Gold can be a great way to get quick cash, but it can also be a confusing adventure. Different dealers except different types of gold and may not even buy some items. This is why you may want to know about selling and buying gold before you take any items in for cash. The market price, karat weight and offering price are all important factors when selling gold. Here are some things that you will want to know before you sell any of your bounty:
1. Sorting Out Your Items Before You Take Them To Sell
Before you even consider taking gold in, you will want to get it all sorted out. You can start with a pair of needle-nose pliers and cut the pieces to a pile of only gold. Remove all the metal that is not gold and stones. You can make piles of different karats; one for 14, 18 and 24 karats. The pieces that are light in color and not marked should go to the 14 karat pile.
2. Understanding Karat Weights And How They Affect Your Gold Value
Karats are used to measure the purity of gold. The purest gold is 24 karats, while gold mixed with other metals is considered 14 or 18 karat gold. The market price of gold is for 24 karat metals. To figure the price of your bounty, use the fraction of karats, such as 14/24. As you can see, the 14 karat pile will be worth a lot less, but it is still very valuable.
3. Doing Your Own Testing To Know The Value Of Your Gold Pieces
You may also want to test your gold pieces before you take them in to sell. Some of the metal can even be gold plated silver, which is valuable, but not nearly as valuable as solid gold. This can be done with a stone and simple acid test. The gold will leave a yellow streak on a stone, while other materials will be other colors or not even mark the stone when tested.
4. Finding The Best Rates And Taking Your Gold In To A Dealer
Once you know exactly what you have, you will be able to take the metal to a dealer. Most dealers will offer you a fraction of the market price of gold. This can be 90-to-98% of the market value of 24 karat gold. Remember, you will get less for the 14 karat materials. You can shop around to find the dealer that offers the best price for the weight of gold you have.
These are some of the things that you will want to know to get the most out of your gold. If you have a bounty that you are ready to sell for cash, contact a coin dealer to get cash for your treasure.