Unlocking The Value: A Guide To Selling Your Gold For Cash

This article originally appeared on mygreenbucks.net

Perhaps you are someone who does not have time for social events, or perhaps you have old gold jewelry that you do not use anymore. Or perhaps you were handed down some gold items that you really do not find comfortable. One option could be to try and sell it for cash, then use the money for something much closer to your heart.

Gold is an important metal that is used for numerous purposes across the world. Its value is based on the concept of scarcity, an important concept in economics and in the jewelry industry. Having at least some knowledge about how gold is appraised may prove useful when you decide to sell the metal and are then given an offer by one of the buyers.

Understanding Gold Valuation in a ‘Cash for Gold’ Deal

Gold is commonly sold based on carats, the purity of the gold, and the weight, as well as current market prices of gold. Gold purity is calculated in karats, and the highest possible level of purity is 24 karats, which means that it has no additives. However, most ‘gold’ items are not pure gold but have other gold alloys.

There are 18, 14, or even 10-karat gold. This means that it contains other metals in order to improve the hardness and strength of the gold. After you have gotten the ‘cash for gold’ buyer, the gold will be weighed, and the purity will also be tested by the buyer to enable them to set the price.

Preparation Before Selling

Collect as much information as possible on your gold, such as receipts, certificates, or any proof you may have so that it can be ascertained that it is pure and genuine; and the fact that it is genuine could compel the buyer to offer a higher price for it.

Where to Easily Get Cash for Gold Deals

Local jewelers or jewelers who have pawn shops are some of the places where you can sell gold, and there are also shops that are focused mainly on buying gold. They all have their benefits and vices. For instance, local jewelers may be willing to take back old jewels in exchange for a newer one rather than cash, whereas pawn shops make your sale faster, but you are only likely to be paid little cash for your jewel, except it has a solid historical backing or some sort of value for collectors. If you have a lot of historical gold, cooperating with an auction house to sell your gold is also a viable option.

Another potential customer group is related to online buyers who are focused on gold products. These buyers frequently offer mail-in purchases, where you mail your gold and receive an offer for it after inspection. If you go this route, focus on those who accept insured delivery and provide transparent information about their services.

Negotiating the Best Deal

When you receive an offer, do not back down from bargaining or getting a second bid from other buyers.

This can help you get a better understanding of the monetary worth of the gold. If the buyer offers you what you think is a low offer, then it is alright to ask him/her how he/she determined the offer amount, or you can just ask for a second opinion.

Conclusion

Gold selling for cash is always a smart thing to do – first, you can always get some extra cash for emergencies; second, it’s always good to get rid of jewelry that you do not use for one reason or another. This article revealed guidelines on how to prepare your precious items for selling and how to select the right dealer. Follow the steps and conquer the process with a fast and profitable sale.