How can I get cash for gold?
Getting cash for gold might seem like a daunting process, but it does not need to be. While it is certainly true that the business of exchanging gold for cash has had a bad reputation with ripoff companies advertising on national television and corners of many towns being plagued with “sign spinners” hawking Cash4Gold, you can still receive a fair amount of money for your gold if you are willing to do your due diligence.
First, it helps to know what you have. If you have gold jewelry, look for “karat” markings, which will tell you the purity of the gold. The higher the karat, the more pure the gold. Most gold in the US ranges from 10 karat (10k) which is 41.7% pure gold to the occasional 24 karat (24k) which is 100% pure gold. 24 karat jewelry is unusual and not normally produced because of the softness of pure gold, which would subject the piece to scratches and other damage. Other common purities are 14 karat (14k), which is 58.3% pure and probably the most common and 18 karat (18k) which is 75% pure.
Of course, there are gold bars which are generally 99.9% pure and a variety of gold coins that vary in purity.
Once you have an idea of the purity, it is then a good idea to know the weight. For this, you will need a small scale. Sometimes a postage scale or a kitchen scale will work. If you do not have access to a scale, then you will need to rely on the evaluation made by the company purchasing your gold.
Next, you will need to decide what selling process works best for you. If you bring your gold directly to a “We Buy Gold” place, a jeweler, coin dealer, or a pawn shop, the distinct advantage will be that you can be paid for your gold immediately. The disadvantage is that you are at risk of getting a price that is well below fair market value. If you decide to sell online, the disadvantage is that you will need to pack up and mail your items, then wait a few days to get an offer and get paid. The advantage, however, is that you stand to gain quite a bit more money for your gold.
Ultimately, the choice is yours and you need to decide what method best fits your unique situation.
More about selling gold for cash online…
There are plenty of online buyers vying to purchase your unwanted gold. How do you choose the right buyer?
First, check them out with the Better Business Bureau. Do they have at least an A rating? ( an A+ rating is preferred). Have they had any complaints and how were the complaints resolved? A few complaints that have been resolved to the customers satisfaction in a timely manner is acceptable, but ideally, the buyer of you gold should have zero complaints on their BBB report.
Next, do they show the prices they are currently paying on their website? While this is unusual, it is a MUST. It is never a good idea to send your valuables to a company that will not give you an indication of what they will pay beforehand. Some shady dealers simply provide “examples” of previous payouts… with a picture of a gold item and the price they claim they paid for the item. This is hogwash! Since you have no idea of the purity of the item, the weight of the item, or the price of gold at the time the item was sold, this “example” tells you nothing!
Other dealers post the prices they pay, but starting at a minimum of 1 ounce or even 10 ounces! The overwhelming majority of people sell less than an ounce at a time. ALWAYS make sure that the prices you see have no fine print attached.. no weight minimum and no dollar amount minimum. Many coin and bullion buyers publish the prices they pay per coin or bar, but hide the fact that the prices are based on a minimum $10,000 transaction in their terms and conditions. Your price will vary!
Lastly, be sure that the buyer presents you with a offer BEFORE sending you a check and that if you are not pleased with the offer you can get your items back. Most buyers automatically mail out a check for the amount they see fit and if you do not return the check to them in a very short timeframe, your gold is melted and gone and you have no recourse.
At this point, you probably will not be surprised when we mention that the Silver and Gold Exchange:
1) Is a Better Business Bureau A+ rated Buyer with Zero complaints…ever.
2) Post the prices we pay on a live price chart on our website. These are the prices we currently pay. There are no minimums, no commissions, and no fees of any kind.
3) Once your gold is evaluated, we email your offer. If you are not happy with the offer for any reason, simply let us know and we can make arrangements to have the testing facility return the items to you. If you are happy (as we know you will be), you can elect payment via check or Paypal.
Lastly, the Silver and Gold Exchange has a Best Price Guarantee so you will be confident you will receive the most cash for gold possible when selling your gold to us.