If you have decided that you want to sell gold, but do not know what to do, this article will help you tremendously.
To successfully sell gold, you need to be armed with some basic knowledge. By the time you finish reading, you will know enough about selling gold that you will have the confidence to sell your gold and know you sold for a fair price.
There are different types of gold that one may wish to sell. There are gold coins, which are legal tender of a country and produced by a government mint. There is also gold bullion, which is generally produced by private mints. Gold bullion comes in rectangular bar form or in "rounds". The most common sizes of gold bullion is 1 ounce, but there can be fractional sizes such as 1/2 oz, 1/4 oz and 1/10 oz. There can also be larger sizes such as 1 kilo bars.
Most people who own gold coins or bullion have an idea of what they own, so we will devote the rest of this article on the most common form of gold that people think of when the sell... gold jewelry or scrap gold.
Some people think that determining the value of gold jewelry is as simple as weighing the gold and comparing the weight to the "spot" price of gold, which is the gold price commonly mentioned in the news or gold price websites.
However, gold jewelry is most commonly found to be a mixture of pure gold with other metals, the purity being measured by Karats.
For example, a gold necklace that is stamped "14k" is 58.33 percent pure gold, or .585 pure. A full 41.67 percent of that necklace is metal other than gold. This is commonly referred to as an "alloy".
Similarly, a piece of jewelry stamped "10k" is only 41.67 percent pure gold. 18k is 75 percent pure and 24k is 100 percent pure. As you can see, the higher the karat, the more pure the gold. Most people own 14k and 10k gold.
So, knowing the purity of your gold as well as the current price of gold can help you go a long way in determining the value of your gold when you are ready to sell.
However, it is not realistic to think that the value of your old jewelry can be found simply by multiplying the percentage of purity by the weight and the spot price of gold. You also need to take into account the fact that "spot" price refers to "good delivery bullion bars" which are not only .999 fine in purity, but also are manufactured by a select few mints. Gold jewelry would need to be melted and refined to become pure again. It would then need to be recast into bullion. This is an expensive process. The dealer also, understandably, needs to make a profit.
Local pawn shops and "We Buy Gold" shops are know for paying as little as 15-30 percent of the value of gold jewelry. "mail in" businesses tend to pay more in general, but there are some bad apples. Always be sure to deal with a company with a clean BBB (Better Business Bureau) report.
If you wish to see what we pay for your gold, please take a look at our Live Price Chart .