Posted on: 16 October 2015
Gold is always a valuable commodity. If you have gold jewelry that you wish to sell, there are a few things to research and do before you take your gold to a potential buyer.
Research the Current Price of Gold
It is best to know the current live spot price for gold before you try to sell it. This price is listed on the New York Stock exchange (NYSE) and calculated for a troy ounce of gold. This price can fluctuate every couple of seconds while the market is open (Monday through Friday from 9:30 am to 4:00 pm ET). Here are three websites that list up-to-the-minute live spot prices for precious metals:
Know What You Have
If you want to sell scrap gold jewelry, check the back or inside edge of each piece for the karat marking. All genuine gold is marked by a karat mark. The karat marks for the most common gold jewelry are 10K, 14K, 18K and 22K. Organize all of your pieces by the same karat type before you weigh them.
Remove All Gemstones
Remove all gemstones in the jewelry you wish to sell to get the most accurate gold weight. To take out the gemstones, bend the prongs or bezel back with a pair of needle-nosed pliers to loosen and dislodge the stones. Work over a large, clean sheet of white paper, as gemstones have a tendency to jump when being removed from their settings.
Weigh Your Gold
Know the weight of the gold pieces that you have before you take them to a potential buyer. To determine the gram weight of your scrap gold, you will need a jeweler's gram scale. These are not expensive and are available at many online jewelry supply companies. Note that there are just over 31 grams to a troy ounce.
Sell Your Gold
Many companies will buy scrap gold, these include pawn shops, jewelry stores and online gold dealers, such as those found at http://www.midstatesrecycling.com. Here is a list of other local companies that buy gold. Before you go there, call and ask them for the current price they are paying for gold. Also ask them if they charge a commission for weighing and buying gold. It is not necessary to pay this commission, as many other dealers and refiners do not add on extra charges.
- Precious Metal Dealers - These dealers will buy all forms of gold.
- Bullion Dealers - These dealers will buy gold coins and gold bars.
- Precious Metal Refiners - These refiners will buy all forms of gold.
Gold is always a valued commodity, and there are many companies that will pay a fair market price for the gold that you wish to sell. Research the above information before you attempt to sell your gold. This will prove to be invaluable preparation wherever you sell your gold.Share