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.

How to Have a Gold Selling Party

How to Have a Gold Selling Party

More and more online websites are offering gold selling kits and information on how to have a gold selling party. Of course one might think that men are the ones that are in charge of this money making venture, yet it’s the ladies who are really taking advantage of this opportunity. And why not?

For years women have been hosting various home parties and selling household goods, makeup and personal enhancement products to help make ends meet without having to leave their babies in the hands of a stranger. So it’s really no surprise that they would want to sell their unwanted gold jewelry, coins or bullion for the very same reason.

If a host wishes to do all of the work, the first step would be to contact a gold party company who provides services and kits for these types of parties. They should make sure that the kits include a weight scale and a test kit, which can determine if the gold jewelry is real and what carat it is – 10K , 14K, 18K. Sometimes a kit may even come with directions for hosting the parties.

If a little less work sounds more appealing there are some companies who offer full services and leave very little work for the host. In general guests would be supplied with an invitation to the home or other place of destination and the host may serve appetizers and/or drinks.

When a full service company is hired, an appraiser is often provided instead of a kit. The appraiser would then weigh and purchase the jewelry, coins or bullion brought by guests. Usually there are no extra fees for this type of service, making it an easier choice for many women and the host still profits by receiving a certain percentage of the total sales.

A few things to remember:

Unless you want a lot of strangers in your home, it’s probably better to play hostess in a rented location or keep the invitation list strictly with people you know and trust.

Remind friends that if the items they’re willing to sell have any sentimental value, it’s probably better to leave them at home. Otherwise they may later regret their decision to sell those items.

Having a gold selling party should be fun and relaxing, but you should also keep things professional. And remember; never force anyone to sell anything they don’t want to unless you want to lose a few friends in the end.