Editor’s Note: This story originally appeared on Penny Hoarder.
Whether you’ve acquired some gold jewelry, found a forgotten coin collection or have gold in your mouth, knowing the value of your gold and knowing how to sell it for the best return is a skill you should definitely look into.
There are many options out there for evaluating and selling your gold, but it’s important to understand how gold is valued and where you should sell it to get the best price.
Let’s get into your options.
What to Research Before Selling Your Gold
Before you sell, understanding what determines the value of gold can empower you to make informed decisions and ensure you get the best price possible.
Gold is generally valued based on karat (purity), weight and current market value:
- Karat: This refers to the purity of the gold, and 24k is pure gold. But gold is often mixed with other metals to increase its durability. This is where you get 18k, 14k, 10k, etc. The lower the karat number, the lower the purity, and as a result, the value of the gold decreases. Unless you’re looking at dental fillings that came out of your mouth, most of your gold pieces will have a stamp indicating how many karats they are.
- Weight: Gold is usually measured in grams or troy ounces. But the general rule is, the heavier the gold, the more valuable it will be.
- Current Market Price: The market price of gold is influenced by a complex number of factors related to supply and demand and other economic conditions. There are experts who spend their entire lives studying how these influences affect market trends related to gold. And while the futures market price may not be easy to predict, the trend is usually up. And the best part? You can easily monitor the price of gold with a quick Google search.
How Much Will I Get If I Sell My Gold?
How much you will get when you sell your gold depends.
First, you will need to determine the value of your gold. Contrary to what you see on TV, gold biting is a bad idea. Although pure gold is soft compared to other metals, it is still harder than human teeth. You are more likely to cause damage to your mouth than to gain any useful information.
All you need is a test.
There are several easy ways to get an appraisal, including online price calculators, professional appraisals or checking daily gold market prices. Each of these options can give you the best value for your gold.
Obtaining multiple appraisals or quotes from buyers gives you the opportunity to compare analyzes and identify major differences, arming you with the information you need to avoid getting the low ball when you go with an offer.
Where Do You Sell Gold?
Where you sell your gold can have a big impact on how much money you end up putting in your pocket.
You have several options to consider, including local jewelry stores, pawnshops, auctions and online gold buyers.
Which one is right for you will depend on your priorities, such as how quickly you want to sell versus the value of the offer.
Local Jewelry Stores and Retail Stores
Local jewelry stores and thrift stores often buy gold jewelry, coins, and coins.
And even though it’s a quick and straightforward sales process, you might feel a little wary walking around town with all your valuables in your pocket. Also, you will only get up to 50% of the actual value of your gold.
Benefits
- It is easily accessible
- Fast payment
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- Low prices (up to 50% off your items)
- The biggest risk is accepting an insignificant offer
Auctions
If you have rare or unique gold items, an auction may be your best option.
Auctions attract collectors and enthusiasts who are willing to pay premium prices for rare or unique items, meaning you’re more likely to get a higher resale value for your pieces.
But waiting for the auction day, going through the bidding process – and possibly waiting for payment after the sale – takes time. Therefore, it is not a good option if you are in a hurry.
But then again, selling your rare and unique gold items right away seems like a decision you might regret later.
Benefits
- High prices and competitive bidding on rare or unique gold items
- Exposure to a large audience of potential buyers
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- Auction house fees and commissions
- The final sale price is uncertain and is determined by the highest bidder
- It’s a time-consuming sales process
Online Gold Buyers: Gold to Cash
There are reputable online gold buying companies that specialize in buying broken jewelry and unwanted gold.
How it works, you request a free shipping kit to safely send your gold to an online buyer, who will inspect your items and make an offer. You’ll want to choose a trusted and well-reviewed online merchant, such as Gold to Silver, to avoid scams or lowball offers.
Benefits
- Hassle-free and secure process
- Fully insured FedEx shipping up to $100,000 upon request
- A lot of money for your gold
- Sell gold from the comfort of your home
- 24/7 online customer support
- Safety – no need to walk around with gold
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- It is not something that is done quickly
Be sure to check online reviews, BBB ratings, and consider how long the payment process will take.
And remember, don’t just take the first offer you get. It’s important to get multiple quotes so you can double-check that you’re getting the best deal.
Penny Hoarder’s Top Pick: Gold to Cash
If you’re looking for the fastest place to sell gold or other precious metals for more money, our top pick is Gold to Money.
From broken and unused jewellery, to coins and precious metals, Golden to Cash offers a seamless process to value and buy your precious metals – up to 95% of their value.
Gold to Cash has been in the gold buying business for over 11 years.
With 95% of reviews being five stars on Trustpilot and an A+ rating from the Better Business Bureau (BBB), you can walk in knowing you’re dealing with a safe and reliable buyer.
They’ll send you a free test kit, which includes a prepaid shipping label with FedEx insurance and secure packaging materials. You can request that your package be insured for up to $100,000.
Gold to Cash experts will measure your gold and issue a gift the same day they receive your package. And they will pay you as soon as you accept the offer.
The offer reports offered by Gold to Cash are some of the most detailed we’ve seen in the biz. Instead of one big lump sum for all the items you send, they provide a detailed report showing how much each item costs.
If you get the best offer from a different buyer, Gold to Cash also offers a price match guarantee — so, don’t forget to get multiple quotes.
If you decide not to accept the offer, they will return your valuables at no charge to you. You can request your free test kit here.
Preparing to Sell Your Gold
Before you rush to sell your gold, take some time to prepare and organize your assets.
If you’re trying to get the best deal for the fastest amount of time, you’ll want to do what you can to clean your gold pieces so they look their best.
There are special cleaners you can buy to safely clean delicate gold jewelry, but you can also make your own cleaning solution by dropping a few drops of a mild dish detergent like Dawn dish soap into a bowl of warm, not hot, water.
Let your gold sit in the mixture for a few minutes before scrubbing thoroughly with a new, soft toothbrush.
Be sure to always research any products to use before cleaning your jewelry. Baking soda or commercial metal cleaners may seem like good options, but they are considered abrasives that can scratch your gold.
It also helps to sort your gold pieces by karat and weight to make it easier for buyers to check and give you an accurate quote.
Selling your gold doesn’t have to be difficult. With knowledge of your gold’s value, minimal maintenance, and a great buyer like Gold to Money, you can make sure you maximize your earnings. If you’re wondering where to start, go to Gold to Cash’s site and request your free test kit.
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