How to Buy and Sell Gold Nuggets in Sacramento

Sacraments is very close to the spot where the California gold rush first began so it is only fitting that we should consider how to buy and sell gold nuggets in Sacramento.The majority of gold nuggets found in California are in the range of 90% pure gold. This means they are easily sold to coin dealers and jewelers. Depending on the size and beauty of the nuggets, they generally demand a premium over their gold content. For this reason it is advisable to contact coin dealers and jewelers to obtain the best possible price.

Instructions

Difficulty: Easy

Things You’ll Need:

• Phone
• Pocket Calculator
• Accurate Scale
• Business section of local newspaper

How to Buy and Sell Gold Nuggets in Sacramento

1. Weigh your nuggets on an accurate scale. Preferably use a jeweler's scale that will weigh your nuggets down to the pennyweight. Unless you have had the gold content of your nuggets tested, assume that your nuggets are 90% pure, as this is common for California gold nuggets.
2. Determine the approximate value of your gold nuggets based solely on their gold content. Find the current price for spot gold in the business section of your local newspaper. Use your pocket calculator to multiply the weight of your nuggets by .90 and multiply that result by the current price of gold per ounce. (Keep in mind that the price of gold changes from day to day, so any value you come up with will only be approximate).
3. Contact local coin dealers and let them see your gold nuggets. Coin dealers usually have clients who are looking for gold nuggets and it may be that, for a small cut of the transaction, they would be willing to put you in touch with buyers who would pay you a premium over the actual value.
4. Contact local jewelers and see if any of them would be willing to purchase your gold nuggets outright or be willing to take your nuggets on consignment for a piece of the profits. Keep in mind that gold nuggets should sell at a premium over their gold content. Set a price that permits the jeweler to take his cut and still leave you a clear profit based on your previous analysis of the value of your nuggets.
5. Sell your gold nuggets for the highest premium that you can obtain.

Tips & Warnings

• If buying gold nuggets from an individual do NOT make your transaction at the individual's home. Make your transaction in the lobby of a bank. Bring an accurate scale that weighs down to the pennyweight. Be prepared to pay in cash. Know the value of gold before making your transaction and make your offer such that you can show a profit when selling the nuggets for a premium through a jeweler or coin dealer.
• When selling gold to an individual do NOT make the transaction in your home and do NOT, under any circumstances, accept a check. Even certified or cashier's checks are easily forged nowadays.