How To Sell Gold For Cash
Gold prices have reached an all-time high right now. If you have gold jewelry sitting around and would like to cash in, we have identified how to best sell your gold and things you should know before selling. Many pieces have sentimental value, therefore, make sure you’re willing to part with the items before bringing any items for sale. You want to make sure you’re dealing with a trusted buyer to make sure you get the most value for your gold. Gold value is determined by the purity and weight (troy ounces in the U.S.).
Understanding Gold Purity
Gold purity is determined in “karats” which is completely different from diamond “carats”. Karat is a measurement of the ratio of gold to other metals or alloys from 0-24. The higher the karat number, the more gold is present and the more valuable your gold is.
Standard gold purity in ascending order:
● 10K: 41.7% gold
● 14K: 58.3% gold
● 18K: 75% gold
● 24K: The highest and most pure gold
Other countries do carry 8K, 12K, and 16K. Pure gold at 24K is a soft metal, therefore, rarely will you find jewelry to be 24K gold since they’re just not as durable. That is the reason for gold with lower karats as they are mixed with other metals and alloys to strengthen the jewelry. Sometimes they’re added to enhance color. For example, “rose gold” comprises gold and copper which gives it a pink hue. While “white gold” has added nickel or zinc to give it a visibly whiter look.
Gold Jewelry
Solid gold jewelry will follow the above purity rates. However, some jewelry will be gold plated or filled. Gold plated jewelry has a thin layer of gold over a base metal, usually brass making it not very valuable. Gold filled jewelry is made with a thicker layer of gold wrapped around a base metal. Though gold filled jewelry won’t tarnish and is more durable than gold filled, the value is still low compared to solid gold jewelry.
Bottom Line
A trusted buyer will be able to identify your gold and provide you with an honest price. They should be willing to pay you on the spot. If you would like to get your gold assessed – contact us at 212-308-1700.