You have probably seen advertisements offering cash for gold. These businesses buy everything from old watches to gold jewelry.
If you have gold jewelry that you no longer wear, and want to make some money off it, then you should consider selling it to a place that buys gold. When selling gold, it is important to do your due diligence so that you won't get ripped off. Below is a list of things you can do to make sure you don't get cheated when you are ready to sell your gold.
Investigate The Price Of Gold
The first thing you need to do is research the current price of gold. Gold fluctuates daily, so it is important to have a recent price. You want to have this information when you are dealing with the buyer, such as Estate Buying Group - Harry H. Solom Co, Inc.
Gold is a commodity that is sold around the world. The price of gold is not subjective, there is a daily "spot price". This is the official price. Here is a online site that lists the current price.
Will I Get Exactly The Spot Price?
No. People who sell gold make their profit by adding a premium to gold they sell. Likewise, people who buy gold will often offer a slightly lower price. However, if you run into someone who is trying to really lowball you, then you should walk out.
What Else Should I Know About My Gold?
You need to know two important things: weight and percentage of gold.
Percentage Of Gold
Examine the piece of jewelry and you will see a small symbol that indicates how pure the gold is. This number is the carat. The higher the carat, the closer to spot price you will get.
The next thing you want to do is get an accurate weight for your piece. Most places will have a scale, but it is wise to have an accurate measurement before you go. This ensures that you get an honest measurement. You will want to use a small digital scale such as a postal scale or a kitchen scale. These are designed to measure small weights.
Is Your Jewelry Worth More Than Its Value In Gold?
Don't make the mistake of selling a piece of jewelry or a watch that is worth more than its gold value. There are instances when a piece of jewelry or a watch is worth more if sold as jewelry than if it is sold for its gold content. For example, a watch might only have a small amount of gold, but if it is from a luxury Swiss designer, you might make more selling it as a watch. Likewise, if you have a necklace that is from a prominent designer, it might be worth more than its pure gold value.