Selling precious metals for a quick turnaround in cash sounds like easy money. Individuals sell their items for a variety of different reasons, but the bottom line is always for the cash. If you want to sell gold and silver to fatten your wallet, there is a few tips you need to know before taking that final step.
Value of the Precious Metals
Determining the proper value before you sell involves three key factors.
- Daily and current price for gold and silver
- Karat value of the gold
- Knowing the alloy of the silver
When you sell gold and silver to an appropriate dealer, they will have several tools to determine these three factors. Knowing how much a precious metal was worth when you bought the items, or what the price was last month won’t mean anything come time for the sale.
There are several online sites to check the current and daily prices of gold and silver. You can find current prices through various sites online, or by calling a local jewelry store.
Both gold and silver have various forms of purity. They are often never fully pure because both are soft metals. In order for them to have shape and color, other metals need to be added into the mix.
The higher the karat, the more pure gold is in the item. Sterling silver has 92.5% (or marked as “925”) silver, whereas some jewelry items can be as low as 50%.
Shop for a Trusted & Respected Buyer
Every legit business has its share of bad apples looking for a quick and easy way to scam innocent people. Doing research to determine who you can trust will save you time and potentially a great deal of money.
The Better Business Bureau is a great place to start researching. Their website is easy to follow and allows you to search per the area you live in.
Other tools such as Yelp and Google can offer customer reviews, locations, and website information to help you make a better decision when picking a dealer you can trust.
Separate and Label
A quick way to lose money is by not being organized when you go to sell. Various jewelry pieces are made up of multiple karats of gold, and not all silver is sterling silver.
If you are selling gold jewelry, be sure to separate the karats from one another. When they are kept together, you run the risk of the buyer lumping the entire piece under the lowest karat price.
Put your gold and silver items in small zip-lock bags and have them clearly labeled. This will let the buyer know you are knowledgeable and informed in how to sell gold and silver.