How to Sell Gold & NOT Get Ripped Off!
For centuries, people put immense value in gold. Coins, jewelry, and even statues and sculptures made of gold have been – and are still – symbols of prestige, wealth, and power. People put a high price and gold, and you can make a lot of money by selling gold items at a fair price.
Gold at a Glance
- Chemical symbol: Au
- Type: Transition metal
- Atomic weight: 196.966 grams per mole
Gold is one of the oldest precious metals known to humankind. As a pure metal, gold is the most malleable (ability of a metal to be formed into shapes like sheets and wires) naturally-occurring substance in the Earth’s crust. Throughout history, people have appreciated the shine and glimmer of gold. Gold coins, gold leaf, gold rings, and other items made of gold have been made and traded for generations. Royalty use gold crowns and scepters as a symbol of power and prestige. Small amounts of gold are also used for electronics, computers, and other sensitive instruments. The alcoholic drink Goldschläger, for example, is schnapps containing traces of gold leaf.
Gold doesn’t lose its luster over time. The metal is quite rare, and collectors will often pay a high price for items made of pure gold, or for metal alloys that contain a high amount of gold.
Valuing and Testing Gold
Carats are used to determine the value of gold alloys, or when gold is mixed with other metals. Pure gold is 24-karat gold, although items with 18-carat or 14-carat gold still fetch high prices on the market. The gold standard was used once to determine the value of money, although assaying and testing are still used when gold items are traded or sold on the market. A single gold bar can fetch a price as high as a thousand dollars per ounce.
Gold buyers have special tools to test the purity or the amount of gold in an item. Some of these tests may include treating the item with acid, or examining it under a microscope or a powerful instrument. The value of gold items is determined by two factors:
- Chemical purity. Gold fetches a higher price if the gold item has little to no impurities at all.
- Historical value. Some coins, antique jewelry, or items made with or coated with gold can fetch very high prices at auctions if they have immense historical value.
Where to Sell Gold
You can sell gold items in many ways:
- Auction houses, if you have a historical piece made with gold.
- Pawnshops, if you plan to get your gold item back but you need the money immediately.
- Online brokerages, where you can send your gold items by courier and have them auctioned off online.
Whether it’s an old ring, an expensive watch, or a large gold bar, every gold item is worth its weight, perhaps even more. With these tips to help you value and sell gold, you can make big money out of one of the world’s most important and precious metals.