One thing about gold jewelry is that it is an investment that you can wear, keep, or sell whenever you need to upgrade. Selling gold jewelry that you no longer need is a great way to get some cash, but making that deal is not easy. While there is plenty of cash for gold companies in the market, you need to find the best that will offer you a good deal. Here are some tips for selling gold for cash.
Think about the best time to sell gold
As you may already know, selling a commodity is more profitable when more people want to invest in it. Gold tends to be expensive when the economy is shaky because it is considered a safer investment than other commodities such as stocks and shares. Therefore it is best to determine the best time to sell your gold. If you are not in a rush, it might be worth it to wait for the gold prices to rise before selling.
The best way to determine where to sell your gold is to search online. By searching sell gold near me on google, you will encounter multiple sell gold for cash companies; then, you can research more to identify the best one. However, do not settle for the first company you see. It is best to compare different quotations before finally making your decision.
Know the worth of your gold
Your gold jewelry karat is what determines its worth. Note that gold is very soft in its pure form, so it is usually mixed with other metals such as silver, stainless steel, etc., when making jewelry. The ratio of pure gold to metal alloys is the gold’s karat. The higher the karat value, the higher you will sell the piece for. You can have a gold appraiser help you determine the worth of your gold.
Is the gold more valuable as jewelry or scrape?
You also need to determine if your gold jewelry is more valuable as a complete piece or scrape. Note that antique and designer jewelry pieces can sell more than the gold used to make the piece. On the other hand, old and worn-out gold jewelry is mainly resold as scrapes. You can have a trusted jeweler near you evaluate the jewelry and advice you accordingly.
Consider the market value.
One of the mistakes some people make when selling gold jewelry is having high expectations. Remember that you will sell the piece at the current market value and not the retail price you bought the piece at. In simple words, you will get only a percentage of the price you initially purchased the piece for because it is rare for second-hand gold jewelry to sell at a premium price. Also, you may not sell it for the amount it was appraised for, as most appraisals are used for insurance purposes, so the price may be high.
Last but not least, it is good to haggle before selling your gold. Gather quotes from multiple jewelers and negotiate for the best deal.