Selling gold jewelry, coins or other precious metal items that you have no use for is an easy way to obtain some quick cash. However, it is important to do your homework before you sell your gold. You want to make sure that you know exactly what you are selling and that you obtain a fair price. The following tips can help you learn about your gold and get the maximum amount of cash when you sell to a precious metals dealer.
Understand Scales and Karats
Before you sell your gold, you should weigh it. Gold dealers will determine the price of your gold based on weight. In the jewelry industry, precious metals are measured in Troy ounces. A Troy ounce equals 31.1 grams.
The price of your gold also depends on the karat value. Jewelry, coins and other items made of coin also contain other metals such as copper or silver to add hardness as pure gold is very soft.
Pure gold is 24 karats or 24K. Common karat combinations of gold and metal for jewelry include 18K, 14K and 10K. For example, an 18K gold pendant is 75 percent gold or 18 parts gold plus 6 parts of another metal.
New gold items purchased in the U.S. will have a mark that shows the karat value next to the registered trademark of the company made the item. A reputable dealer will only measure items of the same karat value together.
Determine the Weight and Price of Your Gold
Before you sell your gold, make sure you check current market prices for precious metals. This will help you determine if the price a dealer offers you is fair.
Gold prices are listed in the financial section of newspapers. You can also find current prices listed in the commodities section of financial news websites.
Choose the Right Delivery Method
If you are sending gold to a dealer (such as those from Rocky Mountain Coin Inc), do not use regular mail. Spend the extra money for a delivery service that provides you with tracking and the option to purchase insurance.
Some gold dealers will provide you with a prepaid envelope for sending items. Once the buyer receives your gold they will send you a check with a receipt. Make sure that the gold buyer will provide you with an itemized receipt if you send more than one item.
It does not matter if you are selling gold because you need funds to cover an unexpected expense or if you are trying to get rid of items you inherited, you need to make that sure you get a competitive price for your items. Doing your homework can help you get your money's worth when you sell.
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