Selling your gold is not always as simple as it should be. The problem is and always will be that gold buyers will take advantage of the customers lack of knowledge about how much their gold is really worth.
When dealing with selling such an expensive commodity such as gold, it is important that you get the best offer in your area.
It is my hope that this short article will give you the knowledge necessary to avoid getting ripped off, and leave this page with a basic understanding of the gold market.
The first thing that you need to know is that you probably paid at least 2, 3, or 5 times more than what you are going to receive for it – even with the highest paying gold buyer.
Jewelry stores have very high margins, and it is one of the only ways that they can be profitable with their high overhead cost. To give you an idea, my wife worked at a jewelry store and she could lower her prices up to 40% off before she even had to ask a manager if she could lower the price greater than 40% off!
That being said… Here is the secret to not getting ripped off….
Most people drive around and bring their gold from place to place wasting a few hours trying to find the best buyer, and because there are so many, often they don’t even go to them all and only get a small glimpse of what gold buyers pay (it can range drastically).
One of the main reasons people think that they need to bring their item(s) in is because they think they are going to get a price based on the uniqueness of their jewelry item. I can tell you right now that is not what the gold buyers are going to pay you for. They are going to pay strictly a percentage of the current gold weight value of your item.
Here is the simple way….
Do a google search of cash for gold companies near your area and call them one by one and ask them what they pay per gram for 14k gold. It takes literally 10 – 15 minutes of your time and you can call ever single company within your area.
You don’t need to know a single thing about the gold price or the breakdown of how to value gold to make these calls. Once you start making your phone calls, if they won’t give you a price over the phone consider that to be a red flag and move on to the next one. If they do give you a price, write the number down, and sort out the top paying gold buyers.
If you want to get an exact breakdown of what you should be getting paid there is a handy gold calculator that you can use to figure out a reference on how you should price your items.