Ready To Sell Some Gold? 3 Things You Need To Know

If you have gold jewelry, gold decorations, or other gold items that you want to sell, you need to proceed carefully. You can make money off of your gold items if you are smart about the process of how you sell your gold.

Understand What Karats Mean

Most gold is not pure gold, as pure gold is extremely soft, and isn't durable enough to be made into other materials. That is why you see things such as 10 karat or 14 karat. The karats lets you know how much gold is contained within the piece of jewelry.

The higher the number of karats, the more gold that item has. A piece of jewelry that is 10 karats has far less gold than a piece of jewelry that has 22 karats, thus you should get more money for 22k than 10k piece of jewelry that seems to be the same size.

Keep Your Karats Separate

Your gold jewelry should not be weighted together to determine its value. As each different type of karat has a different amount of gold in it, each karat should be separated and weighted together. For example, if you had two necklaces that were 14k, one ring that was 10k, and two bracelets that were 14k, the necklaces and bracelets should be weight together, and the ring should be weight separately.

When you are working with a gold dealer, they should automatically sort each gold item by it karat. Be wary of a deal that doesn't do this.

Look Up the Value of Gold

The truth is that the value of gold changes all the time, so you are going to want to look up the current market price for gold on the day that you want to sell your gold. Knowing the current market value of gold will allow you to determine if a gold buyer is offering you a price that is above, at, or below market value. You can use this information to determine if you want to accept the offer you get from a gold buyer, such as Beaverton Coin & Currency, or if you want to get a quote from a different buyer.

If you have some gold that you are ready to sell, make sure that you know what karat each piece of jewelry is, and when you take your items to the gold buyer, be sure that your items are sorted and weighted by karat classification. Arm yourself with knowledge of the current market rate of gold so you can make an informed decision if you want to accept the offer the gold buyer gives you for your items.