Jewelry pieces
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Guide
10 Things you Need to Know Before Selling your Gold
Many people have a lot of unused gold jewelry, or gold coin collectables just lying around collecting dust. These could be worth hundreds of dollars, which could come in handy in these less-than-optimal economic times.
It can be a great feeling to find a gold buyer with confidence, and end up with cash in your pocket after the deal is done. Like anything where money is involved, however, it can be easy to stumble into pitfalls. Just follow these tips to keep you on the winning side.
It can be a great feeling to find a gold buyer with confidence, and end up with cash in your pocket after the deal is done. Like anything where money is involved, however, it can be easy to stumble into pitfalls. Just follow these tips to keep you on the winning side.
Step 1
ALWAYS KNOW WHAT YOU HAVE
Understand the measurement of the content of any gold jewelry you want to sell. Gold jewelry is measured in karats:
24 karat gold is 100% pure gold
18 karat gold, which contains 75% pure gold
14 karat gold, which contains 58% pure gold
10 karat gold represents 42% gold
24 karat gold is 100% pure gold
18 karat gold, which contains 75% pure gold
14 karat gold, which contains 58% pure gold
10 karat gold represents 42% gold
Step 2
ORGANIZING YOUR GOLD BY KARATS
Before selling your gold, section off the above karats into their own bins; make one bin for the 24 karat pieces, one for the 14 karats, and so on. This helps you keep a better tally of your expected payout for each individual bin (karat)
Step 3
UNDERSTAND HOW THE VALUE OF GOLD IS MEASURED
Professional buyers can sometimes try to buy your gold by the pennyweight; but this isn’t the best deal for you.
Understand the more natural weight of gold – the troy ounce, or 31.1 grams per ounce – so that
if you are dealing with a buyer who is trying to pitch you the pennyweight or any other unit of measurement, this is a sure sign that you need to walk away and find another buyer.
Understand the more natural weight of gold – the troy ounce, or 31.1 grams per ounce – so that
if you are dealing with a buyer who is trying to pitch you the pennyweight or any other unit of measurement, this is a sure sign that you need to walk away and find another buyer.
step 4
SPEND SOME TIME FINDING OUT
Spend some time finding out exactly what kind of gold jewelry you actually have. Is it an old valuable heirloom? Is it still in good shape? The reason for this is that the right kind of gold jewelry may be worth more than the melted gold.
You should avoid a pawn shop like the plague if this is true, because they will only try to pay you for the gold. Take it to an appraiser if you suspect it might be worth something more than the melted gold it would provide.
step 5
KNOW THE PRICE OF GOLD
Gold is worth so much money, that even small changes can mean quite a few extra dollars in your pockets.
Therefore, make sure you check the market prices very soon before you are going to sell, because this determines what gold buyers in NYC will be willing to pay you for it.
Therefore, make sure you check the market prices very soon before you are going to sell, because this determines what gold buyers in NYC will be willing to pay you for it.
step 6
Reputation matters
An often overlooked resource: check the Better Business Bureau and any other relevant, national consumer approval index for information on the company you’re planning on selling gold to.
If the company’s name shows up with complaints, then that’s a clear signal to go another way.
If the company’s name shows up with complaints, then that’s a clear signal to go another way.
step 7
REVIEW ALL CONTRACTS
Read the application thoroughly, before signing the final selling agrement.
There have been some cases where buyers try to sneak in a clause that isn’t at all beneficial to the seller, which can cause you to lose a lot of money for your gold.
There have been some cases where buyers try to sneak in a clause that isn’t at all beneficial to the seller, which can cause you to lose a lot of money for your gold.
step 8
MAKE SURE YOU ARE LEGALY PROTECTED
Be on the lookout for actions the gold buyer should take, but doesn’t – such as asking you for proper identification.
This protects both parties. Just think of pawn shops that would deal in stolen goods – do you think they bother to ask for ID? Exactly.
This protects both parties. Just think of pawn shops that would deal in stolen goods – do you think they bother to ask for ID? Exactly.
step 9
GETTING THE BEST DEAL
When selling gold, even if you think you’ve gotten a good deal with the first buyer you look to, don’t take it they’ll always be there.
Do a little more searching because it’s possible you’ll receive an even better offer.
Do a little more searching because it’s possible you’ll receive an even better offer.
step 10
GOLD PARties (watch out)
Be wary of so-called gold parties, because historically you’ll lose money at them. People throw them so as to take advantage of the social aspect, which tends to make gold sellers part with their jewelry for lower prices than they would get straight up elsewhere.
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