When you sell gold coins or ingots, you should expect to receive at least 90 to 95% of the current market value. However, with gold jewelry, you're only likely to get 70 to 80% of the fusion value. If you've ever visited a website about gold prices or buying gold, you've probably seen the term “gold spot price”. For gold jewelry that doesn't have any brand names, such as most engagement rings, earrings, bracelets and other gold items, you'll get the best prices if you sell it to an online gold buyer, such as Abe Mor.
The reason is that buyers of your gold are basically “intermediaries” and take risks when buying your gold. That's why it's best to sell gold when you need cash and when you consider that the price of gold is at a high enough point to justify your separation from your gold items. If you have gold bars, a type of gold coin or ingots that are mainly sold as an investment, it's not a good idea to sell them to a buyer who specializes in gold jewelry, since you'll usually receive less than you would if you sold them to a dealer specializing in gold bars. We've also detailed the most common mistakes to avoid when selling gold, as well as the pros and cons of selling gold online instead of doing so locally through a pawn shop, jewelry store, or other type of gold buyer.
After purchasing a gold engagement ring, the seller usually melts it (or later sells it to a third-party precious metals refinery) so that the gold can be reused in a new item. An important characteristic of gold scrap is its purity, which indicates what percentage of an item is made of real gold and how much of the piece is made of other metals. Nowadays, online gold bullion buyers usually offer a quote based on the weight of the gold they want to sell and then provide an address to send the gold through an insured delivery service and tracking and location. But if you have gold or other gold jewelry or coins that you would rather take advantage of, there are ways to sell it safely and at the best price.
According to Gary Smith, former international president of the American Society of Appraisers (ASA), more and more consumers are looking to sell gold items, even if gold prices are not particularly high right now. We'll explain this in more detail below, with information on how you can roughly determine the total amount of pure gold in several common gold items. The price of gold depends on its weight, and prices are usually indicated for one gram, one ounce and one kilogram of pure gold. However, as a general rule, most scrap metal buyers will buy their gold between 60 and 80% of the market price.
The high-end is usually offered to people who have a lot of gold to sell. If you have antique gold jewelry or gold bars, selling them can be a great way to get cash right away and take advantage of today's high gold prices. If you sell antique gold jewelry in small quantities, you'll usually get a lower price per gram than if you sold, for example, a larger quantity of gold in the form of coins or ingots.