Nowadays it seems like more and more people are interested in buying and selling their gold. This could be because of the tough economic times that people are having to work with. But, most people are unaware of the gold market, preventing them from making good choices. Read the tips here to help you get a handle on how these markets work and how you can make money.
Do your research and know what the latest gold price is before you sell your jewelry. This way, you’ll know whether you’re really being offered a fair price. Many gold dealers will pay market value; however, some dealers try to get your gold cheap.
Know that gold in any form can be sold. Old or broken jewelry, old coins and tableware are just some of the things that may contain gold, It doesn’t have to be 24 karat either. It may simply be gold plated or part of the item has gold within it. You’ll still get a decent return on your sale.
If you are looking to sell gold, the first thing you need to figure out is if you’re going to offer it up as an entire jewelry piece, or seek the melt value. The quickest way to sell off gold (and the one many dealers and pawnbrokers prefer) is for the melt value. Selling your unique gold pieces to a collector can end up netting you more money.
You need to know what you’ve got. Pieces that appear to be gold may not be worth gold’s weight. Many times, gold is mixed with other metals to increase its strength. These metals can reduce the value of gold. Gold plated items are subject to this too. Have an appraisal done on large amounts of jewelry or gold whose value you are uncertain about before selling it.
When attempting to sell your gold, you want to do your research into the market price. Look around to understand what people are asking for similar pieces. This will provide you with a good starting point on pricing. Begin the negotiations by asking for more than you expect to receive.
Many people don’t know that a magnet can be used to test whether something is made of gold or some other type of metal that is precious. Gold and other real precious metals aren’t attracted to magnets. In some cases, jewelry may have a clasp that is made of gold, but the rest of the jewelry piece is made of plated metal. The magnet test is simple and effective for this purpose.
If you go to a gold party, talk to the person who organizes it to figure out how they calculate the value of the gold sold. Frequently, the gold piece will have a stamp on it. If there is no stamp, there are different ways to test the gold to ensure it is solid. Acid tests are simple ways to do this, so if the rep does this, they’re probably new to the business.
Before you sell your jewelry as scrap gold, have it appraised. Appraisal can be especially important with potentially-valuable pieces that may have more worth as jewelry than simply as bullion. A proper appraisal may cost money, but it can definitely be worth the expense with valuable pieces that may have resale value. Appraisers also may know of an interested party for your precious jewelry.
Inquire with the area BBB prior to selling gold items to jewelry stores, dealers or any other sort of buyer. You may find complaints that have been listed by the customers who feel slighted. Look at any past complaints customers may have had and how they were resolved. If there are many unresolved complaints, or a huge number of overall complaints, think about giving your business to someone else.
A lot of people are excited to make a lot of money with gold. Frequently, though, they do not have enough information to be successful. Hopefully, this article has provided helpful advice to those who want valuable information.
