If you're like most people, you probably have some old gold jewelry just lying around gathering dust. And chances are you probably could use a little extra cash. There has never been a better time to sell your gold jewelry. The price of gold has skyrocketed in recent years and is showing no signs of slowing down which means any gold you have just lying around can put a little money in your bank. If you're thinking about selling gold, here are some things to consider.
What to Sell
Before you sell any gold jewelry, it is wise to sit down and sort through what you have. Even if you are strapped for cash, it is never a good idea to sell treasured pieces, so set those aside. Anything with sentimental value should not be considered as you may seriously regret it later. You should keep an eye out for jewelry you have never worn, pieces that look dated, and broken or mismatched gold.
Finding a Buyer
Believe it or not, not all jewelry stores will buy gold. Almost all of them will give you an appraisal or test your pieces for authenticity, but some simply do not buy old gold. Brick and mortar stores that tend to buy gold jewelry are those that also deal in gold coins or are also gold brokers. Take a look in your local newspaper for ads regarding cash for gold, gold brokers, or broker shows. You may also find buyers for your gold online.
Finding the Right Price
Remember, just because gold prices are on the rise doesn't mean you will always be compensated fairly. Do a little research before selling any of your pieces. Knowing a little bit about the current price of gold before getting an appraisal or quotes for anything you want to sell is a wise move. You can find this information online, in the newspaper's financial section, or even cable financial news programs.
Know the Purity and Weight of Your Gold
Knowing what kind of gold you have is essential in making any money. Remember, the higher the purity, the higher payment you will receive. All gold jewelry should have a karat stamp on it - necklaces usually sport this on the clasp while rings show it on the inner edge of the band. The highest purity is 24k, on which all gold prices are based. The value of your jewelry will be proportional to what karat it is. You'll also need to know how much weight you have in gold as you will be paid per ounce.
When it Comes to Internet Brokers
If you're not going to use a local buyer, check out the Internet. However, in order to be smart about selling your cold, do your homework. Call or email Internet-based gold buyers to find out what their long-distance quote policies are. A reputable company will have at least five years experience and will always have quick turnaround time for payment.
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