Selling Gold: Expert Tips

Mar 3, 2013, 10:02 AM | Updated: May 31, 2013, 4:18 pm

With the price of gold at almost $1,400.00 an ounce, gold buyers are looking for anything that has gold in it — and now is a great time to trade your old jewelry or coins for some cold, hard cash. The only question is: Where do you start?

At West Seattle Coins and Bellevue Rare Coins, we talk to people interested in selling gold every day. So before you sell your gold to anyone, here are a few tips.

You can sell anything with gold in it.
You can sell bracelets, necklaces, wedding rings, engagement rings, class rings, watches, pins, brooches, lockets and charms. If there’s gold in the piece, a gold buyer will buy it for cash. Do you have a few pieces of broken jewelry? No problem. And don’t forget gold-plated dinnerware, cups and gold coins. You can even sell dental gold.

Know the market.
The price of gold varies every day, just like stocks in the market. Keep in mind that 2012 gold prices are the highest they’ve been in decades, so it’s a great time to sell. Make sure to check the current price of gold before you go in to get an appraisal, so that you have an idea of what your gold is worth.

It’s not just about the gold.
If you’re selling an antique bracelet, a ring that’s especially well crafted or a necklace set with valuable gems, it can be worth much more than the gold value alone. Rare gold and silver coins can also be worth more than the precious metal content. At West Seattle Coins and Bellevue Rare Coins, our gemologists, and experts in rare coins, precious metals and heirloom jewelry can help you determine the true value of the entire piece.

Be careful.
It’s sad but true that there are some disreputable gold buyers out there. Do your research before selling your gold to just anyone. You can check reviews online and also go to the Better Business Bureau website to check on the buyer’s reputation. And remember that it’s always safer to sell your gold in person rather than through the mail.

Know what you’ve got.
Because gold is a soft metal, it’s often mixed with other metals to increase its strength and durability. This mixture is measured by karats. The more karats in your piece, the higher the concentration of gold (and the higher the value). For example, 24 karat gold is close to 100% pure gold, while 18 karat gold is 75% gold and 25% other metals.

Some unscrupulous dealers will weigh all your jewelry together and pay you at the lowest karat value. Experts at West Seattle Coins and Bellevue Rare Coins will sort your valuables when you come in — so you know you’re getting a fair deal. Read more about how the appraisal process works.

Get the most for your gold.
Okay. You’ve got your estimate. Now it’s time to turn your unwanted gold into cash. Gold buyers in Seattle will make you an offer. Gold buyers in Bellevue might make you different offer, so be sure to shop around. Visit a few reputable stores for different bids so you can get a good idea of what your gold is really worth.

The bottom line is that there’s really never been a better time to sell your gold, but it’s important to get some trusted, expert advice about its value before you sell. So do your research, get a few appraisals and weigh your offers. With gold in your pocket, the sky’s the limit.

West Seattle Coins and Bellevue Rare Coins specializes in gold buying and dealing in rare coins. We are a family-owned business that was first established in 1979 and is now located in West Seattle, Bellevue and Lynnwood. We also buy and sell gold, silver, diamonds, currency and jewelry. Visit us first for a free evaluation.

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