There are some things when decluttering your life that you want to get rid of but don’t necessarily want to just throw away. Precious metals and jewelry may be one of those things. But you don’t want to sell your gold without doing your research first. By remembering these key points you’ll know exactly how to sell your gold.
Explore this Guide:
- What Determines the Value of Gold?
- Read the Fine Print
- Shop Around for Gold Buyers
- What You’ll Need to Bring
When you know that you want to sell your old gold for cash, it is important that you know the best way to sell it. Selling gold for cash may require a little more thought than you would think. Doing a little research ahead of time and making sure that you know how to sell your gold properly will ensure that you get the best price for your gold.
What Can You Sell?
Gold buying is the process of selling your gold and other precious metals of value for cash. Some people use gold buying services like Check City because they have some old jewelry they would like to get rid of in exchange for cash. But it isn’t just gold that you can sell at places like Check City. There are an array of precious metals that you can sell to us for cash.
- Dental gold
What Determines the Value of Gold?
Check City, and many places where you can sell gold, uses the daily New York Mercantile Exchange (NYMEX) market value to determine the value of the gold you want to sell on the day you want to sell it. The NYMEX is part of the Chicago Mercantile Exchange & Chicago Board of Trade Group (CME Group). On their website you can see for yourself their projections of gold prices for this year.
However, the best way to determine the exact value of your gold is to bring it into a Check City Store near you to have it evaluated that same day by an expert. The person evaluating your gold’s value will look at the NYMEX gold prices that day, and then weigh your gold on a jeweler’s scale.
How is Gold Weighed?
A jewelers scale is a sensitive scale that can weigh in grams and karats. It is also a highly accurate kind of scale in order to get the most accurate price evaluation for your gold and other precious metals. This scale will measure the gold in a Troy ounce. This means that there will be 31.1 grams for every 1 Troy ounce. When you are working with the company or individual that is buying your gold, it is important that you know how much your gold weighs and how much you are getting paid per unit. Some people may try to measure your gold in one unit and then pay you based off of another. Pay attention while your gold is being measured to ensure that you are getting paid what you should be getting paid.
Make sure that the person buying your gold is measuring for the karat fineness of the alloy. A karat equals 1/24 of pure gold by weight. Measuring the karats of your gold before you try to sell may be beneficial. You want to make sure you are getting accurate karat count and getting paid accordingly. Some jewelers may not pay what they should and understanding the karat count ahead of time will ensure you can recognize this and go elsewhere to sell your gold.
If you are trying to sell more than one type of gold, it is important that you do not let two different karat weights get weighed together. You will want each type of metal weighed on its own to ensure you are getting a higher price for the higher number of karats. Be aware of which pieces have the heavier karat weight as you are going to sell them.
Market Value of Gold
The price of gold is constantly changing, so make sure you know how to get ahold of the current price of gold. Talk with a jeweler to ensure you have the accurate price for your gold, or keep up with the gold price projections from the New York Mercantile Exchange. When you know the accurate price of gold before heading in to sell, you can be sure you don’t end up selling the gold for less than it is worth. If someone quotes you for a price that is less than what you’ve heard, don’t be afraid to speak up and talk to them about prices.
Selling Your Gold
Make sure you sell your gold to a person or company that is reputable. You want to be working with a business that is registered with the Better Business Bureau to ensure that any complaints against the company have been resolved properly. Reading through reports on the Better Business Bureau website is a great way to understand the caliber of the company that you are choosing to work with.
Read the Fine Print
Whenever you decide to sell gold it is important that you understand the fine print of any contract that you sign. You should take the time to read through all of the fine print before you sign anything or before you decide to mail your gold in. If you are selling your gold by mailing it in, it is important that you get the package that you are sending insured.
Shop Around for Gold Buyers
Don’t be afraid to shop around. Look to sell your gold to a few different vendors or even a few different individuals. When you can talk with a few different people that are buying gold, you will be able to get a feel for who you really want to be selling your gold to. Don’t be afraid to walk away from the first few people even if you think you will end up walking back into their place of business. Get a feel for a few different buyers and then make your pick.
What You’ll Need to Bring
You have to make sure you bring your I.D. with you when you purchase gold. Every vendor is required to ask for your I.D. before purchasing gold from you. Bring your I.D. the first time around so you don’t have to run home to get your I.D. in order to make the sale official.
When it comes time to sell your gold we hope that you decide to visit your closest Check City Location. If you have any questions about selling your gold for cash feel free to leave them in the comments section below.
See a timeline of the US mint.
See this comprehensive chart for a thorough history of the price of gold.