How to Sell Gold

Television ads that encourage you to sell gold for cash seem tempting, but you may get better results if you sell gold directly to a jeweler, dealer or broker depending on the type of gold you have to sell. This page about how to sell gold discusses the appraisal process and provides sales tips for everything to old gold jewelry to pure gold bullion.

• 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.

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.

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.http://articles.moneycentral.msn.com/SmartSpending/ConsumerActionGuide/HowToSellYourOldGoldJewelry.aspx
   • -Gold less than 10 karats cannot be legally sold as "gold" in the United States.http://abcnews.go.com/2020/story?id=336457&page=1
2. Gold bars will have the percentage of gold content printed on the bars themselves.http://www.ehow.com/how_4480812_weigh-gold.html
3. Determine the gold content of coins by researching the specific type of coin online or in catalogs.http://www.ehow.com/how_4480812_weigh-gold.html
   • -Some gold bullion coins have a standardized gold content. Gold Krugerrands, for example, are 22 karats.http://www.austincoins.com/krugerrands.htm
4. Use the karats to determine the gold content of your jewelry, coins or bars.
   • -Gold that's 24 karats is 99.9 percent pure.http://news.yahoo.com/s/ibd/20090227/bs_ibd_ibd/20090227funds
   • -Gold that's 18 karats is 75 percent pure.http://news.yahoo.com/s/ibd/20090227/bs_ibd_ibd/20090227funds
   • -Gold that's 14 karats is 58.3 percent pure.http://news.yahoo.com/s/ibd/20090227/bs_ibd_ibd/20090227funds
   • -Gold that's 10 karats is 41.7 percent pure.http://articles.moneycentral.msn.com/SmartSpending/ConsumerActionGuide/HowToSellYourOldGoldJewelry.aspx

1. Gold is typically measured in troy ounces, with 20 pennyweights equal to one troy ounce.http://www.bankrate.com/brm/news/pf/20080328_selling_gold_a2.asp#4
2. Use a jeweler's scale to weigh your gold in pennyweights.
   • -You can also use a kitchen scale to measure gold by using a conversion factor between ounces and pennyweights.
   • -1.5 kitchen grams are equal to 1 pennyweight, and 1 kitchen ounce equals 18.23 pennyweights.http://www.bankrate.com/brm/news/pf/20080328_selling_gold_a2.asp#4
   • -To get an accurate weight of gold jewelry, you may need to remove any gemstones or clasps that aren't gold.http://news.yahoo.com/s/ibd/20090227/bs_ibd_ibd/20090227funds
3. Educate yourself by checking the current price of gold on sites like Nymex.com, Kitco or Goldprice.org.http://news.yahoo.com/s/ibd/20090227/bs_ibd_ibd/20090227funds http://articles.moneycentral.msn.com/SmartSpending/ConsumerActionGuide/HowToSellYourOldGoldJewelry.aspx
4. Use an online calculator to determine your gold's approximate value.http://www.dendritics.com/scales/metal-calc.asp

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.
   • -Look for credentialed appraisers near you through groups like the National Association of Jewelry Appraisers.http://www.coastalcourier.com/news/article/12097/
   • -You can also search for an accredited appraiser through the American Society of Appraisers.[http://www.appraisers.org/
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.http://www.antique-antiques.com/coin-appraisal.shtml
4. Consider getting a written appraisal rather than a verbal one.
   • -Professional appraisers may charge by the hour or by the item. Fees can range from $50 to $200.http://articles.moneycentral.msn.com/SmartSpending/ConsumerActionGuide/HowToSellYourOldGoldJewelry.aspx
   • -Ask the appraiser to calculate the value of the gold in front of you rather than leaving the piece with him.http://news.yahoo.com/s/ibd/20090227/bs_ibd_ibd/20090227funds

• 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).http://blogs.consumerreports.org/money/2008/06/qa_selling_gold.html

• Keep in mind that you may lose up to 75% of your jewelry's retail value, especially if it's sold as scrap gold.http://articles.moneycentral.msn.com/SmartSpending/ConsumerActionGuide/HowToSellYourOldGoldJewelry.aspx 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.http://www.msnbc.msn.com/id/29540257/
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.http://www.kentucky.com/181/story/719194.html

• 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.http://articles.moneycentral.msn.com/SmartSpending/ConsumerActionGuide/HowToSellYourOldGoldJewelry.aspx
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.http://www.smartmoney.com/spending/deals/how-to-make-a-tidy-profit-off-your-gold-jewelry-22913/
3. Take pictures of the items you're sending and make a detailed list in case you need them for insurance purposes.

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.http://www.bankrate.com/brm/news/pf/20080328_selling_gold_a2.asp#2
2. When you take gold coins to sell, keep them in the presentation cases and bring certificates and other paperwork, as well.http://www.goldprice.org/buying-gold/2006/02/where-to-sell-gold-coins.html
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.http://www.goldprice.org/buying-gold/2006/02/where-to-sell-gold-coins.html
   • 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.http://goldprice.org/buying-gold/2007/07/selling-gold-on-ebay.html
   • 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.

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.http://www.ehow.com/how_2321794_sell-gold-bars.html
   • -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.http://www.onlygold.com/HowToBuyPages/HowToSell.htm
   • -For sales of gold bars over a certain amount, some dealers will arrange more secure forms of pick up, such as an armored car.http://www.onlygold.com/HowToBuyPages/HowToSell.htm
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.http://www.bankrate.com/brm/news/pf/20080328_selling_gold_a2.asp#2
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.http://www.bankrate.com/brm/news/pf/20080328_selling_gold_a2.asp#2

The content in this page is not a substitute for professional financial advice. Please contact a finance professional before using the information presented here.