Selling Gold: 4 Things to Consider

Looking for a little supplemental income? An often-overlooked yet easy way to make some cash is to sell any gold you may have laying around your home. Sound like a scam? It can be. However, there is money to be made, and the gaudy play jewelry that your great aunt left you could be just your ticket. When you are considering selling gold, here are a few things to consider.

The Current Price of Gold: The price of gold varies daily. Luckily, there are several different websites you can go to in order to find the current market value, like this one. In order to get the best deal for your property, you should watch the current trends in the cost of gold and sell when they are high. For example, you may have been able to get $43 dollars a gram yesterday, but today it is worth just $39. That does not sound like a huge difference. However, depending on the amount of gold you have, it could make a difference of hundreds of dollars. If instead of one gram you have one ounce, the price could decrease from $1,280 to $1,000. It really is worth it paying attention to the current price.

Who You Are Selling To: Not all gold buyers are created equal. If you go into a situation without knowing what you are talking about, you may find yourself getting cheated out of money. Gold buyers sometimes underpay sellers in the way they weigh the gold. Gold is usually weighed by Troy ounces, which is 31.1 grams per ounce. This is different than the normal US ounce, which is 28 grams per ounce. If a jeweler is being dishonest, they may weigh your gold by the US ounce instead of the Troy ounce, undercutting the actual weight of the piece.

Sentimental Value: Keep in mind that not all value has a price tag. While you may feel desperate in the moment for money, think about where you received the piece from and what it means to you and those around you. It is usually not worth it to sell something of high sentimental value. 

Resale Value: Another factor of selling gold jewelry is that it may be worth more to sell it as a piece instead of just melting down the gold. Designer jewelry or jewelry with a lot of detail can often be sold online or in person for more than the gold alone would be worth.

If you're ready to sell gold, heed these bits of information to maximize your profits.