Getting Maximum Payout for Your Gold
People sell gold only when they are in serious need of money. And for Average people, gold is not just another everyday metal. Every piece of gold represents memories valuable to us, our sorrows and happiness, dreams and love. So, before you sell your gold, it is natural to get anxious about.
So, here is my checklist to sell gold or gold jewelry:
Know the Price Matrix
Don’t compare your gold price with the Newspaper Gold Price per ounce. Only 24 Karat gold will get full price. 18 Karat gets about 75% of that. Just have a look at this:
9k or 9 karat gold contains 38% gold
10k or 10 karat gold contains 42% gold
12k or 12 karat gold contains 50% gold
14k or 14 karat gold contains 58% gold
16k or 16 karat gold contains 67% gold
18k or 18 karat gold contains 75% gold
22k or 22 karat gold contains 92% gold
24k or 24 karat gold is 100% pure gold.
The mark .999 or .999 Fine also means Pure Gold (100%).
Or an easier way would be to just use this calculator.
Know Your Gold
As I said before, gold represents memories, but that is for only us – the collectors. Gold Dealers or Jeweler won’t feel that way. They usually melt down the regular ornaments and use that gold to make their own ornaments according to custom design orders. So, if I am the seller, My Wedding Ring would mean the world to me, but for them, it’s just another piece of gold. That ring will only bring some more value if that is a well-known or famous Designer Collection. But if you have anything that has antique value, that calculation is different.
Organize your Collection
Try to organize your gold so that that can save both your and buyers time. A gold buyer is a business person and for any business person time is money. Also, it’s true for you, too. Organize your gold by type or Karat. Example, keep 22K Golds together, and 18K Golds in another section of your bag or box. Sorting them according to their Karat is the best practice.
Measure Your Gold and Make a List
Make a List of Karats and Items. Measure your gold with a weight scale and write it down. Yes, it will differ with the buyer, but you should have a rough assessment of your own. You can get some Pocket Scale or some Regular Scale from Amazon Real Cheap like under $15!
Avoid Pawn Shops
Pawn shops pay very little and they are very manipulative, pawn shops always try to pay you the least amount you can ever imagine for a fine piece of gold jewelry. They make the lowest assessment and talks you such a way that you start worrying about the quality of your gold.
Stay Away from “Cash for Gold” Dealers
You will see some “Cash for Gold” Dealers who just showed up in business in last few years, they are nothing just some well-decorated Pawn Shops. Most of them are either scams or thugs. Sometimes they even hire Ex-Cons to con you!
BBB is Your Friend
Visit BBB (Better Business Bureau) website and search for Gold Buyers in your Nearest Location or City and check their reputation. Trust me, I experienced very bad attitude from very well decorated shops! Many Companies are terrible treating their clients. Make a list of A+ Buyers like GoldPay and Collect their Phone Number and Address. Businesses like GoldPay also offers online booking so that you can pick your own time to meet and sell your gold.
Make Some Calls & Shop Around
When you prepare you Gold Buyer List from BBB page, start making some calls. They will ask you for the item details and they will provide a phone quote. Remember, any buyer that refuses you an approximate phone quote – either are trying to play you to make the lowest assessment or their payouts are terrible.
You can also do it in the traditional way. Visit a few shops in different parts of the city with some sample and your list and get some quotes. Usually, different shops in the same area will offer you similar rates, so try to move around the city and get quotes from different stores. Ask for their business card and write down their offer.
Also, you can search for any gold refinery nearby. According to business report, 99% of the gold that jewelers and pawn shops buy is resold at the refinery. So, if there is any refinery that is accessible by public nearby, you can expect the highest payout.