Financial gaps are something that many people face at some point. These gaps can be due to a number of reasons including health related issues, loss of a job, or the closing of your business. When these things happen, you may already have some form of savings. However, savings accounts can be depleted quickly in times of crisis. This depletion of funds can lead you to start looking at other options. If you have unwanted gold jewelry or gold coins, you may find that those can help you more than you would think. Here are a few things to know about how to sell gold to help fund your financial gaps.
If you are selling gold jewelry, there is one step you should take before you sell it. Obtain an appraisal from a certified jeweler first. The appraisal can turn out to offer you a higher price for the jewelry than a by weight sale. You may think this would mean you can't sell the gold to a gold buyer. The truth is, there are some gold buyers who buy gold by weight, but will also buy gold jewelry based on the appraised value. Make sure you have the appraisal in hand and that you find a buyer that deals in antique or vintage gold jewelry based on appraisal value.
Sales by Weight
Keep in mind, most of your gold buyers will buy gold by the weight. This is because most gold sales deal with gold coins and similar items. The sale by weight is based on the current price for gold at that time and the weight of the gold prior to melting. This means if you take in a gold coin that weighs out at four ounces and is considered to be pure solid gold, the money you receive will be based on the current price per ounce that dates times the number of ounces of the coin. They will also weigh the coin at the gold buying business. Keep in mind, they tend to use precision weights for this measurement which can differ greatly from the scales you have at home.
Reputation of the Buyer
You may think that any gold buyer will do if you are trying to sell gold to help fill your financial gaps. The truth is, you do need to find a reputable buyer to make sure they are following current rulings and methods for gold sales. You can ensure the reputation of the buyer by making sure your buyer is registered with the Jewelers of America. This ensures they understand the current gold selling buying methods and the pricing that is currently being used.
If you have gold that you believe can be sold, contact your local gold buyers. They can help you with how to sell gold and with possible gold sales in the future. They can also give you some advice on the type of gold they can take and what gold may give you a better return over other forms of gold.
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