Selling gold

Selling gold can be a fun and lucrative endeavor, especially if you're selling your gold at a profit. One of the most important things you can do when selling your gold is to deal with a legitimate appraiser. Other considerations include whether you're selling gold jewelry or gold bullion. Here are some tips to help you receive the maximum payout for your gold.

One of the first things you should do is look at the current spot price of gold. The spot price is equivalent to what a buyer is willing to pay on a unit of gold on the open market. When dealing with certain gold dealers or buyers, you may be able to sell your gold at a small mark-up above the spot price. The next thing to do that's of equal importance is find a reputable appraiser or dealer. Look for dealers who clearly state their policies, terms and conditions. Make sure that the appraiser or dealer is licensed by your state licensing board. Having a license is a good indicator that you're dealing with a legitimate buyer of gold. Avoid selling your gold to cold callers and other solicitors who may have questionable credentials.

Shop around to find the best deal possible. Ask the various dealers what they pay per gram, and per ounce, for gold. Have reasonable expectations for how much you can get for your gold. In some instances, you may not receive what the spot price indicates the gold you're selling is worth. There are no regulations in terms of what pricing can and can't be offered. It basically becomes a matter of what the dealer is willing to pay, and how much money you're willing to accept, to effect a sale.

Selling gold jewelry can be a little more complicated than selling gold bullion. Typically, you can get more money for 24 carat gold jewelry. As carats decrease, so does the amount of money you can expect to receive when you sell your gold jewelry. Most jewelry found in the marketplace contains other metals other than gold. And you won't get more money for your gold jewelry simply because diamonds or other precious stones are a part of the ensemble. If you're selling gold that's antique, or has gems embedded in it, you're probably better off selling it to a dealer or appraiser who handles jewelry items. If you're selling gold bullion, such as gold rounds, sell to a dealer whose interest is strictly in the weight of the gold. You'll maximize your profits by doing so. If you're selling gold bullion coins, such as gold American eagles, or gold Canadian maple leafs, you may maximize your profit by selling your coins to coin collectors, as opposed to a gold dealer, who won't pay collector value for your coins. When you're selling your gold bullion or jewelry, be sure to bring proper identification with you. This is a precaution dealers and appraisers use to help prevent purchasing stolen gold.