Are you in a situation where you need extra cash, but you are sitting on some gold that you can sell? Gold selling is a viable way to make a bit of profit off of that precious metal investment that you made, but you need to know the following things about how to do it.
Find Out the Purity of Your Gold
One big factor that is going to determine the price of your gold is its purity level. This is often stamped on the item itself by saying something like 18K, but may have a three-digit number or letters on it as well. The three-digit number refers to the percentage of gold that is in the item. Seeing the numbers 585 means that there is about 58.5% pure gold in the item, so a higher number means that it is more pure and worth more.
However, there are also The letters GE means that it is not pure gold at all, but has a plating made from the minimum amount of gold required for it to be considered gold. There are other letters to be aware of, such as GF for gold-filled, and HGE means that there is a heavy gold plating. Karats are also used to describe gold as well. Anything with 24K gold is rare, and the equivalent of 99.9% purity. On the low end, 9K is the equivalent of 37.5% purity.
Not sure what the purity is? It's possible to purchase a testing kit to see what kind of gold you have or take it to someone to have the jewelry appraised. There are scratch tests and X-ray fluorescence scans that can be done to determine if the stamped value is accurate as well.
Know the Spot Price
It is always a good idea to know what the spot price is of gold is at the time you are selling it. This is because gold is priced by its weight, and a troy ounce is used as the preferred unit of measurement. Know that a troy ounce is the equivalent of 31.1035g of pure gold, which can make it difficult to measure yourself. It often requires knowing how pure your gold is and weighing just the precious metal. It will take a bit of math to figure out the value based on the weight and purity, but it will give you a good idea if what you are being offered for your gold is a fair price.
For more information, contact gold buyers like Beaverton Coin & Currency.
Having money is nice, but sometimes, you need that money to do something for you. Maybe you need to transfer that money to a family member's account. Or perhaps you need to write out a cashier's check to pay for a home or another large purchase. There are money services that can handle these tasks, and also other tasks, on your behalf.
If you would like to learn more about money services, then we invite you to read the articles on this website. It's important to know what you're doing with your money, so educating yourself is a good idea!