As gold's value skyrocketed the number of people trying to unload a broken gold chain or a mismatched gold earrings grew. Though gold prices have fallen since March, gold still can bring a nice price when sold for scrap.
Careful is the key word when looking for the best price for your gold. Gold's wildly fluctuating prices and all the folks trying to get in on the latest gold rush make it hard to know who to trust.
Before you sell your gold jewelry or gold scrap or gold coins, check out the answers to these common gold selling questions:
How do I know how much money I'm going to get?
No matter how reputable the buyer is, it's not easy to figure out how much you'll get for your gold. because the price of gold can fluctuate throughout the day, so can the amount you will receive for your gold. Buyers generally pay approximately half the spot value of gold. You can check these reputable sources for spot prices: http://www.kitco.com/market & http:// www.nymex.com/gol_fut_cso.aspx.
Is there anything I can do to get a higher price for gold I'm selling for scrap?
Bill Oyster, president of Dallas Gold and Silver Exchange in Euless, Texas, says that the more gold you have to sell, the higher price you can command. If you're selling less than an ounce of gold, expect to get 50 percent to 70 percent of its value. If you're selling more than an ounce, Oyster says, you might get as much as 80 percent. Getting at least two offers will help you make sure you're getting a fair price, he says.
What can I sell?
Anything that's gold! Gold teeth and bridges, broken gold jewelry, gold watches, gold coins, broken and mismatched gold earrings and gold scrap. Gold that is less than 10K is not as desirable and will likely not get a very good price.
Where can I sell my gold?
Most gold and silver Brokers and many jewelry stores are buying gold right now.
What about online buyers?
Experts recommend selling in person. I you want to sell your gold online, be sure you're using a company that offers free, insured shipping you can track. Take pictures of everything for your records and remove anything that isn't gold, such as gems.
When should I consider selling my jewelry whole instead of for scrap?
Unless you've got a designer piece, like something from Tiffany & Co., getting a good price on resale will be difficult, " says Suzanne Cook, owner of Southwest Gold & Silver Exchange in Fort Worth. "Only about 2 percent of what we see is going to be considered for resale," she says. "It has to be really old and in really excellent condition."
"Otherwise, she says, you'll get a better price selling the gold for scrap. "