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Why Sell Gold - Plus 6 Tips On Gold Selling

Why Sell Gold - Plus 6 Tips On Gold Selling

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Why Sell Gold - Plus 6 Tips On Gold Selling

Gold has been valued since ancient times, so it's no surprise that in today's terms, gold is still a valuable commodity. Gold jewelry was once only owned by those with great wealth. These days however, many of us own one or more item of gold jewelry. However, it's not always as valuable to us as it might be to someone else. 

Why Sell Gold

One of the biggest reasons people decide to sell their gold is simply because they need some extra cash. Most gold jewelry buyers or brokers will give you cash in paper form in exchange for your gold jewelry. Another reason many of us sell gold is to make room for new, updated jewelry pieces in our collection.

Tips For Selling Gold

Whether you're selling gold jewelry, gold coins, or gold bars, these tips can help you make the best decisions.

  1. Factor in personal, emotional value. Take some time before making a final choice. Often, certain gold pieces are more valuable to us because of their sentimental value, and so we're surprised when buyers don't offer as much as we believe the piece is worth. If it's worth more to you because of non-monetary reasons, perhaps it's not a good item to sell. 
  2. Get an appraisal. Most trusted buyers will offer an appraisal for your pieces before you sell them. This gives you a chance to go to a handful of places and get a few evaluations done.
  3. Get educated about your pieces. Make sure you do your own research to figure out how many karats you have, what manufacturer it's from, or even if its real gold or mixed with something else. Most pieces will have "marks" on them called hallmarks and a quick search online can give you more information about what they mean.
  4. Find a reputable buyer. It doesn't matter if you are selling to a private seller or a jeweler; you want someone you can trust. Make sure that they are a member of a certified trade association. 
  5. Know the price of gold. Gold is always in demand, but its price fluctuates often. Kitco is an excellent online reference to help you understand current gold prices.
  6. Be realistic. This is one of the hardest and yet most important tips. When you sell gold you need to understand that the price you purchased it for originally is most likely not going to be what you get for it when you sell it. 

One of the best places to start when it comes to selling gold is to visit a local jeweler. This allows you to go in, get to know the jeweler, and get an appraisal for your pieces. Often, these are free appraisals, with no obligation to sell. 

If you are interested in selling your used jewelry or have questions, visit Ralph Mueller & Associates or call us at 480.949.9229