Converting Gold to Cold, Hard Cash

Everyone associates old with wealth. It is one of those commodities that are bought and sold all over because its value is not attached to the fluctuations of one currency except the U.S dollar. Investing in gold is always a good idea but you might want to liquidate your investment fast either to take advantage of rising prices or you just need cash in a hurry. It is helpful to know how you can get cash for gold. Converting your precious gold into cash you can use is virtually easy.  However, it is still important for you to do some research on the best ways to convert gold into cash. The more you know about the gold market and, the more you understand how the selling of gold works the easier it will be to work out how much you can expect to get for the sale of your gold. 

If you have gold jewellery and other gold items in the house, separate them into ones with known purity and the ones with unknown purity and then put the gold items with the same purity together. The purity of gold is measured in Karats. 24 karat gold is the highest purity gold containing 99.99 parts pure gold per thousand, 18 karats contain 750 part gold, 14 karat containing 417 part gold per 1000 and the lowest being 9 Karats contains 375 parts of gold per 1000. Weigh the gold separated into different karats and takes what has indefinable purity to an independent jeweler or a gold buyer who can run tests to determine the purity of your gold.

Check the market value (also referred to as the spot price) in financial websites and newspapers that publish a section on the precious metal market.  Weigh you gold. A good kitchen scale will do but since most scales use grams as a unit of measurement, you need to convert grams to troy ounces which is the unit of weight used for gold. A Troy ounce is equivalent to 31.103 grams. 

To get cash for your old and used gold, take it to a gold dealer or gold buyer who buys old, scrap gold. If you have jewellery pieces that are in good condition and can be resold by a jeweler or a pawn shop, you may get more for then than just the melt value which discounts design, workmanship, age and condition. These other factors could help sell your jewellery for more with a buyer who appreciates workmanship and age and in places like auction houses and sites like eBay. These places attract gold officiandos and gold collectors alike. You should rather sell your heirloom gold jewellery at auction or alternatively, pawn it if you are not ready to part with the item forever. 

Getting cash for gold really does not have to be hard. You have a couple of options you can explore from selling to scrap gold buying to pawn shops. Find out as much as you need to about the process for each option and what you can expect to get.

If the offer you receive send to low, go to another gold buyer. Do not settle easily. Gold dealers and Pawnbrokers expect some kind of price negotiation; you shouldn’t make it too easy for them. If you show the gold buyers that you know your gold and what it is worth, they will take you seriously and at least try to meet your expectations.