Precious metals retain their value over time. You may have some jewelry items that have inherent value because they are made from gold, but the style of the pieces is a bit outdated. Those old gold jewelry items don't have to sit in your jewelry box gathering dust. You can partner with a reputable gold buyer to turn dated gold jewelry into cash that you can use to invest in new jewelry pieces.
1. Watch the Market
In order to get the most for your gold jewelry items, you must be able to read the gold market. The price-per-ounce for gold can fluctuate from one day to the next. You want to sell your gold when prices are high so that you get the most for your dated items.
A good rule of thumb is to watch what investors are doing when trying to read the gold-buying market. When prices are considered high, savvy investors will reduce their gold holdings by selling at a profit. When prices are low, investors will buy up gold stock to add to their portfolio.
Wait to sell your gold jewelry until you see investors selling off their gold stock in order to maximize your cash payout.
2. Invest in a Gold Testing Kit
Gold is one of the softer precious metals. In order to make gold suitable for jewelry pieces that will be worn on a daily basis, jewelers will often mix in other metals with pure gold. The percentage of gold in a jewelry piece is expressed as a karat. 24 karat gold is considered pure.
Many jewelry items are stamped with the karat weight of the gold they are made from. It's important that you know the karat weight before selling your gold so that you can determine the value of your old jewelry pieces.
A gold testing kit will allow you to verify the karat weight of items that are stamped, and determine the karat weight of items that are not stamped.
3. Find the Right Gold Buyer
Many pawnbrokers, loan sharks, and pop-up buyers are willing to trade cash for your gold. It's important that you select the right buyer if you want to maximize your profits. A reputable gold buyer will have many years of experience working within the industry. You should only work with buyers that have the proper licenses and certifications required to protect your interests.
An honest and transparent buyer will walk you through the buying process and tell you exactly how they determine the value of your old gold jewelry before offering to give you cash for your gold.
For more information on how to sell your gold jewelry, talk to a god buyer in your area.