Whether you have broken pieces of jewelry or actual bars, gold can be of great value. Unfortunately, most people do not know where or how to sell their gold, which can result in costly mistakes. If you want to earn some money by selling your gold, here are a few things to remember.
Weight Matters
One of the most important things to remember is that the weight of your gold pieces matters most. When you are at an establishment offering to pay you for the gold, document the weight shown on their scale. By knowing the weight, you can compare offers made by other establishments, ensuring you sell for the best price possible. In addition, you can determine if each place's scale is showing the same weight, reducing any risk of a scam.
Check Qualifications
You should also check the qualifications of each establishment or gold buyer. Legitimate businesses and buyers should have credentials ready to show whenever asked. A business or private buyer should be licensed to buy/sell in the specific state you are in. If the business or buyer does not have a license or is not able to show any credentials, work with someone else.
Scrap or No?
Another thing you should consider before selling your gold is whether it is worth more as scrap or in its existing state. For example, if you have a broken chain that is not capable of being repaired, it is most likely worth more melted down, so selling as scrap is best. However, if you have a gold piece of antique jewelry, such as an antique gold watch, you may want to have it appraised by a licensed antique dealer. In many cases, the antique watch will be a collectible piece that is worth more than its weight in gold when melted down.
Don't Combine
Certain karats of gold are worth more than others, so you should never mix different types of gold when selling as scrap. Even if you have a large amount of 10kt gold scrap, do not combine it with your small amount of 14kt gold, since this will affect the overall value when all combined. Make sure to notify your buyer that you are selling multiple types of karats.
If you have gold, whether scrap or whole pieces, selling it can be a great move. This guide will help you avoid making costly mistakes when selling your gold to larger cash-for-gold businesses and private buyers.
