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Looking to Sell Gold? Here's How to Find Good Gold Buyers

Updated: Dec 26, 2020

The price of gold has significantly risen over the last few years, reaching its peak in 2020.

Currently, the gold price in the U.S. is $1,899.70 per ounce or $61.87 per gram. Since 2013, the price of gold is the highest in the market that it's ever been.

If you have any old gold such as old jewelry or gold coins, it is now a great time to consider selling it and getting cash back immediately. There a several ways to sell your gold to gold buyers, and you can do it either locally or online.

Selling gold can be a tedious and confusing process, but it doesn't have to be. We, at American Gold, are here to help you understand the process and teach you everything you need to know about selling gold.

In this guide, we will breakdown how to determine how much your gold is worth, the necessary process of gold selling, and the most common mistakes to avoid when selling to potential gold buyers in the East Hanover, New Jersey area.

Keep reading to learn expert tips to help you get the best price for your valuable gold jewelry, coins, bullion, and other gold items.

How To Sell Your Gold To Gold Buyers

Before you jump the gun and present your gold item to potential buyers, there's a critical step that you must do first: Determine the actual value of your gold item.

The first question that you should always ask yourself is, how much is my gold item worth?

Before you jump the gun and present your gold item to potential buyers, there's a critical step that you must do first: Determine the actual value of your gold item.

The first question that you should always ask yourself is, how much is my gold item worth? It can be challenging to try and determine your gold item's value, but with a little guidance and tips from us at American Gold, we can make it easier for you.

Determining the Value of Your Gold

Gold is at an all-time high, and the price of gold reached over $1700 back in March. The first step in determining your gold value is knowing the price of gold and how much it sells for.

Remember, prices for gold changes daily, and the prices are determined by whichever market it is in. As of the year 2020, the price of gold is valued between $1,000 and $2,000.

This price range is on record as the highest it's been within the last seven years. To get the best possible price for your gold, you must assess its emotional and physical value.

The Emotional Value of Gold

The emotional value refers to you determining the value based on where it came from.

Consider whether your gold item was an heirloom of the family passed down from generations or a sentimental gift with beloved memories are attached to it.

You can always sell a gold item with substantial sentimental value, but keep in mind that it may not be worth as much as you think.

The Physical Value of Gold

The physical value refers to a professional assessing the gold item to see how much the item is gold. Keep in mind that most gold items are often metals mixed with the gold, which do not contribute to its overall value.

It is also recommended that you get an appraisal from an expert appraiser you can trust to determine your gold value. Typically, it is not a good idea to rely on your gold item's weight because your item may not be pure gold. Thus, giving you an inaccurate picture of its actual value.

Another reason you may also want to consider getting an appraisal for your gold is that your gold item may be worth more than its physical weight in gold. For example, your gold jewelry may be worth than you think because it is a complete piece or set.

Once you have determined your gold value, you are ready to look in the market for potential gold buyers. But before you decide where to sell your gold items, there's a couple of things you should do to ensure you do not make these five common mistakes.

The Five Most Common Mistakes Gold Sellers Make

When you are new to selling gold, it's prevalent to make these five common mistakes. If you do not do your research, you may find yourself dealing with rogue gold buyers and businesses.

To avoid scams and rogue gold buyers, here are five things to keep in mind while selling gold:

1. Know Who You're Buying From

You must know who you are buying gold from.

Many sites will claim to buy gold when, in fact, they are just scammers who may not give you a fair price for your gold. This is why you must research reputable gold buyers who will provide you with the right price for your gold.

You should look for businesses and appraisers who have several years of experience and know the gold business cash very well. It is generally recommended that you should get a referral for a reputable buyer who many customers find trustworthy.

Also, you can check and ask if the appraisers are certified.

2. Check For the Dealer's Certification

One thing you should always do is check for the dealer's certification.

If they do not have a certification, then chances are they are not very reputable and carry a lot of credibilities. Most dealers should have nationally recognized credentials to show that they are experienced in this business and know what they are doing.

You should not trust any buyer who does not have credentials. This will help you avoid potential scams and avoid receiving too little pay when you sell to these buyers.

3. Rushing Your Sell to Buyers

A rookie mistake that most sellers make is their eagerness to sell.

Often, most sellers are ready to sell the gold that they generally skip out on their research and do not think it through. It's essential to remain calm and be patient during this process.

If you rush into a deal with a potential buyer, you will most likely get less than what your gold items may be worth. Remember to take it slow and not be in haste to sell to the first buyer you deal with.

Always keep your options open and accept several quotes so that you have options. Rushing will make you more anxious, and you may end up regretting selling your precious gold for a lesser price than you deserved.

4. Not Understanding The Difference Between Solid Gold and Gold-Plated

A critical mistake that people who want to sell their gold make is not understanding that their gold item is not 100% solid gold.

Many people are unaware that the gold item they may be trying to sell is gold-plated or mixed with metals. They may often present their gold item to be evaluated and are mortified to find out that their family heirloom is not worth as much as they think it is.

Therefore, keep in mind that any gold item that is not solid gold may not be worth as much. However, this is up to the appraiser to determine and tell you the value of your item.

Any gold items that may be sentimental but are not solid gold may be worth holding onto if you are not satisfied with the offer that the appraiser may offer you.

5. Getting Paid Late

It is highly unacceptable for a gold buyer to pay you late.

You should always make sure that you get paid quickly. There are some gold buyers, both online and in-store, who will wait weeks or months before paying you.

Under any circumstance, do not ever leave your jewelry with a gold buyer for a certain amount of time and let them offer to pay you in a couple of weeks. Gold buyers who are professional and know what they are doing can provide you with an estimate, often the very same day.

A reputable and trustworthy buyer can quickly and accurately perform an assessment and offer you the best price. Thus, only sell to gold buyers who will pay you fast.

Now that you know the five common mistakes to avoid when selling gold keep reading to understand what reputable gold buyers are looking for when you sell their gold to them.

What Do Gold Buyers Look For?

There are many reputable, trustworthy, and credible gold buyers out there who will give you an excellent price for your gold jewelry, coins, bullion, and other gold items when it comes to buying gold.

Some gold buyers are local, while some are online. However, the best way to sell your gold is through a reputable online buyer like American Gold and Diamond Buyers. We can give you better prices for your gold items than your local pawn shop or jewelry store.

Most gold buyers generally look for gold that is eight karats or more. This is essential if you want to make a profit from gold. These gold items can be broken, blemished, or even have parts missing, but as long as they have more than eight karats, most buyers will take them.

With jewelry, you may find the karat content by the stamp on the jewelry. For example, if your jewelry has the label 12K, then this means that it is 50% of gold. If it contains a label with 18K, then it is 75% of gold.

Now that you know what gold buyers are looking for, are you ready to sell to American Gold and Diamond Buyers?

Selling Your Gold With American Gold and Diamond Buyers

Once you've determined the gold items that you want to sell, you can either visit us in-store in person or submit an offer online.

If you choose to visit us in-store, our master appraiser, Darryl Gay, will examine your gold and estimate the gold item's value. Keep in mind that we do not charge to assess your gold items.

Instead, we determine the purity, weight, and value of your gold through our careful and gentle hand-testing process. We know how valuable your gold is to you, which is why we do not place your gold on a scale to weigh it.

Time is of the essence at American Gold and Diamond Buyers, so we know how important it is to determine your gold item's value on the same day that we receive it. Our master appraiser will perform a gentle hand test to check and assess the metal content and record the findings.

We will then provide you with an initial estimate of how much we are willing to pay you for your gold item. If you accept our offer, then we will send you payment right away.

If you do not want to visit us in-store, you have the option of submitting a form online to get a quote or offer for your gold items. When you submit the form online, you will be required to submit a photo of your item as long as a short description of your item.

We will then use the pictures to evaluate your item, and you will be given an initial quote or offer based on the value of the items and their findings. Also, for your convenience, we offer our free FedEx gold jewelry kit that can ship overnight right to you if you need to sell gold from the comfort of your own home.

Our goal is to provide you with the best, quick, courteous, and honest gold buying services. All of our evaluations are fast and accurate, as selling gold online is easier than it's ever been.

Find Out How Much Your Gold Is Worth Today

Do you gold lying around in your home and not sure what it's worth? Let us take a look and assess your gold items. We'll provide you with a quote on the same day, and remember, we do not charge for an assessment.

If you are local to the East Hanover or live within the area, pay us a visit in-store or send us a message online with a picture of your gold item and a description.

We buy all things gold, including luxury watches, engagement rings, jewelry, coins and bullion, and other gold items in exchange for cash. Our owner brings more than 30 years of experience in the gold for cash business.

Let us help you cash in on your gold by making an appointment today. Our reputation is what sets us apart, and we can guarantee you'll get the highest-paid cash when you choose to sell your gold with American Gold and Diamond Buyers.

Have any questions or eager to know how much we'll pay you for your gold, give us a call and speak to one of our gold buyers. Don't wait. Get started today and sell your gold with confidence when you choose American Gold and Diamond Buyers.


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