How to Sell 14 Karat Gold
There are many places where you can sell 14-karat gold these days. Gold refiners have realized that many people have excess gold lying around their homes that they don't use anymore. Most of this 14-karat gold is in the form of broken or outdated jewelry. Since gold prices are high, you can sell your unwanted 14-karat gold for a tidy sum with very little effort. Does this Spark an idea?
Instructions
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Confirm that all the gold you wish to sell is 14-karat gold. Most gold is stamped with its purity. Fourteen-karat gold is identified by the symbols "14K." On jewelry, this stamp is usually located on the clasp or on an attached bar next to the clasp. On most other gold items, it is stamped on the bottom.
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Weigh your 14-karat gold, and determine its weight in ounces. You will need a very sensitive scale that can measure fractions of an ounce. A jewelry scale, coin scale or postage scale can do this. If you don't have access to one, take your 14-karat gold to the post office and use its scale.
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Calculate how much gold is actually in your 14-karat gold. Only 58.3% of 14-karat gold is pure gold. The rest of it is other metals used to make the item hard enough to handle. Pure gold is actually very soft and easy to damage. Multiply the weight of your 14-karat gold items by 0.583. The total is the amount of pure gold you are selling in ounces.
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Determine the spot price of gold. This is what gold is selling for in the financial markets around the world. The spot price of gold changes daily, so it is important to look it up on the day you sell it. See Resources below for a link to a website where you could determine the spot price of gold.
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Multiply the spot price of gold by the number of ounces of pure gold you are selling. This is the spot value of your gold. It is important to know this number when shopping for a buyer of your 14-karat gold because it provides you a reference point to determine whether the buyer is offering you a fair price.
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Offer your 14-karat gold to gold refiners. See Resources below for examples of gold refiners. Many gold refiners are vying for business online. Look for ones that establish their prices and fees in writing. Contact them and ask for a mailing envelope.
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Mail your 14-karat gold to the gold refiner of your choice in the provided mailing envelope. Always document and insure your shipment of 14-karat gold.
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Wait for an offer to buy your 14-karat gold. The gold refiner will contact you with an offer a few days after receiving your package. A reasonable offer is 90% to 95% of the spot value of your gold after fees are deducted. If it is less than this you can decline the offer and ask it to return your 14-karat gold.
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Resources
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Comments
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Sensei
Apr 06, 2009
Good information to have before selling your gold. I have heard of folks getting low payments for their good gold. -
Sensei
Apr 06, 2009
Good information to have before selling your gold. I have heard of folks getting low payments for their good gold.
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johngalt310
Mar 24, 2009
Very detailed article. I suppose Gold's popularity raises the most during inflationary and uncertain times.
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johngalt310
Mar 24, 2009
Very detailed article. I suppose Gold's popularity raises the most during inflationary and uncertain times.
