Tips on How to Sell Your Gold for Maximum Cash

Posted on: 20 July 2015

Selling gold for cash has become very popular in the past few years, and those who own jewellery and other pieces may prefer the money over items they no longer wear or use. Buyers can easily melt down the gold pieces and then resell them to fabricators and wholesalers. It's a quick and easy way to make money from gold if you own those pieces, but of course you want to get maximum cash when dealing with such a buyer. Note a few tips on how to sell your gold.

1. Separate the carats

Gold is rated by carats and the higher the carat, the softer the gold. It's also typically considered more valuable. When you bring gold pieces into a buyer's location, they may want to weigh it all together and then pay you one lump sum, using the lowest carat in your collection. This can mean losing out on the value of the higher carat items in your lot. To avoid this, be sure you separate your pieces by carat. You'll see the carat stamped on the inside of a gold piece. Even if you have only one or two pieces with a higher carat amount, you still want to keep this separate from the other pieces.

2. Check gold prices before selling

A buyer will typically offer you a lower price than current prices offered in the gold trading market, simply because they need to make a profit themselves. However, some buyers know that gold sellers want to make some quick cash, and may offer low-ball amounts. It's good to check on gold prices, which you can easily do online, and then shop around various sellers. Don't deal with one who tells you to simply come into their store and then they'll quote you a price, but find one that offers a buying price that is close to the market value of your gold instead.

3. Know the value of special items

Plain gold chain necklaces and simple rings may not be very special, but if you have a piece that may be an antique or that has certain markings inside, it's good to do some research. Certain jewellers would stamp their name inside the pieces they created, and these may be more valuable than just the weight of their metal. Antique pieces may also have more value because of their age. If the jewellery you own has paperwork with it, do some research online or take it to a jewellery store first rather than a gold buyer, who may only pay you for the metal and not the actual value of the piece itself.

Contact a company like PMT Pty Ltd if you have specific questions about the process of selling gold to be refined.

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