With the currently underperforming US dollar in world markets, gold has become a desirable commodity with which to protect your assets. If you perceive the economy has bottomed out and is on the rise, it may be time to unload your gold collection while prices are still high.
Here are the various ways to sell gold:
- Determine the Karats. Pure gold has 24 Karats, while anything other than that is already mixed with other metals. One Karat translates to 1/24 gold, around four per cent. Jewelry are usually inscribed with their Karat rating, usually 10K, 18K, 10K and 24K. Take note that while higher Karat gold pieces are more valuable, they are also less durable to wear. Gold alloys are mixed in with harder metals to allow them to withstand daily wear.
- Find out the current market value of gold. The price of gold increases if market risk is perceived to rise as well. Therefore, gold price rises during economically troubled times. Use live market quotes as found on online sites to find the price that gold trades in. This provides you a clue on how much your gold is worth per gram.
- Hire an appraiser. These experts have the skill, experience and tools to accurately measure the weight and quality of the gold you have. Some appraisers excise a small quantity of gold to subject them to an acid test, while others will leave your piece untouched by using an electric test. Make sure the appraiser you employ is certified.
- Canvass several buyers. Pawnshops may give money immediately, but they generally offer less and will often examine the value inadequately. Jewelers can evaluate jewelry pieces but may remove sample pieces from bars and coins to use in their acid test. Gold buyers are your best chance to get the highest price for your stock, and they use electronic analysis which doesn’t mar your piece.
- Sell gold jewelry. Avoid selling your jewelry pieces at scrap value, which ignores the craftsmanship embedded in the designs. Have your gold examined at several stores and then decide on one that offers the best price. You can also sell off your jewelry at pawnshops.
- Sell gold coins. Look for coin dealers in your vicinity using the yellow pages or online sources. Search for reputable tradesmen by checking out their backgrounds and comments made by past clients. You can also do your own research by investigating the background of your gold coins then check similar designs online and find out the price they’re trading in. Offer your coins along with any certificates of authenticity that go along with them. Even if your coins are damaged, you can still their gold content at scrap value.
- Sell online. EBay and other trading sites have gold investors and collectors who purchase or bid for gold at scrap value. They will also pay a premium for crafted pieces like jewelry and coins. Read the website details concerning transaction procedures and fees. Entertain several offers and then pick the one who’s willing to pay the most.
Be careful of scam artists who promise the highest valuation of your gold but end up offering much less. If you’re relatively new at selling gold, it’s better to deal with reputable dealers.