18 Apr Selling Your Gold – Tips & Benefits
Do you want to know how to sell your gold and get fair value for it? ABC News recommends that you know your buyer, a suggestion that is probably impossible with mail-away services. The Better Business Bureau keeps a list of gold buyers in Jacksonville that you can check for complaints from unhappy customers. Selling gold for profit requires a bit of knowledge, but you can quickly learn what you need to know.
Learning: Tips and Benefits
As a convenient path to a financial transaction, selling your old jewelry can give you the benefit of ready cash. Getting rid of broken pieces or gifts that no longer have an emotional significance for you can boost your spirit and pad your wallet. Learn how to sell your gold by knowing its value, its market price, and how buyers evaluate it.
Identifying the Karats
You may need a magnifying glass to find a karat stamp that tells you how much gold your jewelry contains. Guidelines from the Federal Trade Commission use a 24-part weight system for gold. Your jewelry contains 10, 12, 14, 18, 22 or 24 karats of gold. A piece that carries a stamp of 18 karats has 18 parts gold and six parts of another metal. Higher karats increase the value of your jewelry.
Watching the Scale
Reputable jewelers weigh and pay for your gold by grams instead of pennyweight.
Sorting by Karats
Make sure to group your jewelry by purity. Prior to letting gold buyers weigh your precious metal, make sure to separate the more valuable pieces from those of lesser value.
Checking the Market
Go online to sites like http://goldprice.org/ to get the current gold price.
Shopping for Competitive Prices
Selling gold gives you an opportunity to get prices from jewelers, buyers at gold parties and pawn shops, and you can request a free estimate of its value. Taking the time to shop around gives you the chance to get the best price for your gold. Kiplinger suggests that you may receive 80 percent or less of melt value. The price that you get includes your dealer’s profit and the expense of turning your old gold into bullion or new jewelry.
Finding Gold Buyers
Jewelers who hope to establish a good relationship with you as a new customer may give you the fairest price. Pawn shops may never see you again, giving them the opportunity to take advantage of a one-time deal. Gold parties may offer a convenient way to dispose of your old jewelry, but the excitement of the group may prevent you from making a wise decision.
As a regular customer of a reputable store, you can have confidence in your business relationship. Knowing how to sell your gold is probably easier than you may imagine. You can check the Internet for jewelers near you, ask your friends, or stop by Hemmings Plaza Jewelers for a free estimate and cash for your gold.