How to Sell My Old Gold

How to Sell My Old Gold thumbnail
Sell your old gold the right way to make the most money.

Selling your unwanted gold jewelry or scrap gold is a fast way to make some cash. Most pawn shops and jewelry stores will readily buy gold pieces and jewelry, and will usually provide with a quote on the spot. However, the price of gold is not stationary and fluctuates depending on the market. Therefore, it is in your best interest to educate yourself about the current market value of gold and perform your due diligence before selling your gold.

Instructions

    • 1

      Make a list of all of your gold. Pick out any pieces that you no longer wear or want to sell, and separate them from the rest.

    • 2

      Check the karat grade on each piece of gold. There is a stamp displaying the karat on most pieces of jewelry. It will state the number followed by the letter K, such as 14K (14 karat). You can find it on the inside band on rings, on the clasps of necklaces and bracelets and on the fasteners of earrings. The higher the karat, the purer the gold in your pieces.

    • 3

      Look in the business section of your newspaper for the current market value of gold. Gold is priced by the ounce and will be clearly displayed on the trading page. Alternatively, you can visit many websites that track the prices of commodities on a daily basis to get the current price of gold (see Resources). It is important to know this information so that you will have an idea of what your gold is worth before selling it.

    • 4

      Take your gold to several reputable jewelers in order to get a quote. Jewelry stores in general offer the best price for old gold. Let the jeweler know that you are aware of the current market price of gold and would like a fair quote. Visit as many jewelry stores as possible, and ask to have your gold valued. Note that the quotes may vary from store to store. Make sure that the jeweler weighs your pieces and records the karat in front of you, to make sure you are not being taken advantage of.

    • 5

      Sell your gold to the jeweler with the highest quote. As long as the offer is in line with the current market price, accept the offer.

Tips & Warnings

  • Many jewelry stores will let you use the value of your old gold as credit to buy new jewelry.

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References

Resources

  • Photo Credit gold image by Marek Kosmal from Fotolia.com

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