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Times are tough and you have a jewelry box of unused and unwanted gold jewelry. If you ever considered selling some or all of it, here is everything you need to know.
What is the price of gold?
The price of gold fluctuates daily. Currently, it is trading at well above $1,800 an ounce and could reach an all-time high of $2,000 an ounce before the end of 2020.
Why is the price of gold so high?
Investors turn to gold when the economy looks scary. In times of war, economic downturn, and now a pandemic, gold is seen as a safe investment. It cannot go out of business or report job losses as a physical business can.
Will a gold buyer give me that much?
Just because gold is trading at over $1,800 an ounce does not mean that a gold buyer will pay you that rate. He has to take into account the cost of doing business as well as a profit margin. According to Lifehacker, you can expect to earn 70 to 80 percent of the value. Keep in mind that 10K, 14K, 18K, and 24K all have different values. 10K, 14K, and 18K are not pure gold and are therefore less valuable to a gold jewelry buyer.
What if my jewelry is special?
If you feel that your gold jewelry is valuable or collectible, have it appraised at a jewelry shop before you decide to sell your gold jewelry. An appraisal should help you decide whether it is more valuable as is or melted down.
What does a gold buyer do with all that old jewelry?
A gold buyer melts down old gold jewelry into small gold bars called bouillon because they are easier to transport and re-sell. This bouillon typically comes in 1/4 to one-ounce weights. Thee large gold bars that you often see in movies are called ingots and are much too cumbersome to transport,
What gold jewelry sells best?
If you want to sell your gold jewelry, know that a used gold buyer will buy whatever you have. The more valuable pieces, however, are the solid gold pieces or anything made of 24K gold, which is pure gold.
Where should I sell my gold jewelry?
There are many places to sell your gold jewelry from pawnshops to online gold brokerages. Do your research and choose one that is convenient and profitable for you.
Will I be paid in cash?
If you sell your gold jewelry in person, you will be often paid in cash. Online merchants have other ways of getting the money to you quickly.
Sell your gold jewelry. It can be a quick and painless transaction. If you are not using the jewelry or no longer like it, sell it and use the money to buy yourself something that you do like.