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How to sell GOLD, for best price.
Easy to sell, difficult to buy.
Gold is the basis for most currencies, industrial and medical uses make it even more sought after. With economies in roller coaster mode and huge swings in the stock market, some seek gold to help minimize the losses from devalued currency.
If you buy gold CAUTION.
My wife and I wander through pawnshop jewelry cases and pick up items we feel may have good value to put back for a rainy day. Since gold jumped to over 1500 dollars an ounce, we do it less. Even since it had a mini crash to around 1200 dollars an ounce, it's still hard to buy at pawn shops. This is due to some buying gold when it was valued higher and they don't want to loose their investement. Avoid purchasing high priced gold or gold that you can't verfy as to wieght and purity.
Look for stamping in the metal, and peeling coatings.
Stamps will include, 10K, 14k, 18k, and 24k. This will be the first step in noting how how much bullion is in a piece. Also use a loupe, a strong small magnifier, to examine the piece. You will see good quality contruction, feel a certain wieght, and see if diiferent collored metal shows through the gold.
Note the markings carefully.
10k HGE is a very common marking. This is used to mark some of the better quality costume jewelry. Costume pieces are used to to wear a very pricey looking item that can be worn with less expense.The gold overlay looks amazing, yet the value can be less than 1/100th of a similar gold piece. If you loose a pretty costume item, you won't loose as much as with losing gold jewelry. Some of these costume items are valuable in their own right, as well made items of jewelry. They can fool even the trained eye at times. If you see a mark you don't understand, look it up, lots of online venues will explain the markings to you.
Carry a tiny gram scale with a good, well made loupe.
I have used the scale at the place where I was reviewing items to buy, I do like my own scale for peace of mind. When I review items to buy, I use simple movements and avoid making the person behind the counter nervous. I look at an item, then return the item, before picking up another item. This keeps things simple and the attendant will feel at ease. I avoid having more than one item out at a time, to avoid confusion. Some stores have been robbed and will only allow you to see a tray of items under the glass of the case. Then when you pick an item to review, only that item comes out, when you are done, it is returned and other items are presented one at a time. This is standard practice and the store has learned, maybe the hard way, that this is the safest way to handle gold items. You should examine item with the loupe to see makers mark, and wiegh to see if the wieght seems correct for the size of the item you are reviewing.
Verify, Verify, and Verify!
When you sell GOLD.
When I buy gold, items are picked up at yard sales, estate auctions and friends will sell or 'pawn' gold to my wife or myself. We won't pay much and are always happy when some one redeems gold we 'hold' for a while. If I purchase gold I will offer 25% of lowest bullion price in last 90 days, only if I feel I can make a a profit. Gold has to be considered in the light of possible violent changes in the price. The pawn shops near my home never give more than five dollars for any ring, no matter what. We will do better than pawn shops, but we do try to buy low to resell to someone else. We explain what we are doing and why. We also are sure of the identity of who we buy from, it's easy for someone to sell items not their own.
Lot's of ways to sell your gold.
After assembling odds and ends of gold pieces, we mailed them off to the famous, by mail, gold buyer. They reviewed our metal, found some of it was not gold, offered to return the non-gold, and offered to pay for what they thought was gold. Two or three of the famous buyers are very good, they are competing in a very volitile market. Check how they do business, you will be well informed of the process and you will get better return than a pawn shop or from someone like me who is going to sell to the famous by mail gold buyers. You can sell the item as jewelry, about 75% of new, jewelry price, to omeone who wants the item. Jewelry price is very different from bullion price. Bullion price is the actual gold value. Jewelry price includes processes and designs that increase the price of the gold item.
Get the best price.
Contact at least three buyers. At this time, on line will give you the best pay out. If you carefully wiegh your gold and know the purity, you can calculate the BULLION value. Get as close as you can to bullion price. Expect a payout of at least 80% of bullion price. You will need to prepare your gold, mail it and wait for your payment. You must be careful. Check around, you can do very well on your gold. If you have to have money NOW, you will pay for the privilege of quick payment. Pawnshops have rent and overhead, small buyers, like myself have to calculate handling and certain risks in buying gold. Educate before you sell.
A 10k Gold rope chain was in my wife's collection for years.
It's wieght was 32 grams, and it was a heavy gold, rope type chain, designed for a man's neck, at 20 inches long. We needed some cash and the famous buyer would gladly give us 80 to 85 percent of bullion value, around 500 dollars. 500 dollars in bullion would have us settling for around 400 dollars at 80%. It was put on line at the bullion price, with bids going up from the base price. We were able to wait 7 days, so we obtained bullion price at 100%, shipping and handling and value above the bullion price because a lot of people were interested in a gorgeous gold chain. We did much better than bullion price because the purity and wieght was easy to verify.
Even if you are casual, hoobyist, buyer, invest in some tools.
A good loupe, 10x power or more. You need to see the maker marks and any peeling of metal. A gram scale, some good ones are the size of a pack of cards, very accurate. A test wieght to true out the scale. Anticipate experienced gold buyers to test your scale with their own wieght to keep confusion to a minimum. Be open and honest and be sure your buyer or seller understands the process. Consider a very powerful magnet, if the item moves toward the magnet, your item will not be gold. When handling a magnet, please note they erase data from credit cards and memory cards, if not stored carefully.
Foe those want to go in depth with buying and selling gold.
You can get a kit with different stregnths of acid to determine which karat wieght of gold an item is. You use these with a stone that you lightly rub the item on, the residue on the stone then is treated with acid. The acid will eat the lower karat gold away, leaving the higher karat gold untouched. This is useful for checking custom items that have no maker mark on the item.