Finance

10 Tips for Selling Your Gold for Cash

The trend of selling gold jewelry is major because of the rising prices of gold. Getting the best value when you sell gold jewelry to a dealer is everyone’s top priority, but this can be hard for people who are new to selling old gold jewelry. The following tips can be used to help you sell gold online safely.

1.     Learn How to Use Scales

Being able to use scales before selling gold jewelry is necessary if you want to determine how much your gold is worth. You will have to pay jewelers to appraise your jewelry, which can get expensive. Plus, you can’t always trust people to do this for you. You will have to convert ounces to grams, which is what you’ll be paid in.

2.     Know the Purity of Your Gold

The purity of your gold is very important. In order to sell gold online, you’re going to need to know how many karats your gold has. You can look at the back of your jewelry to try and find this. Otherwise, you will need a licensed appraiser to evaluate your gold for you. Twenty-four karats is the purest gold, which will give you more money.

3.     Separate Your Gold

When you sell gold jewelry, it’s best to have it separated, so that your karats don’t get mixed it. Since gold is valued by karats, you will need to have them grouped together.

4.     Find Out the Current Gold Value

In order to calculate how much your gold is worth, you’re going to need to know the current market value. Selling gold jewelry at a price that is right will take knowing this information.

5.     Know the Gold Dealer

Before selling old gold jewelry to a gold dealer, you should know all about the company. Find out whether they are licensed to do business in your state.

6.     Decide How You Want to Sell Your Gold

Some gold should be melted down, while others are sold as is. Knowing the best way to sell your gold is important. You can go to the BBB Web site to find out their  rating.

7.     Read the Fine Print

When you sell gold online, you must be sure to read the fine print. Knowing the terms and conditions is very important. Learn about reimbursement, such as how long it takes to receive it and how you have to turn it down.

8.     Find Multiple Gold Dealers

When you sell gold jewelry, you want to make sure that you’re getting the best deal. Shop around with different gold dealers to see who can offer the best spot rate.

9.     Keep Your Expectations Realistic

Don’t expect to be paid the full value that your gold is worth. If you are going to a gold dealer, then you will only receive between 30% and 80% in most cases.

10.   Use an Online Gold Dealer

Internet gold dealers off competitive spot rates for gold, making it a lucrative way to earn money for the gold you no longer want.

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