Selling gold can be a quick and easy way to get a little extra cash if you know what you’re doing. However, it can also be a quick way to lose out on some extra cash you should be getting if you don’t. Here are some quick and easy tips for getting the most money out of your gold sales.
Understand the Karat System
When it comes to gold, it is always measured in karats. The simple breakdown is each part of gold out of the 24 parts that make up the jewelry, equals one karat. So, if you have 12 parts gold and 12 parts other metal, you have 12 karat gold. Now, keep in mind, items like jewelry cannot be sold as ‘gold’ unless they meet the minimum karat requirement of 10. So, the higher the karats in your items, the more money they are going to be worth no matter where you sell them.
Find Reputable Buyers
There are numerous places you can go to sell your gold. There are even gold parties that you can turn to, when desperate. However, the more reputable the place is that you are trying to sell your gold at, the more money you will end up with at the end. Gold parties will take anywhere from 10-25% off the value simply for the convenience. Jewelry stores often buy gold jewelry because they know how much they can turn around and resell it for. Pawn shops are another option, but they also take a good portion of the value.
Grab Your ID
When it comes to selling your gold for any type of cash, one thing you need to make sure you do is grab your photo ID. If you don’t bring it with you, you won’t walk out with any cash. It’s illegal for any place to give you any cash for your gold without verification of who the money is going to. This little step ahead of time can save you time and frustration down the line, especially if you need cash immediately.
Read the Fine Print
Every place where you sell your gold will have some type of contract or fine print about the fees associated with the sale. The more you lose in fees, the less money you walk out with. Make sure you read through all of those details before agreeing to any type of sale so that you get the most out of your gold.
When it comes to selling gold, knowing what you have and how to go about the sale before you head out can be a very important step. All of the preparation you do before walking out the door can mean more money in your pocket when all is said and done. Take the time to learn about your local buyers and what type of value you are looking at so you don’t get caught off guard when you go, to help you get the cash in hand you need right away.