Wednesday, June 10, 2009

How to Sell Gold

By Bob Timmons

The supply of gold or recycled gold varies with economic conditions. In tough times the supply of scrap gold increases. Gold prices vary from day to day, depending on the spot price of gold.

You can sell unwanted gold over the internet or through the mail. If you choose to sell locally, check out pawn shops and jewelry shops that offer to buy gold.

Companies that take scrap gold typically pay 10 to 20 % less than the current spot price of gold. They must process the gold, incurring costs to do so. When turning in your unwanted gold, it pays to shop around. Some cash for gold companies offer substantially less than other ones, Take care to choose properly.

Dental fillings, rings, earrings are all accepted as recycled gold. Even gold teeth can get sold! Chains are also a good source of quality gold.

The highest price you will get for scrap gold if it is 24 karat gold. 24 karat gold is 99.999 % fine. (pure gold is impossible due to slight impurities within the process). 18 karat gold is actually only 3/4 gold. So that when you are getting a quote for gold, the amount of gold within the object will determine price. 12 karat gold is only half pure gold!

The final price of your gold can be affected if it is mixed with other metals. Silver, platinum and palladium are sometimes included in gold fillings. If you are lucky enough to have platinum in your mix, you can receive a higher price!

Getting a quote is easy from a local dealer. If there are none available, you can send your gold by mail. A safe process requiring signatures. Once you receive a price for your gold, you can accept it or have the company return your gold. You are not forced to sell. A check will then be sent to you.

You have to be careful when dealing with some companies. There are some firms that vastly under price the gold you are selling. This leads to many consumer complaints. Check out the BBB to see if the company you are considering doing business with is reputable. A few minutes on-line can prevent being ripped off!

Going straight to a refiner is sometimes the best way to get the highest price for your gold. Check local listings for more info.

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1 comment:

  1. I would suggest they try the Silver and Gold Exchange. Not only do they pay more than anyone else I have found, but they post the prices they pay on a live price chart on their website at http://SilverAndGoldExchange.com

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