During times of financial strife, people tend to rummage through their belongings and pull out all their unused gold jewellery to sell. And why not, gold is a safe investment you can make a tidy profit from. However, to get the best price for your scrap gold it helps if you are armed with a seller’s know-how.
The price of gold fluctuates and is a particularly volatile market that can be affected one way or the other by several influencing factors. At the moment prices are hovering just below the £770 per troy ounce price point which is not a bad price. Gold prices are expected to fall in 2014, so this may be your best time to sell.
Calculating gold prices
Before you sell your scrap gold there are three key features you should know:
– Weight in gold
– Current spot price
Jewellery will typically be marked with the carat, the unit used for measuring the purity of gold alloys. You should bear in mind that just because your say you have a gold necklace or gold earrings they are also made up of alloy metals such as copper and nickel.
The units of carats give you an indication how much gold your jewellery contains. In the UK jewellery generally ranges from 9 carats which has a 37.5% purity, to 22 carats which has a 91.6% purity. If you have bullion products with 24 carats they have a minimum of 99% purity. Premium coins have a 99.99% purity.
Another important facet you should consider is that gold is measured in troy ounces which amounts to 31.1 grams per troy ounce as opposed to the standard 28 grams an ounce. Your kitchen scales will not accurately measure the weight in gold.
It’s a good idea to visit a jeweller to ask for advice and a price you can expect to receive. If you are considering selling to a jewellers shop around – but also be aware you have other options as jewellers do not always offer the best price so don’t be too hasty.
Who to sell your scrap gold to
Your options of selling scrap gold are limited to high-street jewellers and pawn brokers or online traders such as coininvest.com. Shop around for the best price. During an investigation by moneysavingexpert.com, research found that online traders offer the best deals, but can also make the lowest offer.
The investigation involved trying to sell a 9-carat gold bracelet. Pawnbrokers offered between £33 and £39, jewellers between £45 and £50 and online retailers between £8 and £52.
Avoid selling gold to companies that advertise on TV, but instead visit jewellers in a specialist district where competition is high as they are more likely to offer a better price. The same reason stands for online retailers, but their pricing is dictated by their need for stock.
If you do have scrap gold for sale you can make a reasonable sum of money so visit coininvest.com today and tell us what you have to offer.