How to Sell Gold and Silver Jewelry for Maximum Cash
Gather Your Old, Broken, and Junk Gold and Silver
You need cash now and want to sell gold and silver for good money. Here’s how to do it!
Many of us have jewelry boxes that have been collecting dust for ages. Jewelry can be very expensive to fix. Some pieces of gold and silver jewelry that you find have gone out of style, while other pieces are broken and unusable. In the case of earrings, you may have lost an earring so a single earring is pretty useless to you. Watches die out and aren’t worth fixing.
The process is simple. Scour your home for all of the pieces you want to sell in your jewelry boxes, attic, or wherever. Separate the pieces into junk gold and silver you want to sell for cash quickly, and other pieces you may want to hold onto because it’s a high-quality piece or has sentimental value.
Separate by Type of Gold and Silver
Gold and silver jewelry comes in a wide variety of metals. While the pieces are made up of gold and silver, they can be alloyed with other metals to make them more or less valuable. Look closely at the pieces to identify the quality of the gold or silver.
In the case of gold jewelry, 8K, 10K and 14K is the lower quality and less pure. 14K gold is only 58.33% pure gold. On the other hand, 24K is pure, 100% gold. Click here to read more about gold purity and gold color. In the United States, 14K is the lowest purity of gold that can be considered “jewelry,” but that doesn’t mean you can’t sell it!
Silver has a similar system for identifying its purity. Sterling silver is less than pure silver, while .999 Silver is as close to pure silver as you’re going to get.
You can also sell platinum pieces of gold because platinum is another precious metal that is actually more valuable than gold.
Weigh Your Gold and Silver
This can be a little difficult if you don’t have a proper scale. Unless you have several pounds of gold and silver, then your typical bathroom scale won’t do the trick. You can spend $40 on a digital scale but it won’t be worth the investment. There are generic metal scales available at your local office supply store that can be used to give you a rough estimate, and they shouldn’t cost more than a few dollars.
Wait for the Right Time
Gold and silver prices change daily, but the prices a jewelry store or refiner will pay may not change as often. No one can predict the stock market, so it can be impossible to tell where the prices are going. In any case, RIGHT NOW is a good time to sell. Gold is hovering around some of the highest rates it has ever been (around $950-$975 per ounce as of mid-July 2008). You can hold onto your gold for a while to see what happens, so it really depends on how badly you need cash.
Shop Your Gold and Silver Around, then Sell for Maximum Cash
You have two options for selling your unwanted gold. One is the jewelry store, and the other is an online refiner.
For high-quality pieces, you should open up the phone book and shop your gold around to a couple of local jewelry stores. Jewelry pieces that are antiques or have quality-craftsmanship can be worth more then the actual metal they are made out of. If your piece is one-of-a-kind, then your best bet is shopping it around to jewelry stores. When a jeweler gives you an estimate, they should weigh the gold and silver out in front of you. If they do not, be weary and move on.
For lower-quality, broken, and junk gold and silver pieces, you can sell your gold to an online refiner. Online refiners work by shipping a package to your home. You fill the package with your scrap gold and silver, and then mail it off to them.
Within days you should receive a check for your bounty. If you are not satisfied with the check, send it back and they will send you back your package of gold and silver. You can get a rough estimate of what online refiners are willing to pay by using this calculator.
Posted in How-To Sell Online