Never sold your gold in exchange for money before? Don’t worry — the price of gold is still higher than ever, meaning you have ample time to reap the benefits of turning in your old, unused gold items for some extra cash.
But before you sell your gold, there are a few facts you should know about today’s gold market.
Here are four of the most important things everyone should know about selling gold for cash:
1. Gold’s value is determined by two factors: Typically, the approximate value of your gold can be measured by its karat level or its weight in troy ounces multiplied by the current market value. A piece of gold jewelry is also priced differently than a gold coin, which is also important to understand. Never sell gold coins alongside gold jewelry!
2. Gold is in high demand: If the record-high price of gold didn’t convince you already, gold is in extremely high demand these days — as it’s one of the few investment materials that will always have value. In 2013, the consumer demand for this precious metal grew by 26%!
3. Some places that buy gold aren’t as good as others: As gold prices have continued to rise, there has been an influx of gold buyers that use questionable business tactics to pay customers less than they should for their gold. So if you’re asking “Where can I sell gold?” don’t worry — finding out the best place to go is easy. Before you sell your gold to just anyone, just do thorough research to ensure you sell gold coins or jewelry to the right dealer.
4. Some gold is worth more as a historic artifact than as a melt-down material: Before you try to sell gold coins, be sure to find out if any of the coins have historical value — because antique shops are often likely to pay significantly more for an old coin than a typical gold buyer would pay you to have the coin melted down. In this case, the best place to sell gold coins may be an antique dealer. Get more on this here.