Selling Gold for Cash in 2022: Everything You Need to Know

When Americans learned that there was gold in California, thousands jumped at the chance to find some. Entire towns appeared in the West to accommodate the miners in what became known as the California gold rush. Today, gold is still a valuable resource, and many still use it to earn money.


But selling gold is what earns you money, not just finding it. So how do you sell gold? How much is it worth right now?


Selling gold is a great way to earn a profit if you play your cards right. Read on to learn everything you need to know about gold sales right now.

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Where You Can Get Gold


A few industries use gold to create items. You probably have some in your home right now. You can find gold in the following places.


Jewelry


One of the most obvious places you can look for gold is in jewelry. Many precious metals, including gold, are coveted because of their beauty. Using gold to make jewelry is a practice that's been used since at least the days of ancient Rome.


Gold makes gorgeous pieces of jewelry that might be worth a fair amount of money if you need it. The only caveat is that a lot of jewelry made from gold uses diluted gold rather than pure gold. This keeps a lot of jewelry pieces affordable and stretches the maker's supplies.


Unfortunately, it also lowers the value of the jewelry when you go to resell it, but occasionally there are pieces of jewelry that are pure gold. Keep a certificate of any gold jewelry pieces that you own since it will list the purity of the gold. The higher the purity, the more the piece of jewelry is worth.


This will give you an idea of which pieces are more valuable than others.


Electronics


Gold is an excellent conductor, so a lot of electronics manufacturers use it in devices such as cell phones and computers. You read that correctly: the device you're reading this on right now most likely has gold in it. Most likely, you interact with a machine that has gold in it multiple times a day.


In other words, gold is in a lot more places than you might have first thought. The good news is that means finding gold to sell isn't hard to do. The bad news is that electronic devices aren't the best method of selling gold.


The problem is that there isn't a lot of gold in any given electronic device. It's possible to recycle them rather than throw them away, but gold wiring will only last so long anyway. There are also many more parts that would need separating before you can access the gold.


However, if you happen to have a lot of electronics that aren't usable anymore, then it might be worth a shot. As long as you can separate the gold before you sell it, there isn't any reason why it wouldn't be sellable.


Coins


Since ancient times, coins have been made from all kinds of precious metals, including gold. Today, coins in the United States are made of zinc and coated with either nickel or copper. But gold coins are still available for trading and collecting.


You can purchase gold coins directly from the internet. Then you can store them or resell them if you choose. Some people use this to make a profit.


It's also possible that you might inherit gold coins from a loved one. If they collected coins like that, then the collection might be worth a fair amount of cash.


Coins are a convenient way of owning gold because you don't need to doubt its purity. As long as you can verify that the coins are real, the value of the coin will never come under dispute. They're also small, so you don't need to worry about where you're going to store them.


Bars


Bars are another great way that people purchase pure gold. Once again, you'll never doubt the purity of the material as long as you can confirm that the bars are real. Make sure that you purchase from a reliable merchant to guarantee you have genuine pure gold.


Bars are also much larger than coins, so they're generally worth more. The only thing you need to be careful of is where you're going to store this gold until you sell it.


Many people choose to do this to earn some money because it's so easy. Gold prices rise and fall all of the time, and they use this to earn a profit. They purchase the gold when prices are low, and then sell it when prices rise again.


Others hold onto their gold bars in case something happens with the rest of their portfolio. As the saying goes, it's never a good idea to put all of your eggs in one basket. Having pure gold handy in case a scheme goes wrong is a great way to make sure you keep a lot of your money.


Why Sell Old Gold


Selling gold is a very good way to earn some extra cash. All precious metals, including gold, have high values even when prices are lower than usual. There are a few reasons why selling gold is such a great way to earn much-needed money.


Useful


The first reason why selling old gold is such a good idea is because it's useful. In many cases, the broker buying the gold from you will sell it to an industry that will make use of it.


So many different industries are looking for gold that there's always someone willing to buy your old gold. This is why many companies can buy gold from people and earn a profit.


Again, gold is a good conductor for electricity, so it's a great material to make wires out of. Many electronics developers use gold for this purpose. Even your blu-ray player could have gold wiring in it right now.


And jewelry makers can always use more supplies for their craft. It's one of the more obvious uses of old gold that you see every day. Some jewelry makers even use scraps to alter jewelry for customers so it will fit better on them.


Value Retention


In the past, the value of the American dollar was backed up by reserved gold. It kept its value because the amount of gold in the vault always stayed the same.


This isn't the case anymore. Today, we use a fiat money system that only has value because every merchant and employer agrees that it has value. However, there is no tangible material that justifies the value of any legal tender.


Many believe that this system is unstable and is doomed to fail. Some of these people believe that it's going to fail during their lifetimes, or they don't want to take the risk that it might. So they purchase gold and hold onto it in case the fiat money system collapses.


If this happens, gold will still have undisputed value. Even after fiat money loses its value, they can still take these gold coins and trade them for vital supplies.


Urgent Need for Cash


Those who have found themselves in financial trouble may sell any gold they own to keep from going into debt. In many cases, it's the fastest way to get the cash that they need. They usually find themselves selling gold jewelry or timepieces for extra money.


One reason for this is that gold doesn't depreciate. Even old gold still has the same value as gold fresh from a mine, and in some cases, is worth more!


Pure gold will never see its value disputed. It will always have the highest value every time you go to sell it. If you are to sell gold items, make sure you start with coins or bars.


However, before you go to sell your gold, make sure you do your research. Confirm that the gold you're trying to sell is real and determine its purity. While diluted gold can often fetch a decent price, it will rarely be as high as pure gold.


How Much Gold is Worth


The price of gold is constantly rising and falling. This is why so many people make a profit from buying and selling it.

Right now, for example, the price of gold per ounce is $1,900 US per ounce. A gold coin is therefore worth a few thousand dollars because it weighs several ounces. A bar can be worth a small fortune in this case.


This is exactly why many people invest in or purchase gold to sell for profit. Not to mention why gold jewelry tends to be more expensive, especially if it's on the pure side of the spectrum.


All gold is created equal. Whatever the current market price of gold is, all pieces of gold are valued the same based on their weight. It does not depreciate in value with age either.


Despite this, not all gold maintains the same value. There are some cases where your gold might be worth less than someone else's. This usually has to do with the purity of the gold.


The Type of Gold


The type of gold that you're trying to sell is usually a pretty good indicator of its value. Some gold is more likely to be diluted than others. The more diluted the gold, the less valuable it is.


Jewelry, for example, is usually diluted to some extent. The higher the dilution, the less the jewelry is worth because less gold was used to actually make the piece.


Gold coatings are also less valuable for a similar reason. The amount of gold on the item is small and can't be removed and weighed.


Electronics have a similar issue. Their value comes from both material, demand, and features. While the gold used in the wiring is a big part of this, it is not what gives it the most value.


Only gold that is pure and measurable will receive a high payout. That's why so many people rely on coins and bars instead. There is always a guarantee that these items will have a high value when you go to sell them.


How to Sell Gold


Finally, the last thing you need to know about selling gold is where you can go to sell it. You want to make sure you're getting the best price for your gold, so you shouldn't go just anywhere.


You want to talk to a professional who understands the value of the gold you're selling and will treat you fairly. The person you talk to should be knowledgeable about the gold market and know how to determine the purity of your gold. Make sure it's someone with experience in this field so you get the best price possible.


They'll examine your gold there to determine its purity. Don't be afraid to ask questions during the appraisal process, especially if you're new to selling gold.


For older gold jewelry, make sure to come prepared to provide the history of the piece if you can. Try to find out when the piece was made and who has owned it since then. Sometimes the person who owned it and its age can increase the value of the piece significantly.


Furthermore, do your best to provide proof of your claims. Then you'll know you're getting a good price for your gold jewelry.


Start Selling Gold Today


As you can see, selling gold is a great way to earn a profit or acquire some extra cash in a crisis. The purer the gold, the more your sale is worth.


The best place to sell your gold right now is here at American Gold and Diamond Buyers. Our experts will evaluate your gold jewelry and give you an honest price based on current gold prices.

Contact us today and see how much your old gold estate jewelry could be worth.

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