Get Cash For Your Gold

by Nancy

What do you do when you have bills to pay but no funds in the bank to pay them? Almost everyone has been in this situation at least once in their life, and has asked themselves “How am I going to pay this off?”. There are a few options open to you in this situation, such as taking out a small personal loan, dipping in to retirement savings, borrowing against the equity of your home, which will get you the money you need, but at the same time mean you have more bills to pay in the future.  However another option you have to get the funds you need is selling gold, silver, and other precious metal jewelry for cash.

Gold is in constant demand and almost every city has a shop ready to take jewelry off your hands and give you cash for the value of the gold. Gold’s value can fluctuate, but generally stays high. The current value of gold at the time of this published article is $1,950.90 per ounce.  You can monitor the price on a daily basis here.  While these prices are high now, keep in mind that the price of gold can vary, and that many gold buyers are looking to make money, so they may not give you the exact value of the gold.  However, selling gold for even half of the current value can get you a large sum of cash to make sure you can pay your bills.

Get The Best Deals:

When selling gold there are a few tips to make sure you can get the best deal. Keep these tips in mind and you should be able to understand how to sell your gold and pursue the best deal:

  • Know Your Karats:

Understanding the karat system for gold is paramount when selling your gold jewelry.  Each karat of gold is 1/24 pure gold makeup.  So a 10 karat gold ring (the lowest karat value allowed in the US for jewelry to be labeled as “gold jewelry”) is 10/24 pure gold and 14/24 another metal. This means that lower karat jewelry is going to be worth less than higher karat jewelry.  So while a 14 karat gold ring may weigh three ounces, you won’t be able to sell it as three ounces of pure gold. Make sure you know the karat value of your gold before you sell.

  • Are You Selling Gold or Jewelry?:

This may seem like a strange question, but it is important to keep in mind.  When selling gold you are purely selling a gold object for its weight in gold, nothing else. However, some gold objects, jewelry, watches, even silverware, may be worth more sold as an item, rather than being sold to be melted down for the gold. If you are considering selling jewelry from a well known brand or a specialty piece, it may be worth more sold as jewelry rather than sold for the gold.  Keep in mind that buyers might be harder or take longer to find, while gold buyers are almost always readily available.

  • Understand How Gold Is Weighed:

Many people don’t realize that the standard for weighing gold is actually very different than the typical standards of measurement.  The measurement that jewelers use is called a Troy Ounce.  US scales are standardized to measure 28 grams per ounce.  However, a Troy Ounce is 31.1 grams. If you aren’t aware of this difference you may get even less for your gold than you originally thought. Keep this in mind when selling your gold jewelry.

Selling gold and jewelry is a great way to make quick cash to pay off bills or have some extra spending money. As long as you are aware of the three tips above and find a reputable buyer, selling your gold whether it be old unused jewelry, or some other gold that you may have, is a great way to make sure you have the cash on hand when you need it.