How To Choose What Gold Items To Sell
If you have decided to make some cash by selling a few of your gold items, you need to take a few precautions before accepting a price. If you do a little research, you can maximize the money you get from selling your old jewelry or other gold pieces.
Know What You Have
Before you take your items to a dealer, know exactly what you have on hand. You should definitely identify your karats, which are usually stamped somewhere on each item. The less metal content an item has, the more gold it contains and the more it will be worth. A piece of jewelry or another item cannot be called gold unless it is 10 karats, which means it is ten parts gold and fourteen parts of other metals. If you know what you have, you can estimate the value of your scrap gold by checking the daily gold market and subtracting dealer fees.
Weigh Them Separately
Separate your items by their karat size and then weigh them separately using a gram scale. Of course, the dealer will also weigh them, but you should go in with your own figures. You never want the higher quality pieces to be thrown in with the less pure pieces. Some dealers might give you an "average" price for the pieces based on a lower gold content. Even one 18K gold watch could significantly raise the total value of your items. Do not let it get lost in the shuffle.
Know What Dealers Pay
You will not get the current market price, but you should know approximately what you will receive. If you are selling coins or bars, you should get 90 - 95% of the current market value. For jewelry, you will only receive approximately 70 - 80% of the current market value. The dealer needs to make a profit, so he will keep a certain percentage for himself. Also, melting and preparing the gold to be repurposed costs money as well. Remember, do not include any antique jewelry or family heirlooms in your scrap metal. If you want to sell them, you may get more by offering the item as an individual piece. Certain designer pieces may also be worth more when sold separately.
Before you sell gold, do your research. Check market prices as well as separating your own jewelry and coins by karat. Weigh these pieces and then find a dealer (like Rocky Mountain Coin Inc). They exist both in a physical store and online, but you should check on their reliability through the Better Business Bureau or through their online reviews.
