Do you have used gold jewelry or gold bullion lying around, and you're short on cash?
Take advantage of the current high prices of gold and sell it to make some quick money.
If you're typing "sell my gold" into search engines, you likely see thousands of results. There are many ways to sell gold, and not all of them are great.
It is possible to get the maximum cash for gold with careful evaluation and researching potential buyers.
Before you sell your gold for cash, keep reading this general gold timeline guide for sellers so you can make a more informed decision.
The Price of Gold in the USA
Today, Monday, August 2nd, 2021, the price of gold is $1,811.89 per ounce or $58.26 per gram in the United States.
While this isn't at the recent record of 2,067.16 per ounce that gold hit in August 2020, it's pretty close!
Many people have gold that has been handed down from family members, especially gold coins or jewelry. Others have invested in gold bullion.
Yes, the process of evaluating and selling gold can seem overwhelming. However, there are honest, trustworthy buyers out there that will give you an excellent price for your gold coins, bullion, jewelry, or other types of gold, like American Gold & Diamond Buyers of New Jersey.
In this article, you'll learn how much your gold is worth, how gold prices work, the best ways to sell it for the highest price, and the basic process of selling gold—whether online or at a pawn shop or jewelry store.
We'll go into detail on common pitfalls to look out for when selling gold, as the differences between selling gold online versus through a local gold buyer, jewelry store, or somewhere else that buys gold.
Gold Price and Weight
The price of gold is based on its weight and purity. With pure gold, there are dedicated prices for one gram, ounce, and kilogram.
If you want to sell gold, it's a good idea to check the rates regularly, regardless of how familiar you are with current prices.
The price of gold relates to 24k gold or pure gold. 24k gold is 99.9% pure gold. You can use online gold price calculators if you know how much gold you have. If you want to use one, type in the weight of the gold and then choose its karat type.
A gold price calculator will give you an estimate of the gold's value if you decide to have it appraised.
There is a bright orange color to Pure 24k gold. This is the gold most often used for investment coins and those impressive gold bars (called bullion). 24k gold is somewhat soft, so it isn't crafted into jewelry as often as other karats.
10k, 14k, and 18k gold are less pure forms of gold. These are frequently used for jewelry. Even though they aren't as valuable, you can still sell these types of gold if you choose to. However, the payout will be less than what you would get if you had 24K gold.
If you want to sell these types of gold, the price you receive will be based on the amount of pure gold removed from the piece after it's melted.
Understanding The "Spot Price" of Gold
The spot price of gold is simply the price quoted by any given dealer when selling their gold inventory. This means that the spot price fluctuates throughout the day depending on supply and demand.
In general, the higher the demand for gold, the lower the spot price. Conversely, the lower the demand for gold, generally the higher the spot price.
Simple stuff, right?
The spot price of gold can be different from the futures price. The spot price is the market's current price for gold. When looking to sell, this is the price you should pay the most attention to.
Why You Won't Get Exactly the Spot Price When Selling Gold
When selling your gold, there are a few reasons why you won't receive the same price as the spot price.
First, when you sell physical gold to an online company, you need to factor in shipping costs. This means that even though you might think you're getting the exact spot price, you aren't because you also need to cover the cost of sending your gold to another location.
The companies purchasing your gold need to make a profit to stay in business. There are also costs correlated to refining gold jewelry to reuse it or resell it to someone else.
Depending on the type of gold you're selling and the cash-for-gold store you sell it to, the amount they pay will vary.
If you sell old gold jewelry in smaller amounts, you will ordinarily get a lower price per gram than when selling larger quantities of gold.
Next, let's talk about what you'll need to do to get the best value for your gold.
The Best Time To Sell Gold
There isn't one time period where you'd want to sell all of your gold at once. If you plan to keep some of your gold jewelry, then you might consider waiting until after the holidays before making an offer to sell your gold.
This way, you don't risk losing out on buyers who may not be interested in purchasing gold during the holiday season.
However, if you're planning to melt down your gold jewelry into smaller pieces, you could try offering it up earlier rather than later.
Similar to other commodities, gold changes in value daily. It's not easy to know if the price of gold will suddenly go up or down, and even the most trained and dedicated investors can't do it consistently.
To sell at the best time, pay attention to current forecasts and market trends. They can provide helpful information about the current price of gold, but their predictions are not always perfect.
Therefore, it's best to sell gold when you need the money and when you think the price of gold is worth it.
If you feel that the price of gold is high enough for you to let your gold jewelry go, it's a good idea to go ahead and sell the gold, especially if you need the cash.
Where to Sell Gold
There are a few types of places where you can sell gold for cash:
Cash For Gold Stores
You may want to consider each option and ask for a few quotes before settling for a fair deal.
Selling Gold Items Online
Selling your gold jewelry, bullion, coins, or other types of gold online will almost always allow you the best price, but it certainly comes with a level of risk.
The main reason for this is that it costs less to operate a business online than to manage several brick-and-mortar stores.
The lower operating costs allow buyers to take a lower margin on their purchases.
If you're selling them gold, you will get a better price than you normally would from a brick-and-mortar store.
However, the process of selling your gold online takes a lot longer and can leave you feeling anxious, wondering what they're doing with your valuables.
That's why we always recommend coming into a cash for gold store and meeting with a gold buyer directly.
Selling Gold Items at a Jewelry Store
A local jewelry store is an excellent place to sell your gold jewelry. Not every jewelry store will buy gold jewelry, but it's worth stopping by and seeing what they pay.
There are a couple of advantages of selling gold to a local jewelry store.
If you need cash as soon as possible, a local jewelry store that buys gold will make an immediate payment for your gold jewelry, just like a pawn shop.
If you decide not to take the deal, you can get your gold jewelry back immediately.
Selling Gold Items at a Pawnshop
Pawnshops often buy gold jewelry and bullion. Selling gold to a pawn shop is an easy way to make quick cash. If you sell to a pawn shop instead of an online buyer, you will almost always get a lower price than if you sold to someone else.
Pawnshops make most of their money by loaning money to their customers. They need to buy gold for a low price to sell it with a reasonable profit margin to get a good return on investment.
Selling gold to a pawn shop has benefits, such as getting paid almost instantly.
When you go to sell gold, a pawnshop will typically pay you right then and there. If you lack cash and can't wait for a few days, selling at a pawnshop is a significant advantage.
Also, you do not have to ship your gold. You don't need to send gold to the buyer because you are selling it locally. You can head to your local pawn shop and sell any gold you want.
How to Sell Your Gold
It would be best if you kept in mind several things when selling gold jewelry. Keep reading for our general recommendations.
Hold On To Your Gold Until the Right Time
Try to sell at the right time. When the stock market isn't doing so well, gold prices go up.
You will usually get the best price when the economy is weak. You might be able to get a better price if you hold on to your gold items until the right time to sell.
Keep it Professional and Ask for a Reasonable Price
If you are willing to negotiate, don't be afraid. It never hurts to engage in a little friendly negotiation when you're selling stuff. Try asking for more if you think the amount you're being offered isn't enough.
If you keep it professional and ask for a reasonable price, there is a chance that you will get a counter-offer that's higher than the one you originally received.
Choose the Right Merchant
Selecting a merchant that specializes in buying your type of gold items is the best way to go.
If you are selling a brand-name gold item, choose a company that will purchase it based on its market value, not just the gold content. If you want to sell pre-owned gold jewelry, choose a buyer specializing in fine jewelry and diamonds.
"Is It Time to Sell My Gold?"
Yes, and American Gold & Diamond Buyers is here to help. With several locations throughout New Jersey, stopping by is convenient. We pay cash for gold, platinum, silver, diamonds, coins, luxury watches, and more.
Stop searching for "ways to sell my gold," and request your offer today!