Suppose you own several pieces of gold jewelry that you no longer wear. Broken bracelets litter the bottom of your dresser drawer; old class rings from high school are packed in a storage box in your garage; an engagement ring from a broken promise made a generation ago is nestled in a small box, carrying memories that are best forgotten.
These pieces of gold jewelry are lying around, collecting dust. They serve no useful purpose other than to remind you of the past. What if you could sell these items to an online buyer for a competitive price that exceeds that which you would receive from a local pawnshop?
Selling gold online has become explosively popular over the last two years. The price per troy ounce has hit historic highs, motivating thousands of people to look for old, broken jewelry tucked away in storage. Necklaces, pendants, earrings, and even gold fillings and other dental work can be easily sold online for cash. We’ll help you get started in the right direction by answering a few common questions about selling your gold to an online buyer.
Is It Safe To Sell Gold Online?
This depends entirely on the company to whom you’re sending your items. There has been a stunning influx of new buyers in the gold market as prices have soared. In fact, you may have seen recent television commercials encouraging people to sell their scrap gold.
The problem is, many of these buyers are unethical. Some will wait a week and a half before sending the check they had promised to you. Others will claim they never received your package of gold pieces in the first place.
Working with a trustworthy buyer guarantees the safety of your gold belongings. They’ll offer insurance on the package you send them; they’ll allow you to track the entire process through their website; if you accept their offer, they’ll mail a check to you within one business day.
How Much Will I Receive For My Scrap Gold?
The amount you’ll receive will depend on the karatage of your items, the volume of gold you have to sell, and the buyer. The karatage of your gold pieces is a numeric measure of the purity of the gold in each piece. 24 karats is considered pure. 18 karats is 75% pure. 14 karats is 58.53% pure. And so forth. The higher the purity, the higher the value.
Volume is self-explanatory. The more gold content you have to sell, the more money you’ll receive.
Choosing a buyer who will offer a higher price confuses a lot of would-be sellers. Most people make the mistake of thinking all buyers are the same. In reality, there’s a huge difference. Some buyers are dealers who serve as middlemen. They’re essentially brokers who buy your gold jewelry for a low price and sell it to a refiner for a higher price. Refiners also buy gold directly, but few people realize they offer higher prices. Bottom line: work with a refiner to receive the best offer.
What Types Of Gold Pieces Can I Sell?
Anything you own with gold content can be recycled by a refiner. That means they’ll buy those items. This might include earrings, gold coins, wedding rings, eyeglasses, and even dental crowns. You can sell your cufflinks, bracelets, and wristwatches.
If you’re unsure whether a particular item can be sold, ask yourself whether it contains any gold content. If it does, a refiner will buy it.
How Can I Tell If A Buyer Is Reputable?
Experience is a good barometer of trustworthiness. A refiner who has been in the business of buying and smelting gold for twenty years or more has a hard-earned reputation in the field. By contrast, the majority of buyers in the market are new. They lack a reputation, so selling to them involves taking a significant risk.
Also, be wary of any buyer who offers less than 50% of the market price for your gold items. Refiners will usually offer much more.
If you have broken gold chains, bracelets, and other pieces of jewelry gathering dust, consider selling them to an online refiner. Those who have a long history in the industry take their businesses seriously. They’ll do everything possible to ensure the transaction is a pleasant experience for you.