How Much To Expect When Selling Your Gold

Posted on Oct 25,2014

Cash for gold businesses have been all over the TV and radio in the last few years, touting and shouting about the fortunes you may have hiding in your cupboards or jewelry boxes, but how much will your gold really get you in today’s market?

Before we talk about the actual math that goes into approximating the value of your pieces, there are some other questions you might need to research and get answered.  You should probably familiarize yourself with the options for selling your gold and their respective advantages and disadvantages.

(1)    Local jewelers:  Reputable jewelers in your area may be the best option for any pieces that could be resold or that have gems in them.

(2)    Pawnshops:  They get a bad rep, but if you’re in need of cash quickly for your gold jewelry, this is your fastest option.

(3)    Online Gold Buyers:  Hundreds of these businesses exist, and many of them also have physical stores where they conduct business.  There is a list of some reputable ones here.

Once you’ve looked at all of your options for selling gold and decided which option best meets your needs, it’s time to concern yourself with how much your pieces will be worth.  There will be discrepancies between the various places because jewelers often look at its resale value, while other gold buyers may sell it to be melted down.

If you are selling to online gold buyers, they are paying for the scrap gold more often than not, and there are calculations available online to help you approximate the worth of your items.  You will need to know the following values:

(1)  Carat value:  Gold is combined with other metal alloys, and the amount of gold in pieces is measured by carat.  24-karats is pure gold.  The carat value is usually embossed on the piece.

(2)  Weight:  You should use the weight in grams or ounces, as both will need to be converted anyway.

(3)  Current Gold Price:  Many websites keep track of the gold market and gold’s current price live.  You can find the closing price from the day before and the live price as the market runs during the day.

It’s easy to determine the approximate worth of your pieces in a few simple steps.  In any case, many jewelers will offer free appraisals, and it would behoove you to take advantage of at least three appraisals to ballpark how much you can expect when selling your gold.

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