How to Properly Sell Gold
Buying and selling gold is a big business nowadays. Since the start of the recession, gold has been priced very high and, for those people who are looking for fast cash, selling gold jewelry had been great.
If you’re looking to sell your gold jewelry, there here is quick guide that you can follow so that you can have the best price for your priced possession:
Determine the Worth of the Gold
Experts look at gold at three variables which will affect the price of the gold, these are:
- The karat (purity) of the gold
- The weight of the gold (per ounces or grams)
- The spot price of gold
The purity of gold jewelry is usually tested using scratch or acid test, X-ray fluorescent scan or an electronic tester. Once the jewelry is known for its purity, the jeweler will then weight the gold and calculate it per-gram value on the current market price of gold.
Importance of Weight, Spot Price and Karat of Gold When Selling
The weight of the gold and its karat never changes variables. The spot price can change every now and then which is why a jeweler can price gold depending on its margin. Because of this, gold buyers are not bound by any law on how much they are willing to give you cash.
Some jewelers will give you 100% of the gold’s value, and others will look for a way to make a profit out of your jewelry. If you’re looking to sell your gold at the best price that you can get, then you should definitely start at jewelry stores. Here are some of the factors that you should consider before selling your gold jewelry:
- Reputation of the jeweler – Look for a jeweler who has been in the industry of buying and selling for years. These types of businesses would usually protect their reputation in buying gold.
- Permanent Location – It’s important that you sell your gold jewelry at a store that has a fixed address. Make sure to visit the location first and not just try to call the store manager.
- Consider the jewelry that you would like to sell – If you’re planning to sell antiques or rare gold coins, it’s important that you ask an expert first for how much its real value is.
- Ask questions – You should always ask the jeweler some important questions regarding the item that you’re planning to sell. They should answer with transparency and would tell you anything that they know about.