Cash for Gold: How to sell gold that you don’t need at the best rate
If you have a passion for buying gold ornaments and jewelries and you constantly go on a buying spree for these valuable articles, then it is highly probable that the jewelry compartment of your cabinet is full of such jewelries and trinkets. Now, there are times when you feel that you don’t need some of those gold ornaments. One of the reasons behind this may be that you have grown old or you are in need of some urgent cash. You can easily sell off some of your gold ornaments at attractive rates and get some money that you can use for different purposes like financing your kid’s education, spending a vacation with your family, repairing a vehicle breakdown, or paying an outstanding medical bill.
Cash for gold: Some proven techniques to sell your unwanted gold
Now, if you have some gold ornaments that you can sell off without hesitation, there are certain techniques to do it in a profitable manner. Obviously, going online is the most convenient way of getting cash for gold. If you can use the right techniques, selling your scrap gold, gold coins, and gold ornaments will not be a difficult task at all. Over the past few years, gold prices have skyrocketed and if you can sell at the right place, you can easily make some good money. Given below are some time-tested techniques to sell your unwanted gold at profitable rates:
Selling gold ornaments of less than 10 karats is illegitimate in the United States. So, make sure that the karat of your ornaments is more than that. This is a requirement set by the Federal Trade Commission and it also helps in correctly determining the scrap value of your gold.
In the US, different types of scales are used to weigh the gold like the following:
- Troy ounce (for every troy ounce, gold is measured at 31.1 grams)
- In general, the US scales measure 28 grams of gold per ounce
- A number of merchants also use Dwt or pennyweight for measuring a troy ounce. At the same time, others use gram.
A pennyweight is equal to 1.555 grams. You have to make sure that while selling your gold, your gold is weighed by the pennyweight and you are not being paid by the gram, which some fraudulent traders don’t do.
You should not sell gold to purchasers or jewelry outlets that are not registered with the Better Business Bureau. Always look for fundamental details about the business and whether there are any unsettled grievances from the customers.
You can take help of online sites like goldprice.org or talk to a jewelry shop in your neighborhood to authenticate the present market rate of your gold prior to selling. This is to make sure that you are not defrauded by any unscrupulous gold trader and get the right price.
Some of the gold articles you own might fetch you more money in intact condition instead of if they are melted. If your gold collar or bangle has tremendous brand value, then it might get you some more cash.
While the weighing of your gold is being performed, you must not mix ornaments of various karat values. There are a number of traders who will weigh your gold in this manner and offer cash for the minimum karat value. Therefore, divide your ornaments according to their karat values.
If you are looking for a really good offer to sell your gold jewelry, then it is necessary that you shop around a bit. Shopping around will help you compare various offers at the same time. Prior to selling, it is also advisable that you evaluate your gold items.
If you are selling your gold via a mail away service, then don’t forget to go through the terms and conditions. Always remember about buying insurance for the articles. Check the time for your payment, the period for which the gold will be held by them, and the time you will get to reject the offer. Always take snaps of your gold articles prior to delivering and ensure you have all the important documents.
If you want to sell gold, it is necessary that you produce the documents of identification which have been issued by the Federal Government. This is to ensure that no money laundering takes place and probing agencies can stop the selling of stolen ornaments. The ultimate goal is consumer protection and if any purchaser does not ask for your ID, watch out.
Always remember that gold parties organized by your friends and fellow citizens can’t fetch real value for your articles. You can at most obtain 70%-80% of the actual value of the ornaments.
So, it is always better to do your homework before selling your gold articles that you no longer need.
Author bio: Sarah is an energetic content and blog writer who loves to focus on the fundamentals of buying and selling commodities and bullion in different markets of the world. Click here to know more about her work.
Category: Investing
