. As silly as it may sound, you’d be surprised how many dealers are willing to drop by a yard sale to find some great treasures.

If you’ve got gold scrap that you want to sell, try asking your local coin shops if they’re buying. If they’re not, they might at least know of a buyer in the area who is. Jewelry stores are also a good resource since some may be willing to buy your old gold scrap and restore them.

And finally, check the classifieds in your local newspaper if you need to sell gold immediately. Often times there are dealers or private individuals looking to buy gold. Just remember to do your research before you accept just any offer.