3 Tips To Help You Sell Your Unwanted Gold For The Highest Price

Finance & Money Articles

Gold is a commodity, which means its value changes from day to day. If you have some old gold jewelry you no longer want and are considering selling it for cash, you may want to wait for a time when the price is high. If you watch the gold market, you will get a good idea when the right time to sell may be. In addition, knowing the value of the items you own can also help you make sure you get the best price for your gold jewelry. Here are a few tips that will help you sell your gold for a good and fair price.

Understand How Karats Affect The Price

Companies that buy gold from consumers will examine the gold carefully to see how pure it is, and they will weigh it. With these two factors, they will determine how much money to offer to you. The purity of the gold items you are selling will make a big difference in the amount of money you receive for your jewelry, and purity is referred to in terms of karats.

The higher the karats are in gold, the purer the gold is. In other words, gold with a higher karat will be worth more than gold with a lower karat. Some jewelry items are made with gold that has 24 karats (24k). This is considered the purest form of gold, because you cannot have gold with a higher karat rating.

The gold jewelry pieces you have should state directly on them what the rating is in terms of karats. If it doesn't say, look for signs of discoloration on the gold. Real gold and really pure gold will not tarnish or discolor in any way. You can also bring your items to a jeweler you trust to find out what the purity is of the gold jewelry. If you do this, you could also ask the jeweler for an approximate value of the items you have. This will give you an idea as to about how much you should get if you sell the items to a gold buyer.

Learn How It Is Weighed

The other important factor you should understand when selling gold involves the way companies weigh it. There are several different ways to weigh gold, but the important thing to realize is that gold buyers pay for gold by the ounce or gram. This amount is then converted to Troy ounces, which is the measurement most jewelers use when buying gold from customers.

A Troy ounce is equal to 31.1 grams, whereas a regular ounce is equal to 28.35 grams. If you want to get the best price, ask the gold buyer what measurement they use and make sure they measure it accordingly.

Ask For Prices Individually

Once you know the type of gold you have and the way jewelers weigh it, you should have the information you need to bring it to a place that buys gold. When you are there, give them one piece at a time and let them give you the value of each one separately. By doing this, you can determine if you want to sell all of the items or just a few. In addition, handling the items separately will ensure that they will closely evaluate each item on its own instead of grouping them all into one category.

Selling the gold jewelry that you no longer want a great way to obtain some cash fast if you need it, and following these tips will help you get the most amount for the items you have. To learn more about the value of your gold jewelry, contact a company like Rocky Mountain Gold & Silver Exchange that buys gold.

Share

10 June 2016

Getting My Finances In Order

When I started thinking about my life, I realized that I was spending a lot more money than I should be every month on little extras. I wanted to streamline things, so I decided to start focusing on getting my finances in order. I started looking around my house, and I was pleased to discover that there were more than a few things I could sell for a little extra cash. I put them online, and I was amazed to see how quickly they sold. After selling some things, I was able to get my finances in order, which was a huge relief. This blog is all about getting your finances in order.