Are you thinking about selling your jewelry for some quick cash? While it is an excellent time to sell your gold and silver jewelry, it’s important to do your homework beforehand.
We’ve created this quick guide to give you some tips on selling your jewelry so you can get the fair cash value you deserve.
1. Watching the Value of Gold
In the financial aftermath of the COVID-19 pandemic and a record deficit, many are turning to gold for stability against a weakening dollar. Goldman Sachs is so bullish on gold they forecast it to reach $2,300 per troy ounce in 2021.
But market fluctuations can – and do – happen, so tracking the value of gold is essential if you want to sell your jewelry at the most opportune time. It’s also wise to look for trends and investor attitudes by keeping a watchful eye on what gold investors are doing. At what price do they jump to buy more gold, and where is the top end of the spectrum where investors reduce their gold holdings?
2. Know your Value
The value of your jewelry has everything to do with the actual gold contained in the piece. This is why the karat reading – which refers to the parts of gold in the jewelry – is so essential. Your jewelry should contain a karat symbol which can help you determine the purity percentage of gold in the item. The higher your gold purity percentage, the more your jewelry is worth.
To determine the gold purity percentage, look to see if your jewelry contains a karat symbol (K, kt, or Kt). Divide the karat number by 24, the maximum karat reading, and then multiplying that number by 100.
If the karat reading on your jewelry is not clearly visible, let us know, and we can run a gold purity test for you to give you an idea of the value of your jewelry.
3. Consider the Intact Value of Your Jewelry
Imagine having your jewelry melted down for its gold value only to discover later the jewelry was a unique collector’s item worth more than the mere value of the gold? Perhaps the piece was from the 1800s and still showed the impeccable craftsmanship that went into its creation? If you think you have a valuable collector’s item, get it appraised to discover the item’s intact value.
Gold dealers consider several values, including the age, purity and workmanship of a piece. Do some research on your own, and seek the advice of a reputable gold and silver buyer to understand the intact value of your jewelry better.
4. Find a Reputable and Transparent Buyer.
When it comes to gold buyers, there are what’s known as “pop-up buyers,” who make money by buying low from their clients and trusted buyers. You should only do business with the latter, which are licensed buyers like Golden Peaks Gold and Silver. We’ve built a strong reputation over many years by helping our clients understand their gold’s worth clearly and transparently.
Give us a try. You’ll find the process refreshingly honest and easy.
If you’re ready to sell your jewelry, the best place to start is to visit Golden Peaks Gold and Silver today. Speak with someone from our staff, which has a combined 60 years of experience in the precious metals industry. We’re a life member of American Numismatic Association (ANA), CSNA & NASC, and you can trust us to give you a fair offer for your gold jewelry.
Stop by our store at 8966 W. Bowles Ave Unit N in Littleton, or give us a call at (720) 696-6750 for fair and honest answers to your questions.