Posted on: 21 October 2021
For some people, gold jewelry is an heirloom to pass down from generation to generation. For others, trends change, and a box full of old jewelry might not have much sentimental value. Selling this old jewelry can help you turn unwanted clutter into cash, but the process might seem intimidating. If you've never sold gold before, you might be wondering how you can know if you're getting the best price.
There are many nuances to selling gold, but most won't make much of a difference for the average seller. Instead, there are a handful of considerations you should focus on when you're looking to sell your gold while getting the best price possible. Pay attention to these three factors before you hand your gold over for cash.
1. Spot Prices
Spot prices are a technical term for the current price. You can easily find the spot price of gold online, and this should usually be the first thing you consider when making a significant sale. You can generally find spot prices in grams, ounces, and kilos or simply do the conversions yourself. Unless you're selling a considerable amount of gold, you'll usually want to focus on the price per ounce.
Remember that the spot price essentially tells you the scrap value of your gold, and most jewelry isn't 100% gold by weight. Additionally, this is the value of the gold to your buyer and not necessarily the amount you'll receive. While you shouldn't expect to receive the spot value for your items, you can use it to help you negotiate a better price.
Gold items can often be worth more than their scrap value, especially if they contain precious stones or have brand names. The gold trade has many individuals and companies with numerous specialties, so you'll typically get the best value when selling your gold to someone with the proper credentials. It may be worthwhile to separate branded items from other, unlabeled jewelry.
On the other hand, it's essential to realize that unbranded jewelry is rarely worth more than its scrap value. While you may have a stunning necklace with high sentimental value, gold traders won't necessarily be able to factor this into their determination. For jewelry of this type, expect to sell for a percentage of its spot scrap value.
You may be surprised to learn that most gold jewelry isn't entirely gold, even if the item isn't listed as "gold plated." Only 24 karat gold is pure gold, with other values consisting of some percentage of gold and other metals. When selling your gold, you'll need to keep this fact in mind since you may receive a lower value than you expect if you only consider the total weight of the jewelry.
There's much more to learn about gold selling, but these factors will help you understand the value of your gold so you can receive the best price possible.
For more information, contact a gold seller in your area, such as Rocky Mountain Coin.Share