How to sell gold and deal with gold buyers

If you watch TV then I’m sure you have seen all the advertisements with pitch men telling you to sell them your gold.  The process of selling gold is easy, but often the price offered by the gold seller is not even near the real value of gold items for sale.  They promise quick cash for your unwanted or broken gold jewelry.  It may be quick, but many of these gold buyers are ripping off people in need of cash making a huge spread by buying at a major discount off the word market price for gold.  Only sell gold to companies that are buying the gold jewelry at prices near world market prices.

You must find out what the current world market price if for gold by checking NY Spot price for gold.  This price if for pure gold which not what most jewelry is made from.  Jewelry is typically 14 carat, which is 58.5% pure gold.  Less often you will see 18 carat, which is 75% pure gold, and 10 carat which is only 41.5% pure gold.  You will then need to weigh your gold and find out how much quantity you have in grams of each carat type.  If the NY Spot price is 00, and you have a full ounce of 14 carat gold scrap jewelry, the you would have 5.00 worth of gold if you were getting 100% of the world market price.  However, the gold jewelry then needs to be processed by a gold refinery, which cost money so the refinery will normally pay you at 5% to 8% below the NY Spot price for pure gold.  So in our example, you would have 5.00, less 5% (.25) if selling your gold at 5% less world market price.

If your not getting these prices, you will need to keep looking for a buyer that is willing to pay you a fair price.  Many of the popular Internet gold buying sites try to buy at 20% or more below the market price, making huge profits at the expense of the gold seller.  Pawn shops and local jewelers can be just as bad, so make sure you do the homework when selling to them as well.  You will need to ask what they pay based on the pure gold that is contained in your gold jewelry items for sale.  If the number is 8% or lower, then you need to keep looking for  better gold buyers.

Quick cash for gold is available all over the place as gold is a hot item and expected to continue increasing in value. Its very important, not to get caught up in the quick cash part of the process.  Do your homework and you should be able to the cash quickly, but also get a fair price for your gold.

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