Gold hit an all time high of $1908 in August of 2011. Even though it has dropped some, it is still at historic highs.
At the time of this article, gold is trading at $1400 an ounce. Just 15 years ago, it was less then $400. Chances are your gold jewelry is worth more than you think. It is still a great time to sell gold.
Here are some tips to get the most for your gold
- Know who you are dealing with
When gold started its meteoric rise in the last decade, gold buying businesses popped up everywhere, even on TV asking you to send your gold off in the mail to them. Many of these businesses looked to cash in on the gold rush and paid as little as possible to maximize their profits. Since gold was so much higher than people were used to, it seemed like a good deal for folks. It wasn’t, and many of these places are now closed.
I would encourage anyone looking to sell gold to do some research about the businesses you are dealing with. You can check with the BBB or simply look at online reviews such as Google, Facebook or Yelp.
- Know your karats
Pure gold is too soft to be used to make jewelry, so other metals are mixed with gold to harden it and give it color.
24 karat (or 24k) denotes pure gold, so 14k is 14 parts gold, 10 parts other metals. The higher the karat value, the higher the gold content. The most common karats for jewelry are 10k(41.7%), 14k(58.5%) and 18k(75%), and most jewelry will be stamped with one of those numbers. A reputable gold buyer will separate your gold by karat and weigh the lots individually. If the gold buyer throws different karats on the scale together, you are not getting the best price and should probably head for the door.
- Your jewelry might be worth more than its weight in gold
If you have designer jewelry, such as Tiffany or Cartier, it is worth more than just the weight of gold or silver. Many rings or pendants have diamonds and other precious gemstones, make sure they are part of the appraisal. Know what you have before you decide to sell.
- Shop around
It never hurts to shop around. Prices gold buyers pay can vary drastically. If you get two or three bids, you can be sure you’re not getting ripped off.