Beautifying Your Financial Picture

How To Get Top Dollar When Selling Your Old Gold

by Darryl Nguyen

If you have old pieces of gold jewelry lying around, you may be thinking of selling them to get some extra cash. However, this is a very competitive field and prices fluctuate often as the price of gold goes up and down. As such, the amount you get from one buyer on one day can vary from the amount you get from another buyer on another day. If you have never sold gold before, you may be wondering how to get top dollar for your old jewelry. Here are a few tips that will help you get the most for your old gold.

Pay Attention to the Karat of the Gold You Are Selling

The first step in maximizing the amount you get for your gold is to know what karat the gold jewelry is. 24 karat is pure gold, while 14 karat is 14 parts gold to 10 parts metal alloy. The most common metal alloys used for jewelry include copper, silver or rhodium mixed with a metal alloy agent. Most gold has a marking on it, indicating what karat of gold it is. You may see markings of 10K, 14K, 18K or 24K, with the K standing for karats. Additionally, you may see markings such as 14K GO, 10K RGP or 14K GF. These markings indicate that the piece of jewelry has a gold overlay, rolled gold plate or is gold filled. This items contain very little gold, as the majority of the item is metal. The more pure gold an item has, the more it's worth.

Pay Attention to the Cost of Gold Yourself

When you are ready to turn the gold that you have into cash, do your research and find out what the going rate for gold is. You can track the price of gold online or in the newspaper to see when it is high or low. You never know when it will increase or decrease, but if you watch it, you will know when it reaches a value that seems fair to you or whether prices have dipped and you want to wait for it to increase. This also gives you leverage when negotiating with a shop owner, as it shows you know the value of your item. When you go into any place of business to make a purchase or to get money for something, it is best to do your homework in advance to make sure that you are getting a fair price and fair market value.

Get Multiple Quotes or Buy Offers

When you are ready to sell your jewelry, take a little bit of time to get offers from multiple pawn shops, jewelers or other businesses that buy gold. Gold buying is a very competitive market and you may find that one place offers more than another. Taking the time to get offers allows you to get the maximum amount of money at the time for your old gold. However, as you get quotes, keep in mind that most quotes are only good for a short period of time, due to the daily fluctuations in gold prices. Make sure you bring your gold back within the specified time period to get the amount that the business offered you.

Have the Piece Appraised

The last way to get top dollar for your old gold dis to take it to a jeweler for an insurance appraisal before you sell it. The piece of jewelry may be an antique or may be more valuable than you think. A piece of valuable or antique jewelry may net you more than selling your jewelry as scrap gold would. An jewelry appraiser is familiar with the value of items and can give you a realistic value for your item. This can help you decide whether to sell the piece as jewelry or whether to sell it for its gold content.

There is always going to be some fluctuation in the price of gold and what different stores will offer you for your gold. Watching the price of gold yourself, familiarizing yourself with what karat of gold you own, getting multiple quotes for your piece and having it professionally appraised are the best ways to ensure you get the most money possible when selling off old gold jewelry. Contact a company like Rocky Mountain Gold & Silver Exchange for more info.