Looking To Sell Your Gold? 4 Things You Should Do First

If you're going to be selling your gold jewelry, it's a good idea to do your homework before you look for a gold buyer. There are a lot of details that go into the price of gold. A little bit of homework will go a long way when you're selling gold, especially if you've never sold before. Here are four things you need to know before you start looking for a buyer for your gold:

Understand the Weight Difference

If you're going to be selling your gold based on weight, make sure you understand the weight difference first. Many people weigh their gold on a kitchen scale, and then get upset when the jeweler shows a different weight and value. Gold is not weighted according to a traditional ounce system. It's actually weighed according to the Troy ounce system. Some jewelers will also weigh gold according to the pennyweight system. To avoid frustration, be sure you understand the difference between the different weight systems, as well as the system your jeweler will be using when you sell your gold.

Divide Your Karats

If you're going to be selling your gold at a gold party, it's important that you divide your karats before the party. During the excitement of a gold party, it can be easy for gold to be weighed together, instead of by karats. Unfortunately, this oversight can lead to an incorrect valuation of your gold. Prior to the party, divide your gold according to karat, and place them in groups in separate containers. Be sure to label each container. This will allow you to hand your gold to the buyer according to karats.

Know What You Have

When it comes to selling gold, you need to know what you have. For instance, designer pieces may bring you a better price if you sell it according to the piece, instead of according to bulk gold rates. The same is true for some heirloom pieces. Prior to selling your gold, take it to an appraiser so you know what you have.

Do Your Market Research

If you've never sold gold before, you might not realize that its value actually fluctuates. If you sell when the gold market is low, you might miss out on the opportunity to get more for it. Once you decide to sell your gold, watch the market for a few weeks. Don't sell until you see the value go up, and level out for a few days. Be sure you buy before the value starts going back down though.