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Find out the facts before selling gold

Gold news by Post Gold for Cash, published on by Lindsay Revill

With gold prices soaring higher and higher, it’s not surprising that millions of people all over the world are selling gold in order to reap the benefits of having an asset with such a rapidly increasing value.

Very few other assets have increased in value at such a rate and with gold prices verging on $2,000 per ounce, many of us are looking at our old gold jewellery and considering whether to swap the gold for cash. It is important, however, to think about how best to maximise your income from selling gold. Depending on the gold you own, there are several ways to offload it for cash, including selling gold online, selling coins and other collectibles to dealers or selling to jewellery enthusiasts.

The first stage is getting to understand the gold you own by doing a little research. For example, gold coins are usually made of a purer level of gold than jewellery and are also valuable to collectors. Therefore, selling gold coins often involves negotiating with a collector who will be interested in buying the coins to sell on to other collectors.

On the other hand, when you sell scrap gold jewellery, that may be made of lower grade gold or could be broken or of poor quality, it's best to sell gold online to firms like Postgold4cash, as they will give you a fair price for the gold based on purity and weight. The gold is then likely to be melted down and recycled into other gold products or into bullion, which is popular with investors.

Recycled gold is increasingly popular with ethically minded consumers, who are keen to avoid more gold being mined for jewellery, as mining is sometimes linked to environmental and social problems in developing countries.

Lastly, if you have gold jewellery that you think may have value aside from the intrinsic value of the gold from which it is made, it might be a good idea to get the opinion of an expert assessor. An expert will be able to tell you the purity of the gold – 24 carats is what the gold price is based on, so 18 carat gold, for example, is worth 75 per cent as much. The craftsmanship can also be assessed, and any makers marks will be identified. All these aspects could add to the value of your gold jewellery.

If you have antique gold jewellery, it will also be wise to find out the age of the piece, which will also contribute to its value. After you have established all of these facts, you can then decide whether to sell as a piece of jewellery in its own right, to an antique shop or jewellery dealer, or to sell gold for scrap.

The interesting thing about the gold market today is that gold prices per gram have increased so much, pieces of jewellery have to really be something special to be worth more as a piece of jewellery than as simple lump of gold. As a result, many people are realising that it’s often quicker, easier and just as profitable to sell their old jewellery online for scrap, particularly if there is no sentimental attachment.


Want to find out more? Contact the author.

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