Are you looking for ways to earn some extra money during the holiday season? Selling your unwanted gold is the best way to do it, especially since the price of gold has been seeing a record high. But selling your gold can be an overwhelming process. You may find yourself with a number of questions and concerns:
- Do I have real gold on my hands?
- How much is it actually worth?
- How can I find out its purity?
- Who can I trust to buy my gold for a good price?
Here are some handy tips that will help you get the most out of your gold-selling experience.
Do You Have Any Gold?
Buyers are always willing to pay you for any kind of gold you might have. For example, you can sell your old coins and get cash from them if they happen to be made out of gold.
Look for these items around your home to sell:
- Gold rings, bracelets, necklaces, charms, pendants, and any other type of old gold jewellery
- Canadian gold coins, American gold coins, and other gold coins from around the world
- Gold bullion of different mints from all over the world (coins, bars, ingots, rounds, etc.)
- Gold filled and rolled items
How Gold Value is Determined
Before going in to get your items evaluated, you might be wondering how the pros determine the worth of your gold.
Current Gold Market Value
Gold prices fluctuate on a daily basis due to various economic factors. You can easily view these prices online. This is where the value of gold starts, but there are more factors to consider.
Gold on its own has value, which is why the amount of gold in the item you bring us (or its purity) will help determine the item’s worth. Using gold jewellery for example, you will find that there are varying levels of purity. You can tell how much gold your jewellery has in it by these standard gold markings.
When there are no telling markings then there are other ways to determine purity. Experts can typically tell right away if something is made of gold just by holding it in their hand, because authentic gold items will be heavier than counterfeit ones. A strong magnet can also be used: if your item is attracted to the magnet that mean’s it’s not made of gold (precious metals don’t attract to magnets).
The one sure way to tell an item’s precious metal content is to bring it to a store that uses XRF machine technology to determine the exact metal breakdown of your items.
Rarity, Supply, and Demand
An item can be more valuable than what it’s worth in gold if it is considered rare or if there are limited quantities available. Basically, the value is determined by how much a collector is willing to spend on it.
Furthermore, if you want to sell a gold item for more than its intrinsic gold value, then you need to consider its condition. The better shape your jewellery or coins are in, the more they will be worth.
Need some extra cash? Why wait? Sell your gold today and reap the rewards.