The Ultimate Guide to Selling Gold for Cash: What You Need to Know

This article originally appeared on baldockvets.com

Selling gold for cash is advantageous; it helps to transform unused or unwanted gold jewelry and bars into money. Some people find themselves having old items passed on or have accumulated some items they don’t need any more, but knowing how to sell gold is important in order to get the best price for it.

However, this process seems to be complex especially for those who are doing it for the first time. There are several conditions to pay attention to, including identifying the value of the gold that you are going to sell and selecting the appropriate buyer.

In this article, we shall provide you with guidance and information on how to sell gold for cash so as not to fall prey to the bad eggs in the market.

Understand the Value of Your Gold

As a gold seller, there is nothing quite as important as knowing the value of gold. Gold is typically sold by the gram or ounce and usually comes with a guaranteed purity called Karat. This number is higher, the more the gold is pure. For instance: 24-karat gold is 100 percent pure while that of 14-karat gold is only 58 percent pure.

Where to Sell Get Cash for Gold

a. Pawnshops

These are easy to sell fast to, but they may not give good cash.

b. Online Gold Buyers

Some cash for gold companies allow you to mail your gold and get paid for it, thus making it a convenient approach. But make sure that you are selling to reliable companies that have positive reviews.

c. Local Jewelers

Some jewelers purchase gold and given that they are in the jewel business, they might provide good price quotations.

d. Gold Exchanges

There are some companies that mainly deal in buying gold and they may offer you a good price.

Always ensure that you take your time to search and compare different providers to be sure that you are being charged a fair price.

Factors Affecting Gold Prices

a. Gold Purity

It is important to note that the grade of gold you are selling contributes to its value or price since gold is sold in various purities. Gold with a higher karat value will sell for more money.

b. Weight

The total weight of the gold you are selling directly defines its value. It is important to make sure that the gold is weighed out in front of you in order to prevent sad occurrences.

c. Current Gold Market Price

Gold prices are subject to changes depending on market conditions around the world. You can check the live gold price of the day of which the selling is intended to take place, in order to have an idea of the likely prices to expect.

Conclusion

Getting cash for gold is very easy. By considering the details above, you will be on the right path to selling and to getting a good price for your gold.