Clutter and excess stuff are an issue for more than 25 percent of American households. If you’re one of them, you know that the sooner you get rid of the clutter, the more comfortable your home will be.
Though getting rid of large items like old furniture can help free up space, it’s not the biggest problem people face. That distinction gets reserved for the small stuff like collectibles and jewelry that fill junk drawers and create clutter quickly.
So, what can you do with all those random bits of jewelry and scraps collecting dust in your drawer? If they contain gold, you can sell them and make a little money on the side!
Here are a few proven gold selling tips to keep in mind so you can get the highest price possible.
1. Make Sure You’re Comfortable Selling It
Before you can start looking into how to sell gold or researching the best gold selling price, you need to make sure you’re comfortable selling the pieces you have. If you’re like most people, you’re selling scrap gold.
Scrap gold comes from old or damaged pieces of jewelry like watches, necklaces, and bracelets. Though these items can be valuable, they can also have sentimental value.
Review each piece of gold you’re considering selling. If you’re not emotionally attached to it, selling it will be easy. However, if the piece brings up great memories of a loved one or an event, keeping it might be a better choice.
You can always change your mind and sell the gold in the future. But you’ll find it much harder to get the gold you sell back if you change your mind.
2. Know the Current Values
Once you know what you’re comfortable selling, you need to make sure it’s the right time to sell. This means you need to find out what the average gold prices are.
Search online to see where the gold market is at the time you’re ready to sell. If it’s on the low end, you may want to wait a few days or weeks until the value goes up.
Keep in mind that gold does tend to hold its value even when other markets aren’t performing well. This means you’ll likely still be able to turn a profit when you decide to sell even if prices aren’t at their highest values.
3. Separate the Different Types of Gold
When you sell gold, the buyer will weigh the pieces you have to determine what they’re worth. However, since gold is usually mixed with other metals, you need to make sure the buyer is weighing like with like.
Look at the karat value of each piece you’re selling. Group pieces with the same karat number together and make sure the buyers weigh each karat grouping separately. This way, you’ll be able to get the highest amount for your gold.
If everything gets weighed together, buyers may try to give you a smaller amount of money in exchange. However, if you separate karat values, you’ll stand a better chance of receiving fair offers every time.
4. Shop Around for Buyers
Even when the market rate for gold is stable, different gold buyers will offer you different amounts for your scrap gold. Use this to your advantage.
Shop around and get quotes from different buyers. Most will guarantee their offers for a set period of time so you can think about it before handing them your gold.
If you can, try to get quotes from several buyers in your area. Compare the weights and the amounts each buyer is willing to give you for your gold. If the prices seem fair, go with the buyer that offers you the most money.
If you’re still not comfortable with the buyers you find, don’t panic. Expand your search.
Some national buyers are willing to offer top-dollar rates for your gold if you mail it to them. Contact those buyers and find out what types of rates they’re willing to give you.
Just make sure to work with a buyer that has a guarantee. If you don’t like the offer they give you, they should be willing to return the gold to you in its original condition.
5. Get Each Piece Appraised
Sometimes, your scrap gold isn’t the only thing that’s valuable about the pieces you’re selling. In fact, some types of jewelry and trinkets can end up fetching a higher price with a collector or an auction house than you’d receive selling it for the gold’s value alone.
If you think your gold might be valuable, take it to a jeweler and get it appraised. They’ll be able to assess the value of any stones, design work, and other components that gold buyers won’t care about.
If the pieces are valuable, the jeweler can make a recommendation on how you can sell it for the highest amount. If they’re not, you can always sell the pieces as scrap gold to the buyer that offers the best gold selling price.
6. Don’t Expect More Than Market Rates
Unless you’re selling pieces to collectors, you’re only going to get what the gold is worth at current selling prices. Be willing and prepared to accept that when you start looking for buyers.
Remember, they’re in the industry to make money, too. They can’t offer you more than the average gold price without losing money themselves. When they’re weighing your pieces, ask if their quote is their best possible price.
If it is, think about whether you’re comfortable with that gold selling price. If you’re not, you can always wait to sell or look for a different gold or precious metals buyer.
Keep These Gold Selling Tips in Mind
Selling your old scrap gold is a great way to make a little extra cash while decluttering your home. Just make sure you follow these gold selling tips when you start looking at your options.
When you do and you take your time to find the best gold buyers for your pieces, you’ll get the most money possible from these precious metals bars, coins, and jewels.
Learning how to sell gold isn’t the only way to make money without taking on a second job. Check out our latest posts for more tips on gold selling, profiting from precious metals, and to help you increase your income your cash flow.
