Gold is a precious metal that holds its value over time. The price of gold fluctuates on a daily basis depending on various market forces. If you have some used or unwanted gold that you want to sell, you need to get a proper estimate on the weight and value of the item so you can be sure that it is sold at a reasonable price.
Here’s how to sell unwanted gold.
- Determine what you want to sell. Go through your jewelry and gold and see what you want to sell. If the gold you want to get rid of is in a piece of jewelry, set it aside. Remove any precious stones such as gems and diamonds on the item so you are left with only the gold. The bigger and heavier the piece and the higher the karat, the more money you can get for it.
- Determine when is a good time to sell. The price of gold fluctuates daily. Stay on top of market trends so you know if the price is selling high or low. Read the paper of watch Bloomberg to learn about the activity of gold in the market. You may also ask a trusted jeweler or trader about the sale of gold.
- Get an appraisal from a professional. Before you sell the item, you need to know what is its worth. Bring your gold to a professional appraiser. If the gold is in a piece of jewelry, bring it to a trusted jewelry merchant.
- Determine the percentage of the gold. Find out the karat of the gold. Gold is usually sold in 14, 18 or 24 karats. The higher the karat, the more gold is in the piece. Divide this number by 24 to determine what percentage of gold is in the jewelry. Write this number down and set it aside. You will need this figure to make further calculations.
- Get the weight of the gold. Now that you know the percentage of the gold in the piece, you can now weigh the jewelry. Get a scale designed to weigh small jewelry pieces. You can also bring it to a jewelry store to get the weight. If you have an appraisal paper of the gold, it should be listed on the paper. Get the percentage of the gold multiply this number by the weight in grams.
- Convert the weight in grams to ounces. Now that you know the weight of the gold in grams, you now need to convert it to ounces. To do this is basic math. Remember that one gram is equivalent to 0.035 ounces. Simply multiply the weight in grams by 0.035 to get the weight in ounces.
- Know the market value of the gold. You need to do your research to know the market value or the selling and buying price of the gold. When you know how much the gold sells for per ounce, you can multiply the dollar amount the weight of the gold in ounces.
- Find buyers of the gold. There are various ways you can sell the gold. Try online and check out the Gold Buyers of America. You can also do a Google search of other reputable places that buy and sell. You can check with the jewelry store or a pawnshop. You can also check out advertisements of gold buyers in your area.
Be aware that you may only get about sixty to seventy percent of the value of the gold, depending on where your sell it to. Do your research so you can get best price.