A question by PETE I have 600 grams of 10K gold I wanna sell and it isn’t easy because it is jewelry and not many people have that kinda money and I refuse to accept low ball offers? How to sell gold to get the most cash?pete
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Gold jewelry is usually overpriced as soon as you buy it, especially when bought new. Gold bullion is usually traded at current spot price because of its purity.
Where to sell.
Personally, I would only deal with a local god/silver/numismatic coin dealer who offers a reasonable price.
How much money.
- never accept less than 70%
- Well established, reputable businesses pay at least 75 percent. Best case 70-80% of the market price, they then sell it to refiners for over 90% of the market price. If they don’t tell you what percentage of the spot price they are paying, then it’s a red flag.
- If you sell gold bullion, an authorized bullion dealers will usually give you the most for them.
Tips before selling
- Travelling gold buyers most are scammers (we have them in the U.K.) don’t use them.
- because the jewelry is not 100% gold, they mixed with some types of metal to make it stronger, maybe 18k gold, 14k gold, 10k…..24k gold is softer and easy to bend. lower price for reasons Before selling gold know how to value the different grades, 10k, 14k, 18k, 22k, etc. There are plenty of places on-line where you can get information.
- You’re never going to get the melt value of gold in jewelry because it takes more labor to purify it.
Jewelry is usually made at 10k to 18k although there is jewelry made with up to 24k it’s not common for everyday use. This report left out what purity the jewelry was made of and not every gold buyer will offer you a fair price. The content of the gold in jewelry is key when selling jewelry, I would not take anything less than 90% of its weight in gold at spot price. Like with any purchase you intend to resale at a later date consider the resale value before buying. Definitely some shady dealers here but it’s up to you to shop around for a fair deal.
80% + is about right just go somewhere else. One place wanted to give me 35% for 22 karat gold that’s worth $4 grand. And that was a traveling one my father laughed at them. They told us because it’s foreign gold. lol I still have it if somebody wants it, it’s a nice heavy bracelet. 75 grams of 22k It’s a smaller diameter bracelet. My father bought it 40 years ago or more he bought a bunch of jewelry hoping the values would go up in gold and obviously it haskenneth
It’s not difficult, most online bullion dealers have continuous updating prices, many price per gram on the regular gold alloys. All you need is some cheap digital scales and a magnifying loupe Weigh each alloy category separately and bag it. When you visit your local or visiting gold ‘merchant’ you will know the weight and how much for each weight.Harry
The problem when buying gold in the US is that organized gangs are mysteriously informed and pay a visit to your home (home invasion). Every 15 seconds a home burglary occurs in the United States. This means that approximately 4,800 burglaries happen every day. Another problem that many golds owners report is that if you want to sell your gold as a private person, you are currently being scammed everywhere. Often you only get half the price of what you paid for the gold.Lenny
It’s not too difficult to educate yourself. Gold has a fluctuating global spot price at any time. For instance, now it’s about $1,960 per troy ounce. There are 31.1035 grams in a troy ounce, in case your gold is in the form of jewelry or grams (as opposed to bullion and coins in ounces). By doing some simple math, you get the spot value of gold in grams, which is about $63 now (bearing in mind that this number changes literally every minute of every day, though it rarely fluctuates more than $30-40 per day per ounce — though sometimes it can). Then you weigh your gold. If it’s 24K gold, then the calculation is simple. The weight of the gold (whether in grams or troy ounces) multiplied by the spot price.
If your gold is lower than 24K, like 18K, that would mean that your gold is 18 parts out of 24 parts gold, and 6 parts other metals. Or if it’s 14K, then it’s 14 parts out of 24 parts gold, and 10 parts other metals.
So, let’s say you have an 18K piece of gold jewelry that weighs a total of 1 ounce. 18/24 = 0.75 = 75%. Since the whole piece (gold and alloy) is 1 ounce, the pure gold in it is 75% of that 1 ounce. If spot price is $1,960 per ounce, you multiple that by 75% and get $1,470, which is the actual gold value you have. Now, the kind of gold you have makes a difference as well. If you have it in the form of jewelry, you will never get paid full spot price for it. In the best-case scenario, you might get paid 90% of its market value, though less is common as well, like 70-80%. I think anyone who’d try to pay you less than 70% would be ripping you off. So, at 70-90% of $1,470 you can reasonably expect to get about $1,029-$1,323 for it. On the other hand, if you have gold bullion, you should usually be able to get full spot price for it, or at least almost full spot, and in some cases a bit over spot. If you have a 1oz gold bar, or 5oz, or 10oz, which is 24K pure gold, you should be able to get 99%-100% spot value for it if you go to sell. The smaller size you sell, the more likely you’ll get that 100% rather than 99%. Putting aside collectibles (which are valued by their rarity as a collectible, more than just by their gold content), certain gold bullion has higher value. For instance, if you want to sell back a 1oz American Gold Eagle, which would have a spot value of $1,960 by the current price, you may get $25 or so over spot when selling it. Or if you have a 1/10th oz American Gold Eagle, you may be able to get 3-9% over spot when selling it. The 1/10th oz would have a spot value of $196 (1/10th of an ounce), plus 3-9% would bring it up to $201.88-$213.64. That is why these coins cost more to buy than other bullion. They are easier to sell and you get some of your premium back on top of getting 100% spot price for them. You also have to be mindful where you go to sell. Authorized bullion dealers will usually give you the most for them. If you walk into a jewelry shop, on the other hand, they might not be willing to pay you 100% spot even on an American Gold Eagle, since they deal in jewelry rather than in bullion.D
I have sold m Jewelry on 47th St in New York. I know I totally got scammed. I needed the money. Once you hit the street, they all call one another and let them know what you have for sale. They all agree to low ball you. I went to some places and they already knew I was coming. Still looking for a place to sell my gold. i don’t want to give it away.Piro
Selling gold for cash is not a bad idea in financial hardship. You may be in a situation that you just need to make your bill payment, want extra cash or simply just couldn’t make it to the payday. At this situation cashing gold can be one of the fastest solutions.
Gold buying business is growing in millions of dollars in the US since gold price hit $1900 in 2011. This inspired today’s gold hunters strike in hundreds to open up new pawnshops to buy gold and sell.
Maybe you have already seen cash for gold signs around the city. Finding the real experts among the gold buyers can be burdensome; if you don’t know what your gold is worth then you may risk selling it to shady businesses. Here’s the list of things you should know before you take it to any pawnshop or any gold buyers.
First, you must do your research online before you take your gold anywhere. Today’s modern technology allows anyone to get all the information about any local business online not leaving your home. Choose the store that has more customer feedback and reviews.
Second, you ought to find out purity of your gold. Look at your items (jewelry, coin, rings etc ) and check its purity. Usually it’s marked with 10k, 14k, or 18k etc. or it’s marked with numbers like 417, 585 or etc. These numbers show purity of gold. For example, if you have a ring made with 10k gold, it means ring has 41.7 percent pure gold in it. So, the higher carat is, the purer gold it has. It means that you should expect to get more money for your gold as its purity goes up.
If you can’t find any mark or can’t figure out whether it’s gold or not then you can just take it to any gold buying shop and get it tested there. You can also order a testing kit online. Jewelry’s purity needs to be checked by testing processes such as an acid/scratch test, electronic tester, or X-ray fluorescence scan. Presence of stamp is not enough since fraud has become more common in the current gold rush. One might find illegitimate markings on jewelry quite often.
Third, you need to look up a spot price. You can use websites like this one to find out current the gold price, which is usually given in dollar amount per troy ounce.
If you are in a gold buying shop, an associate can weigh your piece of jewelry and coins, for you. It is your call to ask jeweler to explain how they do appraisals. Let’s say you have a gold bracelet that has 14K mark on it and it weighs 10 grams. A shop is offering you $100. You can ask how much he is paying for each gram and what percentage of market/spot price he is offering.
You even can find out your gold’s value yourself by using simple math. 10 grams of 14K bracelet has 58 percent pure gold, so 58 percent of 10 grams is 5.8 grams. So, your bracelet has 5.8 gram of pure gold. Next you look at the spot price online. Price is for 1 troy ounce of gold. As there are 31.1 grams in 1 troy ounce, the spot price divided by 31.1 brings out the price of gold for each gram. This way you know what your gold is worth before you even visit any shops for a quote. The reason you want to do this kind of calculation is that you will be able to spot which shop is offering a fair price.
If your jewelry has stones or diamonds, then you can ask to get paid for them. Most stones have no resale value or hard to find a buyer, however diamonds are worth a good amount of money. You can negotiate a price for diamonds. Usually, gold buyers offer you to remove the stones and give them back to you since they are paying only for gold.
These are some tips you can use if you are looking for places to sell gold.
- It is always a good idea to choose the one has more customer reviews and feedbacks.
- Make sure that establishment is permanent and reputable. Ask plenty of questions and make sure that they are being transparent about how they determine the value of your gold.
- These techniques help you get the most cash for your gold, silver or platinum.