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How to Sell Gold

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Finance  |  How Tos

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  • Introduction

    • With the current price of gold and the tough economic climate, you may be tempted to sell gold jewelry, coins or even bullion that you've been holding onto as an investment. Before you attempt to sell gold, however, be sure to educate yourself on the proper way to appraise and market the precious metal to ensure you don't fall prey to low-ball offers or outright scams. Use the following steps to sell gold and receive its full value.

  • Determine the Gold's Value

    • The best way to ensure you're not taken advantage of when you sell gold is to estimate its current worth or have it appraised before you approach a buyer. Consider these steps to check the value of your gold.

  • Research Karats

    1. Determine the karats, since price is based on the purity of your gold. If you're checking gold jewelry, for example, it will bear a karat stamp if it's at least 10 karats.MSN Money: How to Sell Your Old Gold Jewelry (March 26,2008)
    2. Gold bars will have the percentage of gold content printed on the bars themselves.eHow: How to Weigh Gold
    3. Determine the gold content of coins by researching the specific type of coin online or in catalogs.eHow: How to Weigh Gold
      • -Some gold bullion coins have a standardized gold content. Gold Krugerrands, for example, are 22 karats.Austin Coins: Krugerrand Gold Coins
    4. Use the karats to determine the gold content of your jewelry, coins or bars.

  • Calculate Weight and Current Rate

    1. Gold is typically measured in troy ounces, with 20 pennyweights equal to one troy ounce.Bankrate: Old Jewelry Worth its Weight in Gold? Valuing Your Gold
    2. Use a jeweler's scale to weigh your gold in pennyweights.
    3. Educate yourself by checking the current price of gold on sites like Nymex.com, Kitco or Goldprice.org.Yahoo News: Do's and Don'ts of Selling Gold Jewelry (February 27, 2009) MSN Money: How to Sell Your Old Gold Jewelry (March 26,2008)
    4. Use an online calculator to determine your gold's approximate value.Dendritics.com: Precious Metal Calculator

  • Get an Appraisal

    1. Think about paying to have your gold appraised by an independent source for an accurate, impartial estimate of its worth before you attempt to sell it.
    2. Find a professional appraiser who specializes in the type of gold you're trying to sell.
    3. Find an appraiser that follows the Uniform Standards of Professional Appraisal Practice (USPAP), that has been in business for several years and possibly has a membership with groups like the Better Business Bureau.Antiques Antiques: Coin Appraisal
    4. Consider getting a written appraisal rather than a verbal one.

  • Sell Gold

    • Once you've roughly determined its worth, you're ready to sell gold to a reliable source. Consider these sources and tips to get a great price (it's reportedly worthwhile if you can get 85 percent of the value).Consumer Reports: What's the Best Way to Sell Gold Jewelry (June 17, 2008)

  • Selling Gold Jewelry

    • Keep in mind that you may lose up to 75% of your jewelry's retail value, especially if it's sold as scrap gold.MSN Money: How to Sell Your Old Gold Jewelry (March 26,2008) Although this fact may make you want to hold onto sentimental pieces, you can still sell jewelry that you no longer want such as gold bracelets and necklaces that are broken or earrings that have lost a mate.
    • As for finding the right buyer for the jewelry that you can stand to part with, here are a few common options, and the important things to keep in mind about each one:
    • Jewelers or Pawn Shops
    1. Consider selling jewelry in good condition to jewelers or pawn shops
    2. They may offer you more for the pieces' aesthetic value because they can resell them.MSNBC: What to Know Before Selling Your Gold (March 6, 2009)
    3. Shop around, asking for estimates at several local jewelers, dealers or pawn shops to ensure you get the highest price.
    • Gold-Buying Parties
    1. Organize a home party through a company that supplies an appraiser and buyer to purchase gold on the spot.
    2. Invite friends to bring their gold and you'll make money on the pieces you sell, along with up to ten percent of what your friends sell.Lexington Herald-Leader: How Gold-Buying Parties
    • Mail-In Programs
    • Television and online advertisements and websites promote programs that allow you to send in unwanted gold items in return for quick payment.
    1. Most experts don't recommend sending your gold in a packet through the mail. If you must, however, experts suggest using a service that provides insured shipping and online tracking.MSN Money: How to Sell Your Old Gold Jewelry (March 26,2008)
    2. Realize that it may be difficult to get your gold back from some programs even if you fail to get paid or don't accept the offered price.Smart Money: How to Make a Tidy Profit Off Your Gold Jewelry (April 18, 2008)
    3. Take pictures of the items you're sending and make a detailed list in case you need them for insurance purposes.

  • Selling Gold Coins

    1. Have your gold coins appraised to determine if they're worth more as coins because of their rarity or if they'd be more valuable for their bullion.Bankrate: Old Jewelry Worth Its Weight in Gold? Gold Coins
    2. When you take gold coins to sell, keep them in the presentation cases and bring certificates and other paperwork, as well.Gold Price: Where to Sell Gold Coins (February 5, 2006)
    3. Find a buyer for your gold coins.
      • Gold Dealers: Consider the dealer who sold the gold coins to you originally, since he'll already have paperwork on the gold's authenticity and may be willing to repurchase the gold for resale.Gold Price: Where to Sell Gold Coins (February 5, 2006)
      • Auctions: Reach gold collectors through auction houses or online auction sites like eBay. When selling online, ensure that your descriptions strictly follow the website's guidelines or you'll run the risk of having your listing (or account) deleted.Gold Price: Selling Gold on Ebay (July 22, 2007)
      • Classified Ads: Try advertising your gold coins in newspapers or collectors' publications. Be aware that advertising the amount of gold you have in your home may pose a security risk, however.

  • Selling Other Types of Gold

    1. Gold bars: Since bullion bars are virtually 100 percent pure gold, find a reputable local dealer to ensure you get the best price. If you must sell through an online source, be sure to send the gold only after you've received payment.eHow: How to Sell Gold Bars
      • -Be sure to ship gold bullion using US Postal Service Registered Insured Mail so you can insure, track and confirm delivery. Carriers like Federal Express and UPS reportedly do not insure gold coins or bullion.Only Gold: How to Sell
      • -For sales of gold bars over a certain amount, some dealers will arrange more secure forms of pick up, such as an armored car.Only Gold: How to Sell
    2. Dentalwork: Items like gold teeth, crowns and fillings are typically 16 karat gold. In the appraisal, inquire about other precious metal content since some dental gold also features platinum, which may be worth more than the gold content.Bankrate: Old Jewelry Worth Its Weight in Gold? Dental and Other Gold
    3. Gold medallions, flatware or religious artifacts: Ensure you have any gold items that have potential historical significance or collectors' value appraised to determine if the pieces are worth more as a collectible or as scrap gold.Bankrate: Old Jewelry Worth Its Weight in Gold? Dental and Other Gold

  • Conclusion

    • Education is the key to getting the most for the gold you're offering, whether it's a broken gold earring or gold bullion. By keeping up to date on the current gold prices and sales trends through news stories, publications and websites, you'll be able to sell your gold when the time and price is right.

 


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