How To Sell Gold
Before selling any gold jewelry or other personal items made of gold, first find out if the item has any value beyond melt down value. A reputable jewelry or antique dealer will give you an appraisal. To find out how to locate an appraiser, click here.
To find the melt down value of gold, weigh it on a good kitchen or postage scale. Then use the calculator at www.dendritics.com/scales/metal-calc.asp to get a value based on the current gold price. (Keep in mind that the price of gold constantly fluctuates.)
You can sell gold and gold jewelry through the following sources:
- To a family member or friend
- To a local jeweler or pawn broker
- To one of the gold buying companies that advertise on the internet, television, radio, billboards and in print (for example, www.cash4gold.com ; www.goldkit.com ; www.goldpaq.com )
- To a gold refiner (search on "gold refineries that purchase gold" or "gold refineries")
- To the sponsor of a gold event party
There is no best way for every individual.
If your item has precious stones, do not try to sell it at a gold party or by sending it to a gold buyer.
Advantages and disadvantages of each gold buying source follow:
|To A Friend||Higher price||Striking a fair bargain.
Negotiating against a friend.
Seeing your jewelry on someone else.
|Local Jewelery/Pawn Shop||Instant Cash||Have to shop around.
May have to travel.
|Purchasing Companies||Easy - most even provide mailers||The amount of money you receive. A 2009 survey by Consumer Reports found that the companies only paid 11 to 29% of the then value.
While these companies generally insure your gold, the amount is limited.
|Gold Event Parties||Fun||Host typically gets 10%.
Necessary to do research first to find out what you could get elsewhere.
|Refiners||Pay is closer to real value||Usually require large amounts of gold.
May charge refining fees or shipping costs.