Ever passed by a jewelry store flaunting a prominent “we buy gold” sign? It’s a clear indication that there are numerous avenues where you can exchange your gold for cash. With the current price of gold exceeding $3,000 per ounce, you might be contemplating selling your precious metal. However, hold off on pulling over just yet. Here’s what you need to know before parting ways with your valuable metals.
The initial step towards selling your gold is to gather all your gold items. Unless you have a penchant for collecting coins, it’s likely that the items you intend to sell are jewelry pieces. Suellen Kirk, co-owner of Quakertown Gold and Coin Buyers in Pennsylvania, mentions that she purchases coins, bars, gold jewelry of any karat, and gold-plated jewelry. The purity of the gold is crucial, with jewelry stamped as 24-karat being 99.9% pure gold and holding the highest value based on weight. Lesser karats contain a mix of other alloys, for instance, 14-karat gold is 58.3% pure. Gold coins and bars, also known as bullion, are popular items for sale, with some potentially inherited or purchased as investments.
It’s essential to identify what you possess before selling anything of sentimental or significant value.
1. Assess Your Gold Inventory
The first step to selling your gold is to take stock of your collection. Unless you are a collector or coin enthusiast, chances are you have jewelry to sell.
Suellen Kirk, co-owner of Quakertown Gold and Coin Buyers in Pennsylvania, buys coins, bars, gold jewelry of any karat, and gold-plated jewelry.
Purity is paramount, with 24-karat gold being the most valuable due to its 99.9% purity. Lesser karats contain other alloys, for example, 14-karat gold is 58.3% pure. Gold coins and bars, known as bullion, are also popular items to sell.
Ensure you know what you have before parting with anything valuable.
2. Locate a Gold Buyer
Finding a gold buyer is the next step. If you have gold to sell, you are likely to find a buyer either locally or online.
Selling Gold Locally
Local jewelers and pawn shops are common places to sell your gold.
Fausto Argueta, founder of F&L Jewelers in Bel Air, Maryland, typically buys gold for its scrap value, which involves melting it down to create something new. He also purchases desirable estate jewelry.
Specialized gold dealers like Kirk’s store are often known as coin shops, with the jewelry being destined for the smelter.
Both scuffed and broken jewelry can be evaluated for their gold value.
It’s important to never feel pressured to sell, as there may be other options available.
Selling Gold Online
Numerous online exchanges are eager to receive your gold.
Reputable companies with high ratings, such as JM Bullion and APMEX, offer online gold selling services.
If you choose to sell online, you’ll need to pack and ship your items and await a final valuation.
3. Manage Your Earnings Expectations
The “spot price” indicates the current rate for a troy ounce of gold, which fluctuates daily. While it serves as a baseline, it may not reflect the final price you receive. Different gold buyers have varying purchase percentages based on their formulas.
Spot price refers to the value of pure gold, so items like a 14-karat gold chain weighing an ounce will not sell for the spot price due to the metal content.
Some online platforms disclose their purchase rates, with Express Gold Cash, for example, offering up to 90% of the value of gold bullion and up to 85% of the refined value of gold jewelry.
4. Preparing to Sell Your Gold
As you embark on the gold selling process, remember these simple guidelines.
Look for credibility. Opt for gold buyers who are transparent about their pricing and don’t pressure you to sell after providing a quote, whether they are local or online. Check reviews, verify ratings on sites like the Better Business Bureau, and confirm the shop’s licensing status.
Educate yourself about the process. Research the current market price before seeking a quote. Use online gold scrap calculators to estimate the scrap value based on the karat and weight of your items.
Explore multiple offers. If possible, obtain quotes from several sources to ensure you receive a fair price and have a positive selling experience.
Consider holding onto your gold to monitor market trends.