If you wear jewelry at all, you undoubtedly have some old and unused gold pieces in your home. Gold also exists in other common items, such as coins, medals, and even electronics. Most people have more gold sitting around than they realize. If you devote a few hours during the weekend to search your home, you may be pleasantly surprised by the amount of treasure you uncover. This trove of precious metal can be put to good use. Whether you are short of cash or merely decluttering your living space, selling gold can be a practical and profitable enterprise.

Value

Of course, businesses that buy gold will be happy to assign a value for your items, but you should determine what they are worth on your own in order to protect your financial interests. You will need to identify whether the gold is 10k, 14k, or some other weight. The karat number should be stamped on your jewelry and should appear on other pieces as well. The lower the karat number, the less your items are worth. For instance, 10kt gold consists of 41.7% gold and 58.3 % of other “filler” metals. As a result, you will not get nearly as much money from a 10kt ring as you would an 18kt ring, which would be 75% gold. A 24kt ring has the highest value because it is 100% gold. If you are lucky enough to own 24kt gold, you will have little trouble converting it to cash. Once you know the correct gold content, you can estimate the item’s value using current gold prices and the weight of your piece. A regular food scale can be used for this purpose. You can also find online calculators that will help you figure out the value of your gold. Once you are finished, you should have a rough idea of the items’ value.

Testing

If you don’t know the karat weight of your gold, you can invest in home testing kits that will give you this information. A simple scratch test should work and takes only a little time and a small amount of gold and testing solution. Of course, you can visit a buyer or jeweler and have them do the testing for you. Some reputable online dealers will also perform this procedure for you. If you own a delicate piece of jewelry or are uncomfortable with DIY efforts, go to the professionals. Before you actually sell your gold, make certain that you have the correct karat information.

Selling

Once you have chosen your items to sell and know approximately what they are worth, you need to choose a dealer. Remember, buyers offer their customers a wide range of prices and will not give you full market value. A new bracelet of the same weight and gold content as yours may be priced at hundreds of dollars more than you will receive for yours. Dealers need to make a reasonable profit by either reselling the item or melting it to create something new. Fortunately, some places will pay more for your gold than others, so you need to look around before you sell.

Pawn Shops

A pawn shop is a great place to get a fast loan but is generally a bad place to actually sell your item. If you don’t want to permanently part with your grandmother’s ring, you can get a loan for several months. If you pay back your loan with the appropriate interest, you can retrieve your jewelry or coins. They become the properly of the pawn shop owner if you do not. Selling the ring outright may bring you as little as 30% of the actual value although some establishments pay at a higher rate.

Online Gold Buyers

Many online gold dealers are professional and offer quality service. Some are less worthy of your trust. As a result, you should do your homework before shipping them anything. Check with the Better Business Bureau and get recommendations from your friends in order to protect yourself from the less savory establishments. All vendors will give you a time period to accept or decline their offer for your items. Make certain that the period is at least a few days so that the deal is not finalized automatically without your knowledge. If you do not like the offer you receive, do not take it. The vendor may raise their offer if you decline the first one. If not, you can try another vendor who may pay at a higher rate. Make certain that you are comfortable with their payment method. Some will want to directly deposit your money and others will send you a certified check. Just realize that the process will take a few days. You should expect to receive approximately 70 – 80% of the melt value from most of these businesses. The dealer will make a profit, but you will also make more money than you would at the pawn shop.

Local jewelry stores may also buy gold, but unless they do so in volume, they are likely to pay less than online businesses. They can be a good resource for a professional appraisal, however. You may also get a better deal if you trade your old jewelry for another piece in their inventory. A jeweler might be willing to trade a high-end watch for your first wedding ring.

Selling your gold can be a great way to make money, but you need to be careful if you want to be fairly compensated for your sale. Do get all the information that you need before you actually sell your items. If you have the time to invest, send your items to several reputable buyers to find the best deal before you sign off on any offer. With the right preparation, you can make a nice profit while getting rid of unwanted items. Gold continues to be an easily convertible asset.