What You Need to Know When Selling Gold

The price of gold has skyrocketed in the past several months, and many people are selling gold to make some extra cash. If you're interested in taking advantage of the value in your old jewelry, gold fillings and even scraps of gold from repairs or broken and damaged jewelry, these valuable tips can assure you'll get the best price possible without being taken advantage of.

First, familiarize yourself with the current price of gold per troy ounce. A troy ounce is just slightly more than a standard ounce that you would use in cooking. Troy ounces are used to weight precious metals and gemstones when selling gold or other fine metals and stones such as diamonds. The price for gold is based on troy ounces, and if you know what the going price is, you can knowledgeably compare the price being offered by each precious metals buyer. You'll get slightly less than the market price, since the buyer will be melting and reselling it or forming it into ingots, but it shouldn't be so far below that you feel you're being cheated.

Selling Gold to a Reputable Business

Look for a company that has been in business for at least five to ten years. The longer a company has been in business, the more likely it is you'll get a good price. Larger, more established companies deal in volume gold purchasing, so they can afford to offer a higher price and give you outstanding service. The company should also have a physical location that you can visit. With a bricks and mortar location that customers can contact or visit, you have some added protection in the event there's a problem selling gold. If the company doesn't have anything but a post office box and website, steer clear. They could be accepting jewelry from customers, selling the gold, and not reimbursing people.

You should choose a buyer that purchases all types of gold. Some of your jewelry and gold may be of different types. Eighteen karat gold is different from 10 karat gold, and the price will vary accordingly. Some gold buyers will only purchase gold that is fourteen karat or higher. Unfortunately, this may leave you with some pieces they won't buy. Class rings, for example, are often ten karat gold. If you want to be able to sell all of your gold jewelry as well as items such as gold fillings, look for a company that will purchase gold from eight karat on up to 24 karat gold.

Don't Be Forced Into Selling Gold

Be sure to review the company's policies on returns and right of refusal when selling gold. In other words, check to see if the company will return your gold if you refuse the price that is quoted. A trustworthy company won't force you into selling gold if you don't want to. The best companies will allow you to send your items to be evaluated, then quote you a price over the phone. At that time, you can either accept their offer, or turn it down. If you turn it down, it shouldn't cost you anything to have your gold returned to you.

If you're selling gold jewelry that has precious stones mounted in it, look for a company that can also reimburse you for your gemstones. Some companies only want the metal, and will simply dispose of precious stones or sell them without compensating you! A company's website will state clearly that they also purchase diamonds, gems and other metals such as sterling silver and platinum if they compensate for these items.

Keep in mind that the price of gold does fluctuate daily. Check out the website for any company you're considering. They should have the current gold prices posted clearly somewhere on their site. If they do, you're selling gold to a company that will give you a fair price and reward you with great service.