Selling Gold For Cash
There comes a time in every gold owner’s life when he or she thinks that selling gold for cash is a profitable thing to do. To sell your gold, you must first know information such as the purity (4K or 18K), weight, the selling price (the daily price; gold prices do change from hour to hour), the gold amount (the gold unit is “troy ounce”), as well as the price for your gold. You may even need your gold examined by a gold appraised and he will provide the estimate.
When selling gold jewelry for cash, you will not only need to know about your gold jewelry (including the type, whether it is gold-plated or not), but also the places you can sell your gold jewelry. Sole jewelers are a top store to sell your jewelry. Jewelers who do not operate chains but isolated stores tend to prize your gold above chain jeweler owners. They will pay a good price, even if they intend to melt the gold and use it to make more gold jewelry. Additionally, online auction sites are a great place to sell your gold. At online auction sites, you can set the price by awarding the jewelry to the highest bidder. Though you will probably have to pay five percent for an online auction user’s fee, you will most likely get far more than if you sold it to a store. You will most certainly get better pay if you sell it to a bidder through an online auction than if you sold it to a pawn shop dealer.
Selling gold for money through the newspaper classifieds is another great way to make a profit. If you are suspicious of online dealers and bidders and prefer to sell locally, the classifieds are a great medium for selling gold. Whether you are selling scrap gold, gold bullion, gold coins, or other prized gold jewelry, you can expect 50-70% from local dealers, coin shops, and pawn shop. Most dealers will probably pay you about 50-60%, and some 70%. 70% is a reasonable amount of pay to receive on your gold if it is scrap, though some online dealers will pay 90% and above for your gold scrap. If your gold is bullion, you might look to make anywhere from 70-90% on your gold. For gold bullion owners (and jewelry owners, too), online auction sites and jewelers tend to be the best venues for selling your gold. There are quite a few online jewelers and dealers that will pay you 90% and up for your gold bullion. Some online companies will pay 90% and above for gold no matter the ounce amount, while some will only pay the high price if you have a certain amount of gold to offer them (specific number of ounces). Online companies also vary in the amount of gold insurance they intend to pay, should the gold receive damages en route to their facility or from it. Thus, research is greatly needed to determine the gold selling place.
The same situation can be said with selling diamonds for cash. As you must know the gold purity (4K or 18K), you must also know whether your diamond is cut or uncut. Cut and uncut diamonds have different pricing. Jewelers are ideal for both gold jewelry and diamonds, but you must exercise caution with where to go. What jewelry means to a sole jeweler is quite different from what your precious metals mean to a jeweler who owns a chain of stores. Whereas jeweler chains look upon your precious metal as one more order of many, sole jewelers look upon your order as the “make it or break it” point between employment and unemployment. Thus, it is to their financial advantage to take your jewelry. Again, you can make up to 90% or more for your precious metal, but it will be restricted in some cases to the amount of silver you have. Silver is a precious commodity, second to gold, but it also has its worth. It pays to know what amount of silver you have and how much it is worth before selling silver for cash to pawn shops, silver dealers, and classified individuals.
If you do not know of a precious metal appraiser that you trust (if selling coins), go to a coin exhibition. There, you will get to see the various coins on display as well as what an ideal selling price would be. This may be better than going to an appraiser, even. Most appraisers will tell you what you can get away with charging for your gold, silver, or diamonds; however, coin exhibitions show you what the coins will sell for on the market—this may be better than going to an appraiser. The coin selling price (or gold jewelry, silver jewelry, or diamonds for that matter) is often more than what appraisers and metal prices state. In certain places, you cannot sell your silver for cash unless you have a certain amount of coins (say, $500-$1000). Coins are of a more specialized nature than jewelry. Jewelers will take jewelry, and coin shops will take coins. However, coin shops are more specific in asking for a certain amount before they will conduct a transaction with you.
The number one rule, when selling gold, silver, diamonds, or coins, is to see to it that the precious metals are not scratched, dented, and damaged. If the coins come in protective coverings, clean the coverings often. In the same way that an old book cannot sell as highly as a new one, coins or jewelry in bad condition will not sell for the same price as coins or jewelry in stellar condition. Additionally, research the places of interest. Just because most dealers pay you less does not mean that all local dealers will pay you less than what your metal is worth. And just because online auction sites and companies give you a high price for your metal does not mean that all of them can be trusted.
Selling gold for cash requires more than just making a fair exchange—it involves research, time, deliberation, and patience. You must do all you can so as to not be deceived from the true price of your metal. In addition, you must take caution regarding what companies and individuals to whom you sell your gold. Even gold parties can be tricky; there is the risk that you could let anyone into your home who may even steal your coins or put you and your family at risk. Nevertheless, you can sell your metal and receive a precious price in return. If you own any precious metal whatsoever and have no idea of how to proceed, talk to those around you who are more experienced. It may just be the best conversation you ever had.
