You may notice more signs popping up around your community announcing "We Buy Gold." This precious metal is extremely hot because gold prices recently hit an all-time high. That means brokers can make big bucks off your scrap jewelry or dental gold. You can also sell your gold online as a way to make some quick cash. But before you throw your metals in the mail, check out these tips to help you get the most cash.
Research the Companies
Some online gold buyers are taking advantage of consumers. According to the Better Business Bureau, some online gold buyers have racked up hundreds of complaints over the last 36 months. "Not every Internet gold buyer is dishonest," Michael H. Gusky, whose company, GoldFellow.com has no complaints against it after serving more than 60,000 customers, said in a news release. When you find an online gold buyer that you are interested in, take a few minutes to plug their name into the Better Business Bureau online database and find out if they're reputable or not.
Learn the Lingo
The gold industry has its own lingo. You'll need to have a general understanding of terms like pennyweights (dwt), grams and troy ounces so that you know whether you're getting a good offer for your gold. You can also check out the Gold Payments Gallery at GoldFellow.com to see what other sellers received in exchange for their gold jewelry and coins. It's an easy way to visualize the value of various pieces.
Some consumers ship their gold off to an online company and receive a check back several days later, with no right of refusal. Make sure that the company alerts you of their offer before simply completing the transaction. That way you're in control of whether or not you want to sell your gold at that price.
Weigh Your Item
Before you sell experts say it's important to know the weight, average cash value of your item and what you paid. That way you'll know if you're receiving a fair price. The last thing you want to do is sell a piece of gold for far less than you paid for it.
Even though gold prices are at near record highs, be realistic about what your bracelet, earrings, or dental crown will bring in. Bob "Sully" Sullivan, host of The Big Biz Show says it's important to be realistic. "The average payout for gold bought and sold online is about $150," says Sully, "so don't count on getting rich ans an e-goldminer!" He says right now, for a 22k gold item you can expect to earn about $25.50 per gram of gold you sell. That means if you've got 10 grams worth of gold you can walk away with $255 in extra cash. An 10k gold item would you bring you about $105.50. "That's not a bad profit, especially if the item has no sentimental attachment or is outdated or broken," he says.
Follow these important tips when selling gold online and you'll end up with less clutter and more cash. It can be a great, easy way to generate some spending money just in time for that summer vacation.
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