Selling gold is an easy way to get some quick cash. According to an ABC report, the price of gold has been on the rise since the beginning of 2011, meaning that selling your gold per ounce will allow you to bring home a nice amount of cash. Sellers should beware of some buyers, though, making it important for sellers to do some homework before agreeing to a transaction. Here are three tips for selling gold.
- Sellers need to understand how the scales work. Gold is priced by the ounce, the value of your gold is determined by its weight. Jewelers do not use regular scales. There are 28 grams to the ounce, and jewelers use a measurement called a Troy Ounce, which is equivalent to 31.1 grams per ounce. Some jewelers use a weight system called pennyweight and 1 standard gram actually equals. 1.555 pennyweight grams. This is an easy way for jewelers to pay less for the weight of gold.
- Sellers should not let jewelers weigh gold of different karat value. The purer the gold, the more valuable it is, which is why sellers want to measure their gold in groups of karat value. This way they are maximizing the amount of money they bring home.
- Sellers should call a local jewelry store or go to goldprice.org to find out the market price of gold on that specific day. This way sellers know the exact value of their gold before they go into the store and they can monitor the price of gold to determine which day is best to sell their gold. Sellers can maximize the value of their gold if they are patient. They could also lose money if they wait too long though.
Kenneth G. Rare Coins buys and sells precious metals, jewelry, and coins and currency. They have two locations in Mishawaka, Indiana.