Beginner's Guide to Selling Gold
Gold has been prized for its beauty and monetary value for centuries. It is the most sought-after precious metal and has a long history as a store of wealth and a medium of exchange. Gold has been used as money, jewelry and even as a form of art. In this guide, we will explore the ins and outs of determining the value of your gold and selling it.
Purity of Gold
Gold purity is an important quality to consider when evaluating your gold for sale. Purity can be determined by measuring its karats, a unit used for expressing the fineness of gold. The higher the karat, the higher the purity. 24-karat gold is considered 100% pure and is often used in coins, bars and investments. 18-karat gold contains 75% pure gold and is commonly used to make jewelry due to its pliability. 10-karat gold contains only 42.5% pure gold. As karats go down so does the purity of gold, diminishing its intrinsic value as well. Knowing how purity is measured will help a you make a wise decision when selling your gold.
How to Determine the Value of Gold
There are several factors that can affect the value of gold, including its purity, weight and market conditions. Here are some steps you can follow to determine the value of your gold:
- Determine the purity of your gold.
- Weigh your gold: You will need to know the weight of your gold in order to determine its value. Take your gold to a jeweler to have it weighed.
- Calculate the value of your gold: Once you know the purity and weight, you can use a gold calculator or the current market price of gold to determine its value. The market price is typically measured in troy ounces which can be found online or in financial news publications.
- Consider other factors: In addition to purity and weight, additional aspects are important to consider. For example, antique or rare items may be more valuable than newer pieces
- Get an appraisal: If you are unsure of the value of your gold or want a professional opinion, you can have it appraised by a jeweler or gold buyer. At National Rarities, we will be able to give you a more accurate estimate of its worth.
How to Sell Gold
Selling gold can be a good way to make some extra money, especially if you have old or broken jewelry that you no longer want or need. Here are some steps you can follow to sell your gold:
- Gather your gold: Sort through your jewelry and gather all the gold pieces. Be sure to include any broken or damaged items as well.
- Determine the value: The worth of your gold will depend on its purity and weight. You can take your gold to a jeweler or gold buyer to have it estimated.
- Get your gold evaluated: Before selling your gold, it's a good idea to have it evaluated to get an idea of its value. This will help you to know whether you are getting a fair price for your gold.
- Finalize the sale: Once you have agreed on a price, you will need to finalize the sale. This may involve signing paperwork or transferring ownership of the gold to the buyer. Be sure to get a receipt for your records. At National Rarities, we offer a pressure-free environment. If you decide to sell, we can write you a check on the spot.
Go for the Gold with National Rarities
Gold is a precious metal with many unique properties and uses. It is prized for its beauty, rarity and durability and it has a long history as a store of wealth and a medium of exchange. At National Rarities, we’re ready to help you make an informed decision when selling your gold. Submit photos of your items for an online offer and the entire process can take place from the comfort of your home! If you are in the St. Louis area, make an appointment to stop by the office for an in-person evaluation!