Gold prices remain high as ever, meaning now is the right time to sell your gold. Whether you’ve invested money in gold bars or simply have some old gold jewelry or coins lying around, knowing how to sell gold is a great way to earn some cash.
Knowing how to sell gold jewelry and sell gold coins can seem confusing to newcomers. However, with a little research, it can be extremely easy to sell your gold and get the best return from your investment!
Here are five things you should know before you sell your gold:
1. You can, and should, shop around: When the price of gold shot up a few years ago, an influx of gold buyers came with it. However, many of these gold buyers aren’t exactly reputable, and will try to take advantage of people who don’t know how to sell gold. Many buyers who host temporary hotel and mall gold-buying events will leave soon after, leaving you with no way to get your possessions back if you find out you were scammed. Mail-in gold buying services are equally disreputable. In many cases, people have sent in their gold, only to never see their gold returned or a check come in the mail.
2. Not all price estimates are created equal: If you take your gold to a few different buyers for price estimates, you’ll find that each buyer will offer you something different. With gold coins or bars, you should anticipate a fair price to be at least 90 to 95% of the gold’s market value; with gold jewelry, expect about 70 to 80% of its melt value.
3. Know your karats: Knowing the karats, or purity level, of your gold is important for making sure you know how much your gold is worth. Don’t sell an 18-karat gold piece at a 12-karat price!
4. Melt value matters: The melt value, or market value, of your gold is how much it’s worth once it’s been melted down. Stay updated on the day-to-day price fluctuations on gold’s market value to make sure you’re asking the right price for your gold.
5. Don’t sell an heirloom for scrap: If you own a vintage piece of Cartier, Tiffany’s or another luxury jewelry brand, consider selling it someplace other than a gold buyer. It’s likely that this jewelry is worth much more than its melt value.
Knowing how to sell gold is an art form for some. However, it can be easy for anyone! Find out more about how to sell gold by speaking with a reputable gold buyer in your area. Get more info here.