The price of gold is up 20% since the beginning of 2011, and by mid-August gold was going for over $1,700 per ounce. With record high levels being paid for gold, many people are cashing in by selling gold jewelry and other items.
Consumers have lots of options for selling gold, including local jewelers and pawn shops, gold parties in friends’ homes, pop-up events by traveling dealers, and mail-away gold buying services. No matter where you choose to sell gold, it’s important to know the value of your gold as well as the reliability of the business buying the gold.
Understand that you won’t get the full price for your gold, because you’re selling to a dealer who then will re-sell the items to be melted down. You may be offered anywhere from 50% on up of the value of the gold.
Get two or three bids. Comparing offers from more than one buyer will help you determine the market value for your item. For items that may be valuable, consider getting a professional appraisal. You will have to pay for the appraisal, but you will gain important information. Some gold items might be worth more when sold as they are, rather than to be melted down. If that gold necklace or bracelet comes from a notable designer or maker, it might have a value to some buyers beyond the gold it’s made of.
