It's a good way to make extra money.There are a lot of ads for companies that purchase scrap gold.It can be difficult to find the best price for gold with so many options.
Step 1: Do you know the current gold prices?
Look at the standard market for gold to make sure you get a fair price.The current gold price can be used to negotiate a fair deal.The current price is per ounce.The price of gold per ounce can be found on the Internet, in the newspaper, and through other sources.Evaluate nonphysical gold holdings.It can be helpful to look at the values of nonphysical gold assets like stocks, funds or bonds to know whether to sell a piece of scrap gold.
Step 2: Do you know if your gold is worth more as jewelry or melted?
The owner of an item needs to decide if it's worth more as a coin, a piece of jewelry, or a lump of gold.Selling gold for scrap doesn't always make sense, and the only way to tell if it's a good idea is to figure out the market value of the piece.The worth of scrap gold and the worth as jewelry can be determined with the help of a jewelry store.
Step 3: Determine when is the best time to sell your gold.
When is the right time to sell your gold depends on the price of gold.When the currency of your country is strong, you will want to sell your gold.It is a good idea to sell your gold if the currency is doing well.If you need quick cash, you can sell your gold even if the currency is not strong.
Step 4: Determine the gold's purity.
Before you sell your jewelry, you should know the karat of it.The value of your gold can be calculated.The 10-karat gold is 42% gold.42% of the current market price of gold is worth 10-karat gold.If you don't know the karat of your gold, you can purchase an acid test kit.
Step 5: Measure your gold.
The weight of gold can be measured in many ways.Most jewelers measure gold in grams per Troy ounce, which is slightly different than the actual weight of gold.The gold will be measured in pennyweight per Troy ounce.
Step 6: You should get your jewelry ready.
If you want to get the best price, you should clean your jewelry.Warm water and dish soap can be used to clean jewelry.Let it air dry and lightly scrub with a toothbrush.If you are not planning on selling your jewelry as scrap gold, you should get it repaired.
Step 7: It's a good time to shop around.
You shouldn't just sell your gold at the first place you find.If you can get the best price, go to multiple locations.You can sell your jewelry on websites such as eBay, and websites that buy it when you mail it away, or at gold parties.Check that the business you sell it to has a business license and is a member of a jewelry trade association.You are more likely to get a better price and a safer transaction if you sell to a local jewelry store.If you want to know if a company is reliable, check the Better Business Bureau website.
Step 8: Bring your identification.
To be a gold seller, you have to ask to see your ID.You should sell your gold somewhere else if they don't ask for your ID.
Step 9: Know about measuring.
The unit that the jeweler is measuring the gold in is important to understand.The different karats need to be weighed separately.Some jewelers will give you the lowest karat by weighing all the jewelry together.Make your jeweler measure the pieces individually if you see them doing this.
Step 10: There are gold parties that need to be avoided.
It can be fun to gather around with your friends and make money off of your gold, but they can often be a scam.Guests often sell their jewelry to the people who host the gold parties for less than it is worth.It can be as much as 50% or less of what the jewelry is worth.You are confused with weights by the buyers.Sometimes they will use a broken scale, be unclear about the unit of measurement, and tell you your gold is lower than it is.You might be told the gold is for charity by the buyers.This is usually a lie.
Step 11: You should know the terms of mail away services.
It is important to read and understand the fine print of a mail away gold service.If you send the items insured, they will be reimbursed.You should know how long they keep the gold and how many days you have to reject their offer.Everything should be on file.Take photos of your jewelry and save it in a safe place.
Step 12: Do not sell your gold to rogue buyers.
These people come to a town and advertise that they are buying gold for a great price.They set up a shop that was unreliable.They take the gold and then disappear.