There are so many commercials about selling gold for cash. Is it really as simple as they make it sound in commercials? Of course it's wonderful to get $500 for your unused gold items. What sort of things can you exchange for cash? You can get cash for gold items like:
- Engagement and wedding rings
- Class rings
- Bullion bars or coins
- Tooth fillings
How can you get the most cash for gold?
While a lot of people like the idea of selling their gold online because of its convenience, but there are gold local dealers you can sell to.
There is a great advantage of selling your gold locally: the fact that you can receive money sooner. When you sell your gold to a local dealer, they with test your jewellery to determine the amount of gold used to make the jewellery and make you an offer on the spot.
There are national buyers who use the internet and television to advertise their services. These companies will send you a box or envelope you can use for shipping the gold item to them for the initial evaluation. The buyer will make you an offer which you can either accept or decline. If you decline the offer, the company should be able to send your gold back to you, but if you accept, the company will give you a check or pay you via PayPal or electronic fund transfer.
There are a lot of unscrupulous operators who will take advantage of uneducated customers. To avoid being ripped off make sure you get satisfactory answers to these three questions:
- How much percentage of the melt value will they pay for your jewellery.
- How long do you have to make a decision on whatever they offer.
- How will the jewellery or gold objects be returned if you do not accept the offer.
It takes more to recover the gold from the jewellery so they may hesitate when answering the first question. You should find out what the current spot price of gold is and the melt value before you approach a cash for gold company.
When researching companies and finding out about the reputation of business remember that what the reviews are online are always reliable. Bad reviews aren't always scams. Sometimes bad reviews are a result of some misunderstanding on the part of the seller. For instance, the seller might have not understood that a 10karat gold necklace actually has 50% gold. Most of the time bad reviews are from sellers whose expectations were not met because they didn't know any better.
Work out what the best price for your jewellery is:
You can find current gold spot price online. Most companies offer a low spot price because businesses have to make some profit to cover overheads, advertising, refining, etc.
To work out the melt value you have to weigh the gold and find the quality. The weight is measured in troy ounces, which is equivalent to 31.1 grams. The value is expressed in karats. It is equal to 1/24th part. This that the finest gold is 24k. The karat is usually marked on the price of gold. You can calculate the melt value when you have the weight and purity of the gold. There are a number of online calculators you can use.
Compare Prices From Multiple Dealers
Compare prices from local cash for gold dealers. If you happen to visit the gold buyer when his inventory is too short to meet the demand then you may get a good price. Most reputable dealers pay between 75% and 95% the spot price.
Before you sell your gold make sure it is not a valuable irreplaceable piece. Get it appraised to find out how valuable the item is. You may have something that is worth more to a collector than to an ordinary gold buyer.