Selling Your Gold:Do’s and Don’ts

Where to Buy and Sell:

There are exceptions, but usually people sell their scrap gold, bullion, watches, and coins a few different ways. The way you choose may determine how well you are paid for your valuables. You could use a pawnbroker that deals in gold and silver, an online service, sell to a local jeweler, or attend a gold party.  You want to maximize what you get, so it’s good to understand some things about selling your items.

Hobson Ounce VS Troy Ounce:

In the minds of most, an ounce is 28 grams. Jewelers use the Troy ounce.  The Troy ounce is 31.1 grams. You will want to clarify how your items are being weighed.  Some will use a pennyweight (dwt) to measure a Troy ounce, while others use grams. A pennyweight is 1.55 grams.  With all these different ways to measure weight, it could be easy to get confused or short changed.  Be sure to know how your items are being weighed to make sure you are on the same page with who is giving you cash for gold.  You will want to understand the scales that are being used to pay out.

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Karat Size Matters:

24 karat gold is known as 100% pure, 99.9%. Before you attempt to get cash for gold, know what you have.  Prices are based on purity, as well as weight. If you have some 14 karat and some 18 karat, you will get more of the value if you weigh them separately. The 14 karat is less pure and will not bring as much money per gram as 18, 22,or 24 karats. If you have jewelry that is higher karat, it is beneficial to separate it and weigh all your 14 karat together, and any 18 karat together, and so on.

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The Gold Party Experience:

Gold parties are relatively new.  These allow people to get together and have drinks, food, and togetherness, and get cash for gold.  The issue with gold parties can be that people do not get paid a reasonable value for their items.  Also, most of the attendees will not know this, but their host is getting a commission for bringing everyone together, usually around 10%. Anytime you try to get cash for gold, the current price can be obtained online.  Often, companies that have gold parties will advertise as “best prices” or “highest rates”, but will not publish their rates. Often at a gold party the seller will only make 50-70% of the actual value of their gold.

Online Cash for Gold:

Selling jewelry online can be good because online places do not have the overhead that a brick and mortar location may have. Many online buyers will send out a kit. They give you an appraisal kit that will allow you to document what you are sending. They will pay to ship and insure your items.  Many places that pay cash for gold will pay out the same day.  If you do not like the offer, the company will return your items to you.

Always Do Your Homework:

When attempting to get cash for gold, always research to see what works best for you.  It is a good idea to photograph the items you send in, to protect yourself. Selling jewels that you no longer wear, or have sentimental value can put extra money in your pockets. You want to make sure you maximize your profits and get the most cash for gold.