There is a lot that you probably don’t know about selling gold and other precious metals for cash. Many of the buyers out there are counting on what you do not know so they can take advantage of you.
The first and most important thing to know about cash for gold is that you will not get the price for gold and other precious metals that you see publicized in the internet, newspapers and elsewhere. That price is for pure or 24 karat gold and it is only available to traders on commodities exchanges.
The price you’ll get from a local buyer in Hewlet, NY, will be substantially lower for several reasons. For example most gold jewelry is made from lower karat usually 18 or 12 karat gold. This means there is less gold content in the jewelry so it will be worth less.
Generally, the price that a buyer gives you will be based on the karats and the weight of the objects that you bring in. Many older pieces of jewelry and coins are only worth money because of their gold content. Other factors can increase the price including the presence of diamonds or other gemstones. The style, age and condition of the jewelry can affect the price. Even with these concerns, it will be still be possible to sell most gold jewelry and coins for several hundred dollars.
In some cases, the piece can be worth more as jewelry. In other cases it will only be of valuable for the metal it is made of.
There is another precious metal called platinum that is actually worth more than gold. Most buyers will purchase it as well as gold so bring in anything that you think could be made of platinum.
Something else you may not realize is that you run no risk or obligation by bringing in objects to get priced. The buyers will not charge you and if you don’t like the price you are under no obligation to sell. Even if you have a buyer come to your home or safe deposit to examine the items there he or she will not charge you for that service.
That means you run absolutely risk when you have a gold buyer examine an object. You will learn what it is really worth and you won’t pay for that service.
[...] give you more money for individual pieces which could be worth more as antiques or jewelry. The fast cash shops won’t do that they simply buy by the pound for the smelter. Bookmark It [...]