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Things To Keep In Mind When Selling Your Gold

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In this time of economic uncertainty, the price of gold continues

to soar. The value of gold today is twenty percent higher than what it was early last year, and is now fluctuating at $1,600 to $1,700 per troy ounce. This has led to the rise in expos and gold parties, where people can have their jewelry appraised and get paid cash right there and then. Local jewelers assert that expos and gold parties generally pays thirty percent less than what they pay. Consumers are also flooded with advertisements and promotional activities from companies who want to buy gold. However, the Better Business Bureau says that you need to be cautious of these deals and be informed about the businesses wanting to buy your jewelry. One scheme that these fraudsters use is to pay you much less than what is appropriate for the karat and weight of your gold. Pointers When Selling Gold Jewelry Familiarity with your jewelry’s karat and weight can go a long way in helping you to avoid fraudulent practices. It is important to understand that appraisers use a different measurement standard when weighing gold. Gold is measured in troy ounce, which is roughly around 31.1 grams.

You have to understand that gold’s price changes daily, so it would be wise to bring your jewelry to different appraisers to ask for estimates. Make sure to have your gold appraised prior to selling it. Remember not to have jewelry of different karats weighed together as the buyer can pay you much

less by pegging the price to the lowest karat. There are numerous websites you can visit to check for the current value of gold per ounce. An example of which is the London Bullion Market Association website.

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Remember that those who buy gold are running a business, thus, it is likely that you will receive an offer that is at least 10-20% less than your gold’s actually value so they can lock in profits. Keep in mind that jewelry that have been passed down for generations are typically fetch higher prices than the actual price of their gold content. Choose an accredited appraiser with professional credentials. Be sure to check how much you will be charged for the appraisal service. Ethical appraisers will charge you a fixed fee, not a percentage of your property’s value. Sell your jewelry only to well-established buyers. To ascertain if a buyer is reputable, you can research about consumer opinion about their services online. The BBB is a good resource for info about the company as well as consumer complaints. For tips on how to sell gold coins, click here.