If you know me, you already know I think you need to stay away from the pop up WE BUY GOLD stores and you should never send your gold anywhere unless you already have a deal negotiated. So, this advice is if you intend to sell your gold to a jeweler (your best choice) or a pawn shop (still a good choice but often, not as good as a jeweler because of different business goals.)
So here goes…
To get the most out of selling gold, research the current gold spot price. This will tell you what an ounce of gold is selling for. In order for that to matter, of course, you need to know the karat of your gold jewelry to understand its purity and value. Twenty-four karat (24k) gold is pure gold. That means an ounce of 24k gold is an ounce of gold, and it would sell at retail for the current gold spot price. 14k gold, on the other hand, is only 58% (58.3 to be exact) gold, so it is worth about 42% less than 24k gold. Once you know the spot price and your karat, you can make a very good estimate of the retail (full price) value of your gold.
The next step is to get some offers. Get quotes from multiple reputable buyers, including local jewelers, pawn brokers, and online dealers, to compare prices. Gently cleaning your gold jewelry can improve its appearance and potential selling price. It shouldn’t because cleaning it is easy but there are psychological things at play. So, present your gold in the best light. Don't hesitate to ask questions about the valuation process and the buyer's reputation.
Finally, negotiate. If you like one particular buyer but another offered a little more, let the first buyer know. They might increase their offer. If not, no problem. You’ve got the best price available already. If you’re looking to sell Gold in San Diego, I hope you’ll give us a call. Or, just drop by my showroom in La Jolla. You’ll be glad you did.
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