A common staple for television and film adventure stories is that gold and treasure is always equaled to fortune. There is no denying this fact, but something that many people seem to neglect is how to properly sell their gold. Not many realize how easy it is to lose profit. With these tips, you can be ensured that this will never happen to you. You can be ensured that you can sell gold easily and proficiently.
The process of selling gold largely depends on what type of gold you are selling. The most common is gold jewelry. Selling gold jewelry is a fantastic way to earn some quick and easy money. The first thing you must do is determine the overall market value of your jewelry. There are several steps involved that allow you to take advantage of your gold's worth.
The first step is to determine the gold percentage of your piece of jewelry. A piece of gold jewelry that is twenty-four karats has one-hundred percent gold. To determine the gold percentage of your jewelry, simply divide the number of karats by twenty-four. If your piece of jewelry is twelve karats, that means it only has a gold percentage of fifty percent.
The next step is to identify the weight of the gold in your piece of jewelry. This can be done by multiplying the gold percentage of the jewelry with the overall weight of the piece of jewelry, measured in grams. If your gold percentage is fifty percent, and your piece of jewelry weighs thirty grams, then that means the weight of the gold in the jewelry is fifteen grams.
Once you have the gold weight in grams, it must be converted to ounces, as this is the standard measurement used for gold. The conversion rate for grams to ounces is that one gram is equal to 0.0353 ounce. All you need to do is multiply your gold weight by 0.0353 to get its weight in ounces.
Now that you have the gold weight in ounces, you can identify the exact market value of your gold. Simply research the current gold rate that gold is selling for and multiply by the number of gold weight ounces in your piece of jewelry. The gold rate is constantly fluctuating, so it is best to make sure you have an accurate as well as current rate.
Knowing the market value of your gold is a key element in achieving maximum profit. This will also allow you to avoid getting swindled or scammed by a gold buyer. If a buyer is bidding a price that is below its market value, then you know that you are not getting the best deal. It's best to tell your buyer that you are aware of your piece of jewelry's value. This will repel any further attempts at scams or anything similar. Sometimes, it's fine to sell your gold for less than its market value, as it is often difficult to find a buyer that is willing to purchase the gold for it's full value. The lowest you should ever go is fifty percent. Any lower is unacceptable.
Another tip is to always make sure that your buyer is reputable. It is often best to sell valuable items such as gold face-to-face such as at a jewelry store. Selling can still be done online, but it is best to meet your buyer and discuss terms in person. Also, always check your buyer's background information.
As long as you understand the worth of your gold, and stay firm and confident in it, then you should have no problems whatsoever.