One of my favorite jewelers and good friend Tina Tang (former equities trader at Goldman Sachs) came up with an easy, step-by-step guide to selling your gold if you are not a commodities trader (hint* it does not include sending it away in a package to some sketchy place called "We Buy Gold"). With gold sales hitting record highs (trading at 1358. 28 the last time I checked) and unemployment rates still topping out at 9.4%, selling gold may seem like a viable option, BUT before you clear out your or a loved one's jewelry case (kidding about the loved one- hello, that's stealing!) PLEASE do your reseach and read all of the fine print. This is gold we are talking about, people.
How to sell your gold jewelry and not get hoodwinked.
by Tina Tang
First, before going to sell your gold for cash, you must remember that it is a business. The gold buyers are not doing a charity. They are trying to make a living. Thus, you cannot expect to get the price in which gold spot is trading on the international market.
At the same time, you also do not want to be taken advantage of. Here are a few of my suggestions:
1. Know where the gold spot market is. Also know that 14kt gold is 58% pure gold, 18kt is 75% pure gold. Gold spot is the pure gold trading amount. KITCO.com is a good source for pricing.
2. Know how much your jewelry weighs in pennyweight (DWT). The gold buyers will be quoting you on gold weight. You just need a cheap scale or can ask a local jeweler to weigh your gold for you.
3. If you know weight and gold carat, you can plug numbers into this calculator: http://www.dendritics.com/scales/metal-calc.asp
4. You are now armed with facts, with this pick 3 gold buyers to get quotes. 3 quotes allows you to see what is fair and who has the best price.
The last time I sold some gold I took home $2000!
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