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Selling your unwanted gold can help you turn a substantial profit. Many households have gold items that they no longer want or need. Maybe you have gold jewellery that no longer reflects your style. Or you could have inherited gold bars or gold coins from a relative. Since gold typically retains a high market value, you can make extra money quickly by selling the items to a reputable buyer.

Choosing Gold Pieces to Sell

Once you decide to sell your gold, conduct an inventory of what items you wish to sell. No matter what condition the gold is in, a buyer will purchase it from you. Jewellery items beyond repair made from gold will still carry a melt value. Keep in mind that most gold buyers will only purchase jewellery made from solid gold, not gold plated. A “GF” or “GP” stamp on the jewellery typically indicates only surface gold. Besides broken jewellery pieces, you may also wish to sell gold jewellery you no longer wear and pieces that don’t have any sentimental value.

Other type of gold pieces besides jewellery can also be sold. Collectible gold coins, gold bars, gold flatware, and even gold fillings are examples of other items that can be sold in exchange for money.

Research Values

The price you get for your gold varies based on each piece. To get an estimate for the gold’s worth, you should weigh each piece and confirm its purity. Most jewellery is either 12k (50% purity) or 18k (75% purity). Jewellery is never made from 24k gold since pure gold is too soft. If you are unsure of the purity, you can get items appraised or use “scratch kits” from online vendors to confirm karats. Another consideration for determining value is the designer of the gold jewellery. Highly-coveted jewellery pieces from Harry Winston, Cartier, or Tiffany & Co can be sold at a higher price than unknown brands. Rare collectible gold coins may have a greater value than their currency rates.

Where to Sell Gold

Your first impulse may be to sell gold locally. You could want to bring any items directly to a buyer and conduct the transaction in-person. However, many local jewellers and pawnshops will not offer the best prices on your gold pieces. They will likely present lowball offers or add extra fees that deduct from the total sale price. If you have a highly-rated and reputable gold buyer located nearby, then you can conduct the sale on premises. However, you may fetch a better price when selling gold online through a trustworthy gold buying store. A company like Gold Smart will offer no-risk appraisals and make arrangements to transport your gold items through the mail. If you accept the offer, payment is made immediately. In the case you refuse the offer, all items are returned safely to you.

Gold Selling Do’s and Don’ts

Avoid selling gold through Craigslist or eBay. Scams are rampant on the websites and you won’t likely get the best price on your items. Also, avoid city dealers who advertise “best prices on gold.” These types of coin dealers and pawnshops typically take advantage of people in a financial bind. Compare quotes from gold buyers to help you choose where to sell your items. Don’t automatically choose the highest offer. Confirm that the company has a good reputation and a proven track record of satisfied clients. When you do choose a buyer, keep track of all paperwork associated with the sale.

Once your gold is bought and paid for, you can enjoy the extra income made from the transaction. You can use the money for a holiday or large purchases like a car down payment. Once you sell gold for the first time, you will be inspired to do it again and again in the future.