How Much Does Gold Sell for? What You Need to Know
Do you have gold or silver you'd like to sell, but have no idea what it's worth? You're not alone; most people don't know where to begin when they decide to sell a valuable item. It turns out it's easier than you might think.
It can be overwhelming trying to figure out how to sell jewelry, watches, or other gold or silver you have. Whom can you trust? Where do you start? How much does gold sell for?
It's quite simple! There are so many resources out there to ensure you get the value you help you deserve; keep reading and find out how to get a price you can be confident in.
How Much Does Gold Sell For?
The first thing you should know when you decide to sell gold or silver is that the price changes daily. So if you're wondering, for example, how much does one ounce of gold sell for? It's going to depend on the market.
But for a general idea, an ounce of gold in the first half of 2020 has been worth between roughly $1,500 and $2,000. That doesn't mean, of course, that you are guaranteed to sell your gold for that amount. If you want to ensure you get the best possible price for the items you have, there are several other factors you need to consider.
Determining the True Value of Your Item
There are two parts to knowing what an item is worth: its physical value and its emotional value.
To determine the emotional value of an item, consider where it came from. Is it a family heirloom? Are there strong memories attached to it? You can still sell an item with a high emotional value, but understand that it might not be worth as much as you think because of your attachment to it.
Next is the physical value. For this, it's highly recommended that you get an appraisal from two different sources, or that you use an independent appraiser who doesn't buy gold or silver. These are the best ways to be confident in the information they give you.
There are two bits of information that an appraisal will help with.
The first is to determine how much of the item is gold. Many items will have other metals mixed with the gold; these are not usually part of the item's value. This means that merely weighing an item you believe to be pure gold may not give you an accurate idea of its value.
The second reason to get an appraisal is that some items may be worth more than their physical weight in gold or silver. Jewelry, in particular, may have extra value as a complete piece. This can be due to its age, the maker, the craftsmanship, or several other factors.
Now that you've decided you want to proceed, you need to decide where to sell the gold you have.
Selling Gold Online
Today, selling gold and silver online is easier than it's ever been. While any reputable online businesses will have a physical store that your items can be brought into, it's very common that they'll be able to evaluate your piece via pictures sent directly from you to them.
If you'd like to get a general idea of the price you can get for your gold and silver, you can send online businesses a picture and a description of your item, and they will give you an initial quote. Of course, for the final offer, they will need to see the items in person. Luckily, that process is both quick and easy.
The best of these businesses will even determine your item's value the same day they receive it and immediately get you a quote based on the item's content of precious metals. If you decide to accept the offer, there is no delay in getting your payment.
And of course, if there's a location nearby, you can always bring your items indirectly.
Selling your gold or silver to a reputable online business is by far the best way to get the greatest value for your items. However, there are other options.
Selling to a Local Jeweler
It can be tempting to bring the pieces you are thinking about selling into a local jewelry store to sell. However, there are some pitfalls here that the average seller might not be aware of.
Local stores run their businesses on thin margins and will only buy items that they believe they can turn around and sell. This means that to make a profit, they cannot purchase items for their actual market price. This isn't the fault of the jewelry stores; it's merely the reality of their business.
That's not to say that you cannot sell to a jeweler, but if you are planning on doing so, you need to know precisely what the item is worth and negotiate a fair price for it. It requires a healthy dose of knowledge and confidence on the part of the seller.
Selling to a 3rd Party
This is the riskiest option of all.
This means selling your items directly to another individual, whether that's through Craigslist or eBay.
It again requires quite a bit of confidence and independent knowledge on the part of the seller. But while a jeweler may have a reason to point out that a piece is worth more than you initially thought, an individual rarely will.
As with any item sold online to an individual, there is also a risk of being scammed.
Some sites like eBay have introduced precious metal buyback programs that reduce that risk, but they also generally offer you the lowest return on your item's value.
Find Out How Much You Can Make Today
Because there are so many factors that go into the value of your gold and silver items, the absolute best thing you can do is get a custom quote.
Online businesses make it so easy to get great, accurate quotes for your valuable items; there's no need to keep wondering, "how much does gold sell for?"
Find out how much your piece is worth today.