Whether it was an unwanted gift or something that’s old and outdated, chances are that you’ve got some gold jewelry or other pieces in a dusty box stashed somewhere in your home. The great news is now is a great time to sell gold—but you also want to make sure you get the highest possible amount. We’ve got the answers about how to sell your gold easily for the most money.
How Much Could Your Gold Be Worth Right Now?
Past trends have shown over and over that, in times when the stock market has plunged, gold prices have soared. Today is no different; as of the closing bell on April 15, 2020, gold prices in the U.S. hit $1740.16 per ounce, which translates to $55.95 per gram. This is an almost record-breaking price.
Not only that but, over the past 12 months, the price of gold has increased by over 30%. If the market continues its current trajectory and gold continues to increase in price, its value is very likely to continue to rise, which is great news if you’ve got gold to sell!
The Percentage of Gold Matters
Here’s the thing: Unless you have pure gold such as bullion, your items will contain other types of metals. The fewer the alloys in your gold, the purer it will be. Purity is measured in terms of karats; the purest gold is 24 karats, followed by 22 karats, and so on. The purer gold is, the more it’s worth.
Calculating Your Gold’s Worth
How to sell gold for the highest price begins with finding out how much it’s going for.
The best place to find the current market price of this element is via the London Bullion Market Association (LBMA). Their electronic auction system, called the LMBA Gold Price, is the recognized and accepted market price for gold the world over. The Kitco Gold Index is another reliable source of real-time gold pricing. It is one of many independently owned markets by which daily gold prices are set.
Another commonly seen term is the “gold spot price.” This amount indicates the price of gold if it were to be sold right now, and it is typically based on the opening market price on the day that it’s purchased. In contrast, gold futures are the predicted price of gold at a future point. Gold futures are determined by predicting supply and demand changes, as well as how much it will cost to transport and store gold.
Is the gold you have even real? Knowing this for sure before you hit a gold buyer’s website will save you lots of frustration, and there are a few ways to tell:
Look at It
Real gold is usually stamped somewhere with a purity mark. This mark can be a rectangle with its corners cut off that has a karat number inside (18K, 24K, etc.). It can also be one of a series of 3-digit numbers. Ranging from most pure at 999 to least pure at 375, this number will tell you the percentage of gold in your piece. Specifically:24 karat gold is 99.9% pure and stamped with 999.
- 24 karat gold is 99.9% pure and stamped with 999.
- 22 karat gold is 99% gold and stamped with 990 (it can also be stamped with 916 if it’s 91.6% pure).
- 18 karat gold is 75% pure and stamped with 750.
- 14 karat gold is 58.5% pure and stamped with 585.
- 9 karat gold is 37.5% pure and stamped with 375.
If your items have this kind of stamp, then there’s no need to do anything else to try to see if your gold is real. If no stamp can be found, read on for some other gold-testing methods.
Light It Up
You can use a lighter to tell if your gold is real. Just hold it to the flame; if it gets bright hot but doesn’t darken or change into another color, it’s real.
Real gold is not attracted to a magnet. Try a high-powered magnet to make sure there’s no way your gold is fake.
No Rust, Floating, or Transfer to Skin
Gold, if it’s real, won’t float or rust. All that’s needed for this test is a glass of water. Another way to rule out the possibility that your piece is real gold is to wear it and check for a green or black color on your skin.
How Gold Buyers Will Test Your Gold
In addition to all the ways to test your gold at home, your local gold buyer will also have their own methods of testing gold.
If you take your gold to a buyer, it’s likely they’ll test the gold using electrical conductivity. This is a great way to determine purity without destroying the gold in any way. First, they’ll clean two areas on the gold item using a rubber eraser. One area is connected to an open circuit, and the other is touched with a sensor connected to a machine like the Tri Electronics Gold Tester.
The electric current passes through the gold, and the machine instantly produces a karat reading based on the rate at which the electric current passed through the gold. The reading provides you and the gold buyer with an indication of the purity, presence, and authenticity of the gold in the piece you’ve brought in.
Gold can also be tested with acid. The gold buyer rubs the piece on a black stone, which leaves a visible mark. Then, they test this mark by placing drops of nitric acid onto it. The nitric acid will dissolve the mark if it is not gold. If there’s still a mark after the acid’s been dropped on it, the buyer will then drop a combination of hydrochloric and nitric acid onto the piece. If the mark disappears this time, the gold has been dissolved and is real.
Getting Cash for Your Gold – How the Process Works
First, you need to know what kind of gold you have. Is it scrap or broken gold jewelry? If so, then use an online gold calculator to get an estimate for the amount you may be able to get.
After you’ve done that, find out what some local buyers are offering for gold. Check in with coin stores, jewelry stores that buy gold, and gold and silver exchanges. This should give you a wide enough range of prices to give you an idea of what you’ll get on average.
Selling Designer Jewelry
The resale value of luxury watches, gold and designer jewelry, and diamond rings can be much like the resale value of a luxury car; it depreciates as soon as it’s purchased or rolled out of the lot. Don’t expect your buyer to pay attention to the beauty, brand name, condition, or make of the piece; they’ll only be interested in the value of the metal it’s made of.
If you think you can get more for your jewelry than just the value of the gold that it’s made of, you’ve definitely got options. Maybe you have a friend who’s admired that ring or watch for a long time. Or, you can try listing it at an online auction site—but this can take time, not to mention get you less than you should if your jewelry wasn’t appraised by an experienced or reputable person. Online classifieds sites can be an option, but they also carry risk. Not only can they be rife with scams, but then you have to meet up with strangers to make the exchange.
Where to Sell Gold
Next, it’s time to find the company that will give you the highest possible price for what you have. When doing this, you’ll want to find a company that will give you more than other top gold buyers, and one that’s also reliable and well-established.
Choose a company that’s happy to do everything online. You won’t have to travel, and they will send you everything you need to determine the value of your gold directly to your door. Also, online gold buyers compete both nationally and internationally to maintain their reputations and level of customer satisfaction; that means you’re likely to get a much better amount for your gold.
Another thing to watch for is how long the company has been in business. They should have been around for five years or more because, this way, then you can know you’re dealing with someone who’s qualified and able to buy what you have, not a fly-by-night operation that could be gone in a few months. Do your homework, research them, and then visit or call to find out when they became a corporation.
Read News, Media, and Online Articles About Gold Buyers
A good old Google search is still one of the best ways to tell whether a company is the right one for you. If there’s bad press, don’t do business with them. Good press like the Fox 5 News segment that featured Cash for Gold USA and revealed they paid 300% more than two other leading online gold buyers is definitely the kind of stuff you want to hear. (By the way, 300% translates to Cash for Gold USA paying $100 for an item compared to the $33 the other two companies paid for the same item.)
Check the Reviews and Social Media Pages
These days, you can find an online review for just about anything, including gold buyers. So hit sites like Yelp, TRUSTe, or Shopper Approved to see what people have to say about them, in addition to looking at the star ratings. You’ll also want to get on Facebook or Instagram to see what fans have to say, as well as check who’s following them.
Watch Your Mailbox and Get Paid
Any quality gold-buying company will make sure the stuff you send is protected. That means insuring the shipping of the jewelry. Your mailer or shipping label shouldn’t take any longer than three to five business days to get to you, either.
When it arrives, just put your items in the mailer, send it out, and wait to see what you’ll be paid. You’ll also want to keep in mind that any offer you get will be based on both the weight and the purity of whatever you’ve sent to the buyer.
A good company won’t make you wait long for an appraisal; you should expect one within 24 hours from the time your pieces were received, and you should be able to track your package online. Typically, you’ll be able to choose from more than one option for payment, such as bank wire, PayPal, or check.
If You Think Your Gold or Diamonds Will Sell for $1,000 or More
You may have gold jewelry that has precious stones like diamonds. If this is the case, then it’s likely to fetch more than $1000. It will help if you include photocopies of any GIA certifications for the diamonds you want to sell with your shipment. Before you send anything, it’s also a good idea to contact the company to ensure they have a certified gemologist on site who can give you a fair appraisal of your diamond(s) and provide an accurate aftermarket value.
Cash for Gold USA has an onsite gemologist who appraises all of the diamonds they receive onsite, and it provides you with an offer based on the RapNet Diamond Index (RAPI™).
Is That All There Is to It?
Can you really make any money by selling your gold? With prices rising and the stock market going in the opposite direction, right now is the ideal time to sell. Getting the most for your gold is easy with Cash for Gold USA. They appraise all the jewelry they receive in their insured mailer and send you an offer within 24 hours of the time it arrives. You then have the option to Accept or Deny that offer. If you accept, they rush you payment. If you Deny, they ship your items back free of charge.
From gold chains to pendants to diamond engagement rings and dental gold, they buy any gold, silver, and diamond jewelry—and the best part? Gather up your scrap pieces, coins, dental pieces, or jewelry and ship them to Cash for Gold USA for a 100% Satisfaction Guaranteed Free Appraisal and Offer. Call 1-866-300-1430 to get started.