Where can I Sell Gold Without Getting Ripped Off?
If you’ve been thinking about the money you can make if you sell gold jewelry and coins you no longer want or need, you aren’t alone. With the price of gold at year record levels, selling gold to make some extra money has become quite popular.
The problem is that most
individuals don’t really know a lot about gold or how to sell it so
they may end up getting ripped off when they sell. Do not go to a
pawnshop or a gold buyer to sell gold without first learning how gold
is bought and sold, how to estimate the value of your gold and how to
determine what the current price of gold is. It’s easy to do the
conversion: 1 pennyweight equals .05 troy ounces.
Gold is measured by troy ounce
for pure, unalloyed gold. This is the 24K gold you often hear about but
seldom see because pure gold is too soft to use for jewelry or coins.
Most gold in the United States contains some other metals such as
silver, nickel and other alloys. To determine the value of your gold,
you’ll first have to determine if it is 10K, 14K or 18K. Most jewelry
is made with 14K gold, although many class rings and inexpensive pieces
of jewelry are made with 10K gold. Jewelry that was purchased in
Europe is usually 18K; it will be slightly softer and have a brighter,
more yellow appearance.
Next you will need to check the
gold index to find out what gold is currently selling for. You can do
an Internet search to find the current price of gold or check with the
many investment Web sites now available. Keep in mind that the price
listed for gold is for pure gold so when you sell gold you won’t get
that price per troy ounce for a few reasons.
First, the person or company who
buys your gold will either resell it to make a profit, or invest in
melting it down and reusing it. Second, unless you have 24K gold bars
or bullion, your gold isn’t worth the current price. 10K gold is worth
41 percent or less than half the price of pure gold. 14K gold is worth
58.3 percent and 18K is worth 75 percent. To get the current market
value of your gold, simply multiply the current price by the percentage
given. If the current price of gold is $900 per troy ounce, the actual
value of your 14k gold is about $525 per troy ounce.
Most people who sell gold or buy
gold, however, will give you a price by pennyweight. Don’t ever let
anyone give you a price for your gold without telling you the total
pennyweight of your gold as well as the price per pennyweight. You can
then do some comparison shopping. For instance, if one gold buyer
offers you more per pennyweight, but tells you your jewelry only
weights 11 pennyweight, and another dealer offers you slightly less per
pennyweight but says your pieces total 15 pennyweight, it’s obvious
that one of them is slighting you on the weight of your gold in order
to artificially inflate the price they tell you they are willing to
pay. If you get two different weights, go to a jewelry store and ask
them to weigh your jewelry or gold and give you the total weight in
pennyweight so that you can check any offerings against the actual
weight and current gold price.
Your best bet when you are ready
to sell gold is to use an established company that is exclusively in
the gold business. There are several reputable online companies that
will provide you a mailing package for your gold. When they call you
with a quote be sure they tell you their current price for 10K, 14K and
18K gold, how much your gold weighed in at, and what they are willing
to pay. Before accepting, take the time to figure out how their offer
compares to the current gold market prices. They should offer you at
least 65 percent of the fair market value for your gold. If you decide
their offer is a good one, you can sell gold to them in the future with
confidence in their integrity.
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