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Sell Gold at the Best Price

[retrieved from http://www.cajunc.com/art-sellgold]

Sell gold for the most money possible by using some of the same techniques you use for buying at the store--shopping, knowing the product, and avoiding the pitfalls.

Selling gold can be profitable, but only as profitable as you make it. There are many gold buyers out there who will justify a low value for your gold. Some are persuasive talkers, and some are just taking advantage of your lack of knowledge.

There are companies and individuals who will buy your gold high. Here are some points to watch for:

  1. Know what you are selling.

    Look carefully at the item you want to sell. See if the karat content is marked on the item. You will probably need a loupe (below) for this. Find out the total weight of the item in grams. If you do not have a gram scale, find someone who does.

  2. Visit a local pawn shop.

    Take your item to a local pawn shop and ask them to tell you something about your item--the weight, the karat, and if there are any gemstones in it. Ask what they will give you for it. Do not sell the item to the pawn shop.

  3. Call around in your town.

    Check with local jewelry stores and see who purchases gold in your area. Write down the information and call these places or visit them. Your intent here is to gain knowledge and information, not to sell gold. Find out how much your item weighs in grams and the karat gold, as well as any offers they might make for your gold item.

  4. Arm yourself with information.

    Get all the information you can from several different sources. Find out how they calculate the percentage they pay for gold. Actual value for gold is calculated at grams times karat weight times present value.

    Remember that gold is weighed by the gram but paid by the ounce. So an ounce of 10k gold at $1000 an ounce going rate would be valued at about $417. This is because 10k is 10/24 or .417 gold. 14k is .585, so it would be $585 an ounce. A troy ounce is 31.1 grams, so it takes about 31 grams to make a troy ounce of gold.

  5. Do your own calculations.

    Calculate your gold value at home where you can concentrate. Many gold sales have been made based on error, and there is no refund on these transactions. Check your calculations with an online calculator for gold.

  6. Never sell to an appraiser.

    Do not sell to someone who appraises your gold. This includes the people who show up at the local motel to "appraise and buy" your gold. Any ethical appraiser will never buy an item they appraise. Never.

  7. Be careful selling gold.

    Hesitate before selling gold online. Read the complaints at the Better Business Bureau, RipoffReport.com, or by using a search engine with the name and complaint or fraud. See how many dissatisfied people there are. Never send your gold to a company and trust that they will pay you the right amount. They may not pay at all, and if they do, you may be disappointed. Many of these items never arrive at the destination, and the gold seller loses the item and the money.

  8. Sell gold only after careful study.

    Check with Kitco or other online sources for gold value on the day you are selling gold. Gold value fluctuates, so watch for a high point at the time you sell.

Once you have knowledge and a value, sell gold to the highest offer, or shop for an offer that is closest to the going rate.