With Gold near all time highs right now, you may be interested in selling your unwanted gold. But, where’s the best place to sell it without getting ripped off.
The best place to sell your gold is a local jeweler or gold buyer that you can trust. Seems easy, but the hard part is determining who you can trust. But before you start researching places, you need to do a couple of things first.
Step One – Determine How Much Gold You Have and Its Approximate Value
If you want to know how much gold you have, you are going to need a scale. A simple kitchen scale will do. An accurate digital one is preferred.
But before you get started weighing, you will need to group your gold by karat. Pure gold is 24k, but most jewelry is 18k, 14k or 10k. Once you have grouped your gold by karat, then weigh each group.
When you weigh your gold on a kitchen scale, you should get a weight in ounces. These are regular ounces or avoirdupois ounces. Although gold is measured in ounces, it is not measured in regular ounces. It is measured in troy ounces. A single troy ounce has 2.75 grams more than a regular avoirdupois ounce.
Once you have the weights for each group, you can use an online calculator like this one to convert it to troy ounces and to calculate the value.
On this page, you first choose your metal (gold) then you enter the weight in ounces for each group. Make sure to select Av Oz. Then choose the karat for each group. Finally hit the calculate button.
If you do not add any markup or discount to the calculator it will calculate the current value of your gold – which changes whenever the price of gold changes.
Now that you have an idea of what your gold is worth at the current price of gold, you are ready to find a place that will buy it from you at a price close to the current value.
Find a Local Place to Buy Your Gold
Depending on where you live, there should be a few trustworthy places willing to buy your gold. Start by doing a Google search for “sell gold near me” – you should have several places to choose from. Look at their ratings and read through their reviews.
Once you have found one or two places that look trustworthy, call them. Tell them what you have, and ask if they are willing to buy it. If they say yes, ask them how the process works and how close to the spot price of gold they pay. A reputable gold buyer should pay at least 90% of the spot price.
