If you have scrap gold or old gold jewelry and you need to know how to earn money fast, sell it. With the high price of gold, you can do pretty well selling the gold you have.
The more you have, the more you’ll make. I’ll tell you how to get the best price for your gold. It’s easy to fall prey to website scams that could give you as little as 10% of what it’s worth.
Don’t let them take your gold without giving you fair value for it.
With the price of gold going up and up, more and more websites and commercials are popping up telling you how you can sell your gold and make a lot of money.
Can you really make money selling gold? Of course you can. Gold is a commodity with high value. Many people invest in gold in order to make a profit.
If you have scrap gold or old gold jewelry you don’t want anymore, you could sell it and get the cash while prices are high.
What is Gold worth?
The price of gold is constantly changing. You can check the current price of gold by going to goldprice.org. It will give you the current price per ounce at the top of the page.
This doesn’t mean you’re going to get that exact amount for every ounce of gold you have. Not all scrap gold and gold jewelry is created equally.
How much cash can you get for selling your old gold jewelry & scraps?
First of all, how many karats is your gold? The higher the karats, the more actual gold there is in your jewelry and the more it’s worth. If your .5 ounces of gold is only 10 karats, it’s not worth as much as someone else’s .5 ounces that is 24 karats. If you know the karat of your gold, you’ll be able to value it more easily and accurately.
Know your Gold, Weigh your Gold
How many karats is your gold jewelry and scrap? Jewelry usually has the karats imprinted somewhere on it whether it’s inside the band of a ring or on the clasp of a necklace. Find out this information first.
How much does your gold weigh? A jeweler scale will be most accurate, but a food or mail scale will work, too. Once you know the karats and weight, use the gold calculator here to determine how much it’s worth.
When you sell your gold, you should try to get as close to the value you determined as possible. Remember that the dealer or refinery also needs to make money, so you probably won’t get 100% of what it’s worth unless your determined value was low or the price has gone up considerably since then.
Where to Sell Gold
If you’ve seen commercials about selling gold, you know they claim you can order an envelope and send it back full of gold, then they will send you a check. The problem is that many of these companies underpay for the gold by quite a bit, some as low as 10%.
Before you try any of these companies, you should try places near you. This way you could end up getting the same or more money without having to mail in your gold and hope it gets there. Also, you don’t have to worry if the company is legitimate or not.
Jewelers will usually buy gold, but they won’t give as much money because they are the middle man. The same goes with pawn shops, but both are convenient. Find out if there are any refineries near you. A refinery allows you to cut out the middle man and get as much as possible.
Finally, check with several different jewelers, pawn shops, and refineries. If you get several quotes, you can choose the best price out of those and compare those prices with the value you came up with on your own.
Should you Sell Now?
Gold is up, but it could go higher. Should you sell it now, or should you wait? That depends on several factors.
- Do you need the money for something important now?
- Do you want to maximize the amount of money you get for your gold?
- Is the gold taking up space in your home, enough to be an inconvenience?
- Are you uncomfortable holding on to a large amount of valuable gold?
If you’re selling gold for an emergency expense or any kind of expense that you need but don’t have the money unless you sell the gold, go for it. If you need the money, sell it, as long as you get the most money for your gold possible.
If you want to get as much money as possible and you don’t need the money now, hold onto it as long as your confident the price of gold will continue to go up. After all, it is an investment that should increase in value over time.
It probably isn’t taking up much space because jewelry and scrap gold is small in volume, but if you do have enough that it takes up a lot of space and you’re not wearing it, you probably don’t feel comfortable holding onto that amount of valuable gold.
You have a few options. You can put it in a safe deposit box at your bank, buy a heavy duty safe for your home, or cash it in for other investments or gold certificates. There are lots of options.
You can hold onto your gold or sell it, but if you do decide to sell, make sure you get the best price possible. There is no reason to let go of a lot of money just because you didn’t take the right steps and spend a little extra time researching.