5 Steps to Successful Gold Selling Chicago
How to determine whether you are getting a fair deal?
With the gold price making periodic new highs and the economy suffering, more and more people are rummaging through the jewelry box for ways to raise extra cash. How can you determine whether the price you are offered represents a fair deal? With a few simple tools and a little bit of investigation, you can arm yourself with better information BEFORE you go on your gold selling quest. An educated consumer is a savvy consumer, so this is the best way to make sure you get the right price. You will need to acquire a magnifying glass, a sensitive scale capable of measuring in grams (such as a decent kitchen scale), a calculator or computer, and your old gold jewelry.
Gold selling is a very easy way to raise cash if you know what you are doing. Follow these easy steps:
Using your magnifying glass, determine the karat weight (10k, 14k, 18k, 22k, etc.) by looking for hallmarks on the individual jewelry pieces. The hallmark can be anywhere, but is typically on the clasp of a bracelet, chain or necklace; on the inside of a ring; on the post of an earring; and so forth. Separate your jewelry into different piles sorted by the different karat weights, or purity.
Weigh each pile, and make a note of how many grams of each different type of karat weight jewelry you have. Multiply your totals for each purity level as follows:
9kt weight x 0.375
10kt weight x 0.417
14kt weight x 0.583
18kt weight x 0.75
24kt weight x 1.00
Add all the new totals together. This is how much pure gold (in grams) you have.
Determine the current gold price by checking a site such as www.kitco.com or www.goldprice.org. Divide the current price by 31.1 to determine the Spot Price Per Gram.
Multiply the Spot Price Per Gram x your total pure gold (from Step 3). This is the Full Spot Market Value of your gold jewelry.
If gold selling were just about finding someone to buy your gold, it would be much easier, but you also want to find the right price. Make sure you follow the above steps as near to the day on which you plan to sell your gold as possible. When offered a price, compare it to the value you have already determined. Gold buyers have to cover their costs, which include refining or melting the jewelry they buy, marketing and promotion, equipment, rents and administration. For very small amounts of gold, you can expect to receive 40-50% less than the Full Spot Market Value. For larger amounts of gold, you can expect to receive just 10-20% less.
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