Did you know that nearly 187,000 tons of gold have been mined from the Earth since the beginning of gold mining? Nearly half of it is used to make jewelry items while the other half is used with various other purposes such as the production of electronic circuits, gold coins, gold bullions, etc.
But if you have such coins or jewelry items, have you ever wondered what is the best way to sell gold? How to sell this precious metal to make the most money from your transactions and avoid being scammed. Keep reading to learn how to make the most cash for gold jewelry safely and easily.
Get Your Gold Appraised
Especially if you have inherited a large collection of jewelry items or gold coins, you should get your gold pieces appraised first. A professional appraiser can tell you the real value of your gold and you can use this information when looking for reputable gold buyers. If you don’t get your gold appraised, you are a misinformed seller and you might not be able to maximize your profits.
Pick the Right Moment to Sell Gold
There are good moments and bad moments for selling gold. Check the gold price history chart and look for an upward trend in gold prices. If the cost of an ounce of gold has decreased lately, chances are that this is not a good moment to sell. Wait for the gold market to get balanced again to make the most money out of your gold jewelry. If You see a steady upward trend in gold prices, that’s when you should probably sell your gold.
Find a Reputable Buyer
There are numerous gold buyers out there, but many of them are dangerous and should be avoided. You should sell your gold at reputable jewelry stores in your area. Check with the Better Business Bureau and see what jewelry shops are to be trusted in your city. Crown Gold Exchange is an example of a reputable gold buyer in this case. Avoid pawn shops or questionable websites that promise to pay a lot of money if you send your gold to them.
Know the Quality of Your Gold
The purity of your gold dictates how much money you can make from it. 12K gold is 50% pure gold and 50% other alloys and metals. 18K gold is 75% pure gold and 25% other alloys. The purer your gold, the more money you’ll make from your gold coins or jewelry items. In most cases, the purity of the gold is stamped on the gold item, but a professional appraiser can also tell you this information if necessary.
Sell Some Jewelry Items at Auctions
In some cases, people inherit designer jewelry items that have been created by famous jewelers. These items might be worth much more than their weight in gold because they also incorporate the skill and craftsmanship of the designer. You might be able to sell such jewelry items to collectors at auctions and make more money than if you would simply sell the gold by weight.
Now You Know the Best Way to Sell Gold
As you have probably guessed already, the best way to sell gold is the one that maximizes your profits. Spend some time to learn more about your gold jewelry items and coins before deciding to sell them for cash.
Also, make sure that you read the other articles on our website to learn more about gold, precious stones, and how to make more money from them.