There are three main options when it comes to get cash for gold. The first is to use an online website that provides money in exchange for any gold that you might have. The advantage of using these sorts of sites is that the process is simple and you’ll receive your money quickly. The disadvantage is that the amount of money you receive may be much lower than through other methods.

Another option is to use a jewelry store. This is obviously the best choice if you have a piece of intact jewelry but some stores will also be willing to buy gold to use as scrap. Even though you can often get better prices from local dealers you also have to be aware that their prices will be a lot less standardized and hence more open to haggling.

You also have the option of going to a pawn shop to sell your scrap gold. Again, prices are not standardized and could change depending on which store you visit so it’s vital to get a second opinion before making a decision.

When selling gold it’s imperative that you know the current scrap gold prices otherwise you risk getting ripped off. If you don’t know the current price (and remember that it can change on a daily basis) then you have no idea whether the deal being offered to you is a good one. You shouldn’t rely on the honesty of scrap gold dealers or cash for gold websites even though most of them will offer you a fair deal the majority of the time. You should also remember that the price offered will depend on the weight of the gold so make sure you weigh any gold you plan on selling before visiting any local dealers. This will allow you to get an idea of the price range you’re willing to accept.

With the state of the economy lately, one new phenomenon has been in the area or scrap gold. So exactly what is scrap gold?  Basically gold scrap consists of anything a person or business wants to sell that has gold content. The most prevalent is unwanted gold jewelry, you’ve no doubt seen the plethora of commercials telling you to sell your scrap gold for top prices these days.

I purchase precious metals for a living and have been doing so for over 10 years and are scrap gold buyers. The majority of the material we purchase is from individuals who have unwanted or broken gold jewelry. They are selling this material for a variety of reasons, some need the extra money, some of it is broken or out of style, some has been inherited and people would prefer to have the money as there is no real emotional attachment.

Types Of Scrap Gold

Gold scrap in jewelry form can consist of any of the following items:
(Any karat i.e. 9k, 10k, 12k, 14k, 18k, 21k, 22k or 24k)

• Gold chains and necklaces
• Bracelets any karat size of condition good or broken
• Earrings pairs or singles any karat or condition
• Brooches
• Old Class Rings
• Gold Rings
• Wedding Bands
• Gold Pendants
• Gold Bangles
• Gold Watches (preferably with karat gold band as well)

Other Types Of Gold Scrap:

1. Dental gold such as filings, bridges, partial etc, if the dental gold is fairly yellow in colour it generally tends to be 66.5% gold content or 16 karat. Good quality dental gold will retain a good yellow colour without tarnishing and will feel heavy and solid when you lift it. The downside of dealing with dental gold? The worst thing is handling it when there is remaining tooth matter, root or porcelain remaining. Most individuals I deal with who have dental gold to sell are older clients for obvious reasons, the others include active and retired dentists as well as funeral home owners.

2. Electronic scrap, although items such as computer boards and cpu’s contain some gold overlay it takes kilograms of it to add up to a significant amount.

3. Gold Plated or Gold filled items i.e. Jewelry etc., again you need a significant amount of material (kilograms) to add up to substantial value.

4. Old Gold Coins can also be considered scrap, pretty much any recent modern day coin under 22 karat would be considered scrap and meltable, a shame sometimes but with the recent increase in gold prices they’re worth more melted than as coins.

5. Gold bars, any bar with a recognized refiners name would be bought as bullion but would be something more gold buyers should purchase.

6. Silver, of course gold is probably the most well known precious metal sought after from the general public but with the increases in metal prices, scrap silver is also be highly sought out.  Jewelry, unwanted sterling silverware and even electrical contacts are items that are starting to fetch good prices with the spot price of silver edging higher.  Many people, including myself feel silver is undervalued and I believe it will break the $50/ounce mark in the near future, I’d advise hanging on to your silver a little longer if you can.

The Price Of Scrap Gold

The price you can expect to sell your items for will be dependant on a number of factors. Firstly scrap gold prices are and should be a direct reflection of the price of gold on any given day.

Everyone wants to receive a fair value for their items but you need to be aware of a couple things. Major refineries do not deal with the public or individuals, this is where the middle men or scrap gold buyers come in. In the past the only place most people would think of to take their scrap gold jewelry would be to the pawn shop.

Historically pawn shops have paid a very small amount for people’s jewelry and are probably the worst place you could go to sell scrap gold jewelry.

Okay so now you know there are Refineries then Scrap Gold Dealers. Refineries will pay a scrap gold dealer approximately 96 to 98.5% of the actual gold content of the scrap. The average consumer will not be able to get this rate of return so accepting that fact is what you should do first.

So how do you get the best price when selling scrap gold? What you should do is compare the prices being paid by a variety of gold buyers, visit their websites, if they don’t list their prices move on, the reason they don t list price is they are not paying competitive rates.

Make sure their prices are current and have no conditions, I’ve seen many they have fine print stating you need a minimum of 100 grams to receive these rates, most people have smaller lots so they’ll receive much less. Also make sure they are listing their prices in grams and not pennyweight. Some companies try to fool you by listing their price in pennyweight or dwt which make their prices appear higher.

With the current influx of new competition in the scrap gold market it’s forced many reputable companies to raise their prices to remain competitive which is good for the consumer.

Watch out for cash for gold scams, I recently saw one national advertiser stating they were paying 30% more over the holiday season. I can’t help but think how low their prices must have been to begin with if you’re offering a 30% increase! Anyways this company has a very poor track record and has been feature on 60 minutes in a negative way, the owner was rude and arrogant in the interview, I guess it all comes down to advertising to the masses with them and having no conscience.

We have been operating in the cash for gold industry for over 10 years and pay some of the highest rates in the industry, as with any business we need to make a profit to survive and we pay 80% of the actual gold content for scrap gold jewelry.

I have been in the business of buying precious metals for just over  a decade.  When I started pretty much the only competition were the Pawn Shops who generally paid the very least they could, people who tend to use pawn shops tend to be of a desperate nature, when you want to sell gold jewelry for cash the worst time to do so is when you’re in hurry, if you’re in dire need of money unscrupulous gold buyers will sense this and try and low ball you as much as they can. During the last decade the price of gold has fluctuated greatly and recently hit an all time high of just over $1,275.00 U.S. per ounce.  This combined with the poor economy has led to a glut of start up scrap gold buyers, many of whom are trying to make a quick buck off of the poor circumstances of others.

I’ve been in this business a long time and come across people from all walks of life, rich, middle class and some lower class.  Surprisingly enough the majority of the people I buy from are just average people looking to sell gold for cash, I don’t deal with stolen merchandise, travel to skeptical or dangerous areas and in general have a pleasant clientele that simply want to get a fair price for their unwanted items.

The reason people sell their unwanted gold jewelry, silverware, coins etc. varies, some need the funds to pay off bills or live, some sell their items to go shopping, some are selling the items of deceased family members, many have accumulated a variety of items they no longer wear and could use the cash for other purposes that suit their present needs.  Of course many of my clients are women and usually have items from previous boyfriends or husbands they no longer need.

Finding A Gold Buyer

If you do a search online for ‘gold jewelry buyer’ ‘sell my jewelry’ or ‘gold buyer’ etc you will see an onslaught of websites all offering you the supposed best price for your items.  I’m amazed, it seems like every week if not everyday there are new sites offering to buy your gold scrap, everyone’s a gold buyer these days.

Finding A Gold Buyer – Tips

Here’s some points to keep in mind when deciding to dealing with a company and avoiding the increasing number of cash for gold scams.

1.  Do they have a phone number so you can speak to a real person?  I’m often amazed at how many of these online dealers don’t even provide you with the ability to speak to them and they expect you to blindly send them your items. My company does offer a shipping service where you ship us your items for pricing but we always encourage you to give us a call ahead of time if for no other reason then your peace of mind.

2.  Do they have a physical location of office where you can meet them in person if you choose?  We offer our Mail in Service, Book an appointment at our office service and our We travel to you service.

3.  Do they list their prices on their website?  Again I’m amazed how many companies do not list their payment prices, they only say ‘we pay the most’, hmmm sounds a little fishy to me.  We list and update our prices daily so you know the exact price you can expect to get per gram for your things.  Pretty much all jewelry will be purchase as ‘scrap’ and as such you are looking for their listed scrap gold prices, what this means is you are being paid for the actual gold content of your items not a percentage of it’s retail value.

4.  Watch out for companies that will list their prices in DWT or Pennyweight, you see, 1 DWT or Pennyweight = 1.55 grams, some companies will list the payment prices in DWT or Pennyweight to make their prices seem high, we list our prices in both grams and DWT so you can easily compare.  Companies that list in only Dwt/Pennyweight will list this fact in very small print.

5. You can also do a search online search for ‘selling gold jewelry’ or ‘ sell gold jewelry’ and see what others experience’s have been for companies you’re thinking of dealing with.

Jewelry Stores

10 years ago very few jewelry stores purchased used or old gold jewelry, today it’s the norm, this can be good or bad depending on who you go to see.  Like any business there are reputable and not so reputable owners, this applies to jewelry stores as well, if you have a good relationship with a jeweler he may offer you a fair price for your things, still, it’s best to shop around for prices.

How Does It Work When Selling Gold Jewelry?

When you sell your jewelry your price will be determined by two factors, it weight (usually measured in grams).  So if you have a 10 gram 10 karat gold chain and the gold buyer is paying $9.05 per gram for 10k you will receive $90.50 for your chain.

As the karat goes up so does the price, for example here is a list of what we’re currently paying for gold jewelry: (Remember: 1 Dwt or Pennyweight = 1.55 grams)

9 karat $8.10/gram or $12.56/dwt
10 karat $9.05 /gram or $14.02/dwt
14 karat $12.70 /gram or $19.65/dwt
Dental Gold $14.05/gram or $21.77dwt
18 karat $17.45/gram or $27.05/dwt
22 karat $22.05 /gram or $35.10/dwt
24 karat $23.25 /gram or $37.12/dwt

Selling Gold Bullion: We pay 92.5% of spot price, so if gold’s spot price is $1,000.00 we would pay you $925.00 for your 1 ounce bar, .999 fine coin, wafer etc.

Different Kinds Of Gold You Can Sell For Cash

There are many kinds of precious metals that people want to sell for cash.  They want to  cash for their gold. These items include:

• Gold Jewelry

• Gold Chains

• Gold Necklaces

• Gold Rings

• Gold Wedding Bands

• Old Class Rings

• Gold Earrings ( pairs or singles )

• Gold Pendants

• Dental Gold

• Solid Gold Watches

• Gold Bracelets

• Tangled Chains

• Gold Bangles

• Scrap Gold (gold jewelry in any condition, referred to as broken gold)

• Gold Coins

• Gold Bars , all sizes.

You can sell any kind of gold, platinum or silver for cash.  Depending on your needs you may want to sell the items outright or if it’s a temporary cash bridge you may want to borrow against their value in the form of a loan through a pawn broker.

When you use a pawn broker your item acts as collateral for the loan, you need to keep up your payments or the broker has the right to sell your item outright.

Reasons People Sell Their Things:

They are in dire need of the money. They want immediate cash.  The gold jewelry may no longer have sentimental value as in the case of divorce. Dental gold normally comes from elderly people who are getting dental replacements.

A lot of gold jewelry is sold when given as gifts, usually when a boyfriend/girlfriend break up.  Estate jewelry is sold in the event of a death and the inheritance holds no sentiment instead the family member would prefer cash.  A lot of gold jewelry goes out of style, is broken, there may only be one odd earring etc. In these cases people would prefer to sell the jewelry for cash, perhaps pay off some bills, take a trip or purchase something for themselves or their home.

Conclusion:

Whatever your reason for wanting to get cash for your gold make sure you’re dealing with a reputable company or dealer, speak to them on the phone first, ask their payment rates per gram I.e What do you pay for 10k, 14k, 18k etc.

Many people in this business are pushy and disrespectful, these people are out for a quick buck and usually are not paying you a very good rate.  Deal with someone who is friendly and will openly tell you his/her rates.

Good luck in selling your unwanted gold.

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