Three Ways To Get The Most Money When Selling Your Gold

Posted on: 22 October 2015

With the holidays quickly approaching, if you are like most people, you can probably use some extra cash. There are multiple ways to find this extra money you need, but one of the fastest and easiest ways to do so is to sell extra gold jewelry you have lying around the house. These can be gold pieces that are broken, out of date, or simply out of favor. While there are many reputable dealers out there that are willing to buy your pieces, you can ensure you get the best price by following a few simple steps.

Know What You Have

24 karat gold, or pure gold, is a very soft metal that is really not practical for everyday wear. Due to this, most gold that is used in the manufacturing process of jewelry is usually composed of a mixture of pure gold and several other metals. How much of the other metal is mixed in determines the karat or carat of the piece. For example:

  • 22 karat gold is 22 parts gold and 2 parts of some other metal. 
  • 14 karat gold is 14 parts gold and 10 parts of some other metal.
  • 10 karat gold is 10 parts gold and 14 parts of some other metal. 

This means that the higher the karat of gold, the more valuable your piece will be. The karat of your piece will usually be stamped somewhere on the piece. Prior to selling your gold, separate your pieces based on their karat. This will help the buyer weigh similar pieces together, and keep them from paying you less than you deserve.

Some of your best pieces may be worth more than their weight. Be willing to negotiate and let the buyer know if your pieces have been made by a well-known designer or are from a popular collection. Present any appraisals that you may have on hand.

Since the price you are offered will be based on weight, or weight value, you need to have a general idea of how much gold you have. Remember the buyer will subtract for stones or anything else that is not gold. To get a general idea of the weight of your piece, you can use your kitchen scales. Weigh your piece in grams, since this is what most buyers will weigh in. 

Know The Current Market Price Of Gold

Gold is a very fluid market that can quickly fluctuate based on supply and demand. While most places that buy gold will not offer the exact price gold is trading at that very minute, their price should be in the ballpark of the value of gold. Knowing the price of gold for yourself will help you to avoid less scrupulous buyers who may try to offer you a much lower price. You can check the daily price of gold at Once you have an idea of the weight, and of the price, you can go to to get an idea of the value.

Don't Be Afraid To Not Sell To The First Person You Go To

Many people feel a certain sense of obligation if a buyer takes the time to weigh their product and give them a price. If the price you are given is not in the ballpark of the price you feel you deserve, find someone else to sell it to. Once you have received a few offers, you can always go back to the one that offered you the highest price.

By taking a little time to be diligent in your efforts, you can sell the gold you have, and put a little money in your pocket. Not only will you be paid for your efforts, you will feel good knowing that you were paid what your pieces were worth. 


When to Use a Financial Advisor

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