How to Sell Used Gold
Many people have heard about the companies out there who will pay you to send in your gold jewelry in a prepaid envelope in order to earn cash. It sounds like an easy enough process, but how reliable is the service and how do you know you'll ever see the money in the end? You're much better off figuring out how much your gold jewelry is worth and then taking it directly to a local jeweler or finding a trusted Internet site. Here's how you figure out how much your used gold jewelry is worth and how you can get the best price for it.
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Instructions
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Determine the market value of your gold by figuring out the gold percentage of your piece. Do this by dividing the karat of your gold by 24. For example, 24-karat gold is 100 percent gold. Eighteen-karat gold is 75 percent gold.
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Weigh your gold piece. Multiply its weight in grams by the gold percentage that you calculated. Twenty grams of 24-karat gold will remain as 20 grams; however, 20 grams of 18-karat gold will translate to 15 grams.
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Convert the gold's weight in grams to ounces using a metric conversion calculator. One gram is equal to approximately 0.035 ounces.
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Check the Bullion Desk for the current price of gold and use that to calculate the total worth of your gold jewelry. The Bullion Desk is a website that tracks and follows the precious metal markets, including gold, silver and platinum.
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Take your gold to a local jeweler or search the Internet for a credible gold dealer to sell your jewelry to at market value.
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Tips & Warnings
Be sure to get the amount of money that you know your gold is worth. Some dealers may offer you as low as 50 percent market value, in which case you should inform them that you understand the gold market and know exactly how much your jewelry is worth. Be sure to double-check your math when determining your gold's worth. A small error in numbers can lead to a large discrepancy in the total worth.
Always be careful when selling your gold over the Internet. Be sure the company or individual that you are dealing with is credible.
