If you’re looking for some extra cash, selling gold could be the way to go. As one of the most precious and coveted metals on earth, gold has always had a market for buying and selling since its initial discovery. But, contrary to popular belief, selling gold is easier than you may think and could be traded in for some cash.
Gold is used for a variety of different products, from gold jewelry to electronics. So, it may be time to clean out your jewelry box or junk drawer and cash out on those items.
Here’s how you can maximize your profit when selling gold for cash online.
Step by Step Tips To Sell Gold Online
Selling gold online is by far the most effective way to do it. There are many gold sites to choose from, here are the best ones:
Step 1: Figure Out How Much Gold You have
Before you can sell your gold, you will first need to know how much you have. Weighing it in grams will give you a good estimate.
Once you know the weight of the gold, check its purity by Karat. This can be done in a few ways. Oftentimes it’s written on the item – for example, 18k. If you don’t see anything printed on the gold, you can purchase a testing kit or bring it to an expert.
Finally, figure out how much of the item is considered pure gold. You can do this by dividing the karats by 24; then multiplying that number by the item’s weight. The result will tell you how much pure gold the piece has. This will be a good indicator of how much you could get when you sell it.
Step 2: Find the Price of Gold Per Gram
Gold is traded throughout the world and its value varies depending on inventory and interest. The goal is to get the most amount of money for your gold. To do this, you’ll need to know generally how much your item is worth and how it compares to the current gold market.
Go online and look up how much the current price of gold is. There are various reputable sites to do this. It’s important to keep in mind that gold prices are listed per ounce. Plus, the price is based on the metal itself. A buyer will aim to make a profit and buy it below the spot price.
Once you know the current market value price for gold, calculate how much your item could be worth. The purity of your gold will be a good indicator. The higher the purity, the more you will be able to make when you sell your gold. Keep in mind – anything that is close to 100% pure is usually too soft to be used for a jewelry piece.
Step 3: Time the Market
When looking to make a profit, know when it’s a good time to sell gold and when it’s not. In other words, make sure the value of gold is high before selling. That way you can determine whether
you should sell your gold or wait until the current market value increases. Look to see how investors of gold are acting as well. Are they buying or selling?
Step 4: Compare Your Gold to Comparable Pieces
A great way to plan, strategize, and maximize your profits is to look at other gold buyers and sellers. See what other sellers are marketing their pieces for and what gold buyers are purchasing those items for. Try to find a comparable piece, in terms of weight and purity. This will give you a better understanding of the online gold market.
Step 5: Decide Where To Sell Your Gold
There are several different outlets to sell gold. The best and most efficient marketplace is generally through online gold buyers, but there are other ways to go about selling gold. Plus, each tactic could result in cash, however, it’s important to watch out for common scams and traps.
Sell Gold at a Pawn Shop
A pawn shop is great for fast cash for gold. You will save time and energy when going directly to a pawn shop. The deal could be done in under 10 minutes. But, you could less cash compared to selling gold online or through a jewelry dealer.
Sell Gold at a Local Jewelry Store
A local jeweler could also function as a gold buyer. The process will work similarly to other cash for gold outlets, like pawn shops. It could be convenient to do it this way if you’re located near a reputable jewelry shop. Some will offer you a reasonable price for the gold, but it’s always best to check in with a few buyers to get the best offer. Unfortunately, many local shops will not give you the most amount of money for your gold. They may have high overhead costs that a gold online buyer may not have to account for.
Sell Gold at an Exchange Spot
There are some other places where you can quickly sell gold for cash. Gold exchanges are good options. They are fast and convenient. Most buy gold, planning to melt and repurpose it for something else. So they may offer lower prices.
Best Cash for Gold Sites
CashforGoldUSA is one of the most established gold buyers on the online marketplace. It has a long-standing reputation among customers for being fair, well-trusted, and reliable. The company will buy gold jewelry, gold scraps, and gold coins. They have great rates and buy from anywhere in the world. CashforGoldUSA will also pay the difference if the price of gold increases within 30 days of the sale.
Selling Gold with CashforGoldUSA.com
To sell your gold on this website, you will be required to fill out a form on their website first. The company will then mail an envelope via FedEx or USPS, which you should receive within a few business days. You can then pack your items in the envelope and mail them back. You don’t have to pay for shipping and every package is insured. Once they receive the envelope, you will get paid within 24 hours.
CashforGoldUSA.com depends heavily on gold market trends when presenting an offer price for your item. They claim to pay up to 3 times more than the competition. Plus, if you’re unhappy with the amount you receive, you have the option to send the money back and they will return your gold pieces.
GoldBroker.com was founded by French investor and entrepreneur, Fabrice Drouin Ristori. The company is an investment platform that allows customers to own physical gold and silver in your name, without any intermediates involved in ownership. The precious metals are stored securely outside of the banking system. You can sell gold on the platform as well.
Selling Gold with GoldBroker.com
GoldBroker.com has a buyback program, in which the company buys back customer’s metals. These precious metals are then stored in secured vaults. The process to sell your gold is simple and fast. Customer orders are typically done within 48 hours. There is a 1% rate attached to their service, with a minimum commission of $75.
American Bullion has been in business for over 10 years, proving to be a worthy contender in the gold online marketplace. They offer great service, dealing honestly, ethically, and fairly with every customer. The company has a “Gold IRA” processing structure, in which the accounts are used as an investment vehicle.
After precious metals started to be repurposed as metal individual retirement accounts, they began being referred to as a “Gold IRA”. Now, many coin dealers mimic this strategy. But, American Bullion also offers services to buy gold coins, gold bullion, or sell gold.
Gold IRA Account with American Bullion
Instead of trading in your gold for cash-on-hand, you could transfer its worth into a Gold IRA account. Essentially, the account allows you to own precious metals in a retirement account. It’s a secure way to plan for retirement and a prudent financial future. The fund is protected from a crashing stock market, inflation, and other potential volatility. Gold has proven itself in terms of purchasing power and wealth preservation over the past several decades, even before the modern financial system existed. Even as the value of the U.S. dollar decreases, the value of gold remains steady or increases. Physical gold and other precious metals can provide protection, stability, and long-term growth into retirement. It’s another way to save for the future, in addition to the more traditional methods, such as a standard IRA or 401K.
Selling gold is a great option to make some extra cash. With many buyers and resources available, getting the best deal for your gold is relatively simple and easy.
Keep your eye on the gold market to gain insight into the overall process and how much you could make. If you need fast cash, turn to your local jewelry stores or pawn shops. Otherwise, going the online route can give you the best profit. Investing in gold is another option for long-term retirement savings.