The 3 most important factors when selling gold for cash.

The price you will receive for your items depends on three factors. The weight, the karat or purity and the current value of the gold are the most important factors that will determine the amount of money you receive.

What is the measurement used when weighing gold?

Gold can be purchased in grams and troy ounces. The daily price of gold is in troy ounces; one troy ounce equals 31.1 grams. So you can now determine not only the purity but the weight of pure gold you have in troy ounces.

What do the amount of karats really mean when you sell?

When selling gold for cash it is helpful to have a basic understanding these three things. All gold jewelry is marked with the karat, or purity stamp. 24 karat gold is pure and is too soft for jewelry so other metals are mixed with the gold to make an alloy. 10 karat gold is durable but only has 10 parts out of 24 content, the same math applies to 14, 18 and 22 karat. Divide the karat by 24 and you will have the percentage of pure gold in your item.

What is the current market value of pure gold?

The final factor to consider when selling gold for cash is the current market value. Precious metal values change throughout the day so watch trends closely and sell on the day following a high price as buyers usually base their offers on the closing price of gold from the previous day.

Here are some final considerations as you gather your items to sell. Some pieces of jewelry such as signed designer pieces may have value above and beyond the gold value alone. On the other hand, unmarked dental gold and broken jewelry can easily be sold for the value of the gold they contain.

Now that you understand the basics of selling gold for cash, take a look in your drawers and convert your gold to much needed money.

Selling Your Gold Jewelry

First off, selling your gold jewelry to a pawn shop is not recommended since pawn shop owners will look for the maximum profit they can get so they will give you the lowest offer possible for your gold. The main business of pawn shops is to make short-team loans, using valuables as collateral. A general rule of thumb is that a pawnshop will often offer one third of the amount they can except an item to sell for. This mindset may also carry over into their offer for your scrap gold.

Going to your local jeweler to sell your gold is also not recommended. If you have broken gold, local jewelers will give you less because they are looking to re-sell your pieces. They are mostly looking for nice high quality gold jewelry.

Why Online Buyers Are A Good Choice

The most recommended option to selling your gold jewelry is to use an online gold buyer. Online gold buyers will mail you a box or a gold mailing kit in which you place your jewelry in and mail it back. Once they receive your gold, they’ll evaluate your pieces and immediately send you money.

First you’ll need to find a reputable online gold buyer as these sites can usually offer better prices for your items. Be sure to double check the sites reputation by checking online review sites as well as the Better Business Bureau to verify the companies honesty and satisfaction rates. A wealth of information about selling gold online can be found on online forums and blogs where unhappy customers are eager to share their unsatisfactory experiences as well as their positive ones.

Online gold buyers are also recommended because often times they are gold refineries meaning that they can afford to pay you more for your gold. They are purchasing your gold directly from you so there is no middle man which means you don’t have to share your profit. So if you’re looking for a higher profit than from pawn shops or jewelry stores, online gold jewelers are the way to go. When selling your gold jewelry think about what you’re looking for in terms of profit and make your decision from there.

As you may know, there are many cash for gold complaints filed every year. Some of the companies that offer cash for gold online can be very risky groups to do business with.

Before sending your gold to anyone make sure they don’t have a large amount of cash for gold complaints already filed against them.

Cash For Gold Complaints

First there is always the concern that you may not receive the true value of your gold. It is vital to be aware that companies pay drastically different amounts and this is could happen. Be sure that you are working with a company that will give you the most value before you go through a transaction so that you can avoid this common complaint.

Do They Have A Refinery?

Many gold selling complaints are that the amount that people receive for their gold jewelry is not good enough. A company that handles gold through their own refinery will generally give you more for your gold so this is something that you should definitely look for.

Is Your Gold Properly Handled With Care

The last of the cash for gold complaints deals with the way gold is being handled. Some groups will not handle gold properly and may state that it was received in this damaged condition. This is a common complaint that you should watch for because when you do sell your gold you should be sure that it is properly handled just encase you need to get your gold back.

These complaints are all examples that show that many online companies are not reputable and may not be fully reliable. Educate yourself on the many pitfalls so you don’t end up filing your own cash for gold complaints.