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How Much Money will I Get if I Want to Sell Gold?
Selling your old unwanted gold is big business. You always want to get a good price. With the up-and-down prices in recent years, finding out the real experts among the flock of gold buyers can be tricky. You don’t know which one could be trusted. But good thing is that it is not like buying gold-If you know the following guide and tips and do your research, you won’t likely to be fooled or ripped off. Remember you are the one who can decide to sell your gold or not.
Two variables in the gold purchasing formula never change: the karat and weight. But the daily spot gold price can fluctuate by the hour. And the price any jeweler or gold traders is willing to pay varies widely, as they balance their profit margin.
Please check our last article: Know how your gold value is determined before you decided to sell your gold for more information about karat and weight.
Gold buyers are not bound by any restrictions when it comes to buying scrap gold. They can give you 100 percent of that day’s gold value and make nothing, or they can give you 10 percent of the day’s value and hope to make 90 percent when they sell it. An established, reputable jeweler will generally pay at least 50 percent of the daily spot gold price.
A jeweler or gold buyer collects gold and sells it to a refinery, which often pays more than 90 percent of market value. Scrap gold is then melted down and sent on to other, larger, refineries. Stones, however, are not sent to refineries. So, it is good to ask about them when discussing your jewelry with a gold buyer.
If your jewelry has stones, pay close attention. This step separates the experts from the amateurs. Experts have a way of estimating, to a fairly accurate degree, the weight of the stones without removing them.
This means you will get a more true value of both the stones and the gold. If the stones are valuable, the jeweler should inform you of their worth, and discuss your options for keeping them. The amateurs will often guess at the weight and value of the stones, and many won’t even make getting them back an option.
A reputable jeweler will offer to remove any stones from pieces you are selling and return them to you, though there is often a price for having this work done. Some stones will be too small or chipped to be of any value, but a trustworthy jeweler will explain this to you and offer to return any stones of significance.
Even a large diamond will only have a small effect on the overall weight of a piece of gold jewelry. Don’t accept being told, therefore, that stones make up the majority of the weight, thereby reducing the amount of gold value.