Lots of people these days are looking to exchange gold for cash and make a quick profit. If you are going to get the most money for your gold you are simply going to have to do some simple research and find out for yourself the best way to maximize your profits. Hopefully I can give you a few pointers to get you heading in the right direction. Learning how to sell your unwanted gold items does not have to be a hassle or a time consuming experience.
Here’s how to Exchange Gold for Cash
The first thing that you need to do is gather all of your gold items, so you can properly evaluate them. If your jewelry is gold, it should have the 10K, 14K or 24K stamp on it. The next thing to do is find out what the current market value of gold is. Don’t put too much stock in looking at the price that you will find on the business news channels. This is an indication of the broader market value of gold. Yes, it will give you an idea of the how much your unwanted gold jewelry is worth, but you are going to need to do a little more research for how much you can actually sell your gold for.
Find the Best Place to Sell Your Gold.
Now that you have a feel for how much you can sell your unwanted gold jewelry for, you need to consider your options for exchanging gold for cash. It seems more and more jewelry stores are putting neon signs in their storefronts saying “We Buy Scrap Gold”. Pawn shops have starting offering this type of service also. Why are they doing this? Simply because it is very profitable for them to buy your unwanted gold at a low relative price and then “flip” your gold by selling it to a refinery. Yep, it’s that simple. They are interested in the melt value of your gold. Jewelry stores and pawn shops typically have no interest in re-selling your jewelry.
Can Online Gold Buyers Be Trusted?
Online gold buyers have been around for more than a few years now. They offer a very simple service that allows you to mail your broken or unwanted gold to them for evaluation. Once the gold is evaluated, they will offer you compensation for your items. Most all of the online gold buyers offer a free return policy on your jewelry. This means that if you are not happy with how much money they are offering for your gold, they will send it back to you free of charge. There is no uncomfortable negotiating and you never have to feel like you are being taken advantage of. And most importantly, they typically offer more cash for your gold than brick and mortar stores do.
Now here is a little secret that you may not be aware of. Many of these online gold buyers are also refineries. This means you can cut out the middle man and maximize your profits.