The Top 5 Tips for Selling Gold

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You’ve probably seen the commercials: Old, broken jewelry or gold coin collections can translate into big money if you’re willing to sell and have them melted down. But not so fast; to make sure you’re being treated fairly and getting the maximum profit from the sale, here are five things to do before rushing off to places that buy gold.

  1. Know the Lingo
    Educate yourself in advance so you won’t be overwhelmed when you walk into a shop. Unlike a standard U.S. ounce, which is 28 grams, gold is measured in troy ounces. A troy ounce is 31.1 grams. You may also hear the measurement a “pennyweight,” which equals 1.555 grams.
  2. Separate Your Jewelry by Karat Level
    Since pure gold is very soft, it is mixed with other metals to make jewelry. The higher the karat marked on your jewelry (you can usually find this information on the inside of a ring or bracelet), the more gold is in it and the more it should be worth.
  3. Ask for an Appraisal
    Ask in advance what your gold is worth and then take time to think about it and do your research. Many places that buy gold offer free appraisals of gold and other precious metals, or you can go to an outside appraiser to get an idea of how much your jewelry is actually worth.
  4. Check the Market
    The value of gold changes daily based on national and international markets, so you may want to keep an eye on the market to get the most out of your collection. Going through a gold buyer, of course, means that you won’t get the full value since they have operating costs and need to make a profit as well. But knowing the general trends of gold prices is a good idea.
  5. Research the Buyer
    Find the best place to sell gold in your area. Some businesses buy and sell gold, while others only buy. Research the buyer you’re considering to make sure the store has a reputation for above-board business transactions. The Better Business Bureau is always a good place to start, but you can also check out user reviews and testimonials.

Have you tried to sell gold jewelry or coins? What was your experience like? Share your experience and advice on selling gold in the comments. Read more like this.

Four Great Places to Sell Your Gold Coins or Jewelry

Places that buy gold

Learning how to sell gold jewelry and coins that you may own is essentially a two-step process. First, you need to learn about the process of selling gold — from calculating your gold’s value to knowing the selling process. Next, you have to choose which buyer you want to sell to by learning how to weed out buyers that are less than reputable.

Not sure where you should sell your gold? Just read the list below.

Here are the four best places that buy gold that you should sell your gold to:

1. Jewelry stores: Jewelry stores might be the best place to sell gold because their main source of profit doesn’t come from selling gold for melt purposes. Because of this, you can be confident that you’ll get a significantly higher payout for your old gold jewelry than if you sold it to any other gold buyer.

2. Antique traders: If you’re looking to sell gold coins rather than jewelry, an antique shop is your best bet. Because many gold coins have significant historical value, you can earn more selling them based on this rather than their melt value.

3. Better Business Bureau-approved gold buyers: The BBB’s website is probably the best resource you’ll have for choosing a place to sell your gold. There, people who have sold their gold can give reviews of gold buyers and complain about unreputable buyers. If you notice a buyer has a large percentage of negative reviews and complaints, sell your gold elsewhere.

4. Online gold buyers: Many people recommend that you sell your gold to an online buyer because they tend to offer more money in return for your gold. However, as said before, it’s extremely important to make sure you sell your gold to websites that have a positive rating on the BBB website, with few customer complaints. Otherwise, you run the risk of never seeing a check in return for your gold. Check out this site for more.