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Where do I go if I have gold to sell?

Posted on: 12-27-2011 Posted in: News

One thorough clean-up of your house and you will find that there are a lot of old things that you might not need but might still are worth a lot. And sometimes, you might just find treasure- Old jewelery, broken watches that are made of gold or scrap. The first thing that would then come to your mind would be “I have gold to sell, where do I go”? There are a number of options to choose from and a number of things that are to be considered before you obtain the right price for the gold you have to sell.

If you’re thinking “I have gold to sell”, before “where do I go”, make sure that you ensure the following –

  1. Find out the present market value for gold.

  2. Obtain the correct carat of all gold items and scrap gold. In the United States, it is not legal to sell gold below 10 carats. In UK it is 9 carats.

  3. Weigh your gold from a trusted pawn broker.

The gold price fluctuates on an almost daily basis. So if you’re thinking “I have gold to sell, but what percentage of market value will I get for it”, here’s the calculation –

  • 22 carats: 91.7%

  • 20 carats: 83.2%

  • 18 carats: 75%

  • 16 carats: 66.6%

  • 14 carats: 58.3%

  • 12 carats: 50%

There are several websites that have online calculators that automatically calculate the current market price for your gold depending on weight and purity.

Now, after the “I have gold to sell, and I know its purity and weight”, there are three main dealers you can go to.

  1. Gold dealers – The World Gold Council has a list of reliable dealers. This can also be obtained from your local department for consumer affairs. There are a number of gold dealers waiting to take advantage of uninformed customers. The Better Business Bureau can also help you with picking the best dealer. Obtain appraisals from a number of dealers and also obtain online prices. Negotiate with the dealers to settle for the best price. Do not trust dealers that have makeshift offices or work out of hotel rooms. Trusted online dealers can help get you a better price as they wouldn’t have to bear the rent for offices. A gold king among dealers would be one who is trusted and provide the best appraisals and deals.

  2. Gold refiners – More often than not, refiners provide the best prices as they directly melt the gold, thus avoiding middle-men brokers. They provide a price depending on the amount you’re selling and purity. A gold king among refiners would be one who provides the best price for the amount and purity of your gold.

  3. Coin and antique items collectors – If you’re thinking “I have gold to sell, and they are in the form of coins”, there are some things you should keep in mind. There are two types of coins- gold bullion coins, which are gold, minted into coin form and numismatic coins. Selling gold bullion coins is fairly simple as their prices are standard. Numismatic coins are rare and have a collector’s value that is more than the price for gold. For such coins, visit various coin dealers to get an idea of the price they offer. A gold king among such dealers would be one who explains the worth of the coin and offers the best price for it. The American Numismatic Association can help you find a reputed coin dealer.

With research and negotiation, you can obtain an optimum price for your gold.

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