Selling gold for cash is not a bad idea in financial hardship. You may be in a situation that you just need to make your bill payment, want extra cash or simply just couldn’t make it to the payday. At this situation cashing gold can be one of the fastest solution.
Gold buying business is growing in millions of dollars in the US since gold price hit $1900 in 2011. This inspired today’s gold hunters strike in hundreds to open up new pawnshops to buy gold and sell.
Maybe you have already seen cash for gold signs around the city. Finding the real experts among the gold buyers can be burdensome; if you don’t know what your gold is worth then you may risk selling it to shady businesses. Here’s the list of things you should know before you take it to any pawnshop or any gold buyers.
First, you must do your research online before you take your gold anywhere. Today’s modern technology allows anyone to get all the information about any local business online not leaving your home. Choose the store that has more customer feedback and reviews.
Second, you ought to find out purity of your gold. Look at your items ( jewelry, coin, rings etc ) and check it’s purity. Usually it’s marked with 10k, 14k, or 18k etc. or it’s marked with numbers like 417, 585 or etc. These numbers show purity of gold. For example, if you have a ring made with 10k gold, it means ring has 41.7 percent pure gold in it. So the higher carat is, the more pure gold it has. It means that you should expect to get more money for your gold as it’s purity goes up.
If you can’t find any mark or can’t figure out whether it’s gold or not then you can just take it to any gold buying shop and get it tested there. You can also order a testing kit online. Jewelry’s purity needs to be checked by testing processes such as an acid/scratch test, electronic tester, or X-ray fluorescence scan. Presence of stamp is not enough since fraud has become more common in the current gold rush. One might find illegitimate markings on jewelry quite often.
Third, you need to look up a spot price. You can use websites like goldprice.org to find out current the gold price, which is usually given in dollar amount per troy ounce.
If you are in a gold buying shop, an associate can weigh your piece of jewelry and coins, for you. It is your call to ask jeweler to explain how they do appraisals. Let’s say you have a gold bracelet that has 14K mark on it and it weighs 10 gram. A shop is offering you $100. You can ask how much he is paying for each gram and what percentage of market/spot price he is offering.
You even can find out your gold’s value yourself by using simple math. 10 grams of 14K bracelet has 58 percent pure gold, so 58 percent of 10 grams is 5.8 grams. So your bracelet has 5.8 gram of pure gold. Next you look at the spot price online. Price is for 1 troy ounce of gold. As there are 31.1 grams in 1 troy ounce, the spot price divided by 31.1 brings out the price of gold for each gram. This way you know what your gold is worth before you even visit any shops for a quote. The reason you want to do this kind of calculation is that you will be able to spot which shop is offering a fair price.
Well established, reputable businesses pay at least 75 percent of the market price, they then sell it to refiners for over 90% of the market price. If they don’t tell you what percentage of the spot price they are paying, then it’s a red flag.
If your jewelry has stones or diamonds, then you can ask to get paid for them. Most stones have no resale value or hard to find a buyer, however diamonds are worth a good amount of money. You can negotiate a price for diamonds. Usually gold buyers offer you to remove the stones and give them back to you since they are paying only for gold.
These are some tips you can use if you are looking for places to sell gold. It is always a good idea to choose the one has more customer reviews and feedbacks. Make sure that establishment is permanent and reputable. Ask plenty of questions and make sure that they are being transparent about how they determine the value of your gold.
These techniques help you get the most cash for your gold, silver or platinum.