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Just Sell Already

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I just want to Sell a couple pieces and be done with it!

If you are looking at this page, my assumption is you are just a regular person who is not interested in hunting for gold, rather you just want to sell your gold and be done with it! Your basic question is probably- "what the heck should I do in order to get the best value for the materials i have - and I don't want to have to learn anything else, geezzz."

Ok, ok, if this is you, then you have some options. First - educate yourself, just a little, so you know how much your gold is worth, it requires purchasing nothing though a calculator and possibly magnifying glass are helpful.

Start with viewing this graphic (click to enlarge), it's the easy way to figure out the value of your metal. The rest of the text on this page is additional details incase you get stuck:

Calculations

Details on how to determine the value of your gold:

  1. SORT out all the stuff you don't want: rings; necklaces, earings, etc
  2. SET IN ORDER all the materials into piles of 10K, 14K, 18K (you might need a magnifying glass, or a young person with good eyes!)
    • Special Note: If you see any of the following marks - then it's not real gold - just a small fraction of gold - basically worthless unless you have a couple ounces of it. (If you do have several ounces, then email This e-mail address is being protected from spambots. You need JavaScript enabled to view it )
      • Bad words: Gold Fill, Filled Gold, G.F. 1/10, 1/20, 1/30, 1/40, Rolled Gold, Rolled Gold Plate, R.G.P., Plated, HGE
  3. STANDARDIZE the weights of the materials. Basically you can use a kitchen food scale or if you don't have one, then you can just go to the POST OFFICE, there is almost always a public scale for weighing packages. It's important to try and get the weight in grams, for each type of metal you have and keep the groups of materials in seperate bags. Or if the scale only shows ounces, that's fine. Record the weight of each 10K, 14K, 18K lot of material.
    • Special Note: If you have pure gold bars or coins, you can skip this whole section and sell it directly to a specific refiner that takes bullion, they will likely pay spot price, and perhaps 105% more than the item is worth. Read up here.
    • If the scale you use only shows ounces - then you will have to convert the ounces to grams. To do that, you will take the number of ounces say 1.5 ounces and multiply it by 31.1grams and then again by a factor of .9125 (there is a difference between Troy ounces and Standard ounces - also called avoirdupois). In this example 1.5 ounces x 31.1 x .9125 = 42.6 grams.
  4. CALCULATE the value of each pile of metal. Here is a very quick and dirty way to figure out the value of the material you have
    1. Look at the current price of Gold (the chart below is ALWAYS current):
      • Kitco
    2. For the pile of 10K gold items take the number of Grams of material and multiply it by the factor of 0.0134, then multiply but the current price of pure gold.
      • .Ex: If you have 15 grams x 0.0134 = .201 then multiply that times the current price of pure gold, example if gold were at $1,100 x .201 = $221 amazing right...15 grams worth that much! NOW YOU KNOW THE SCRAP VALUE!
    3. Do the same for 14K gold items, except the factor is different, use 0.0188, then multiply but the current price of pure gold.
      • Ex: If you have a pair of earings and they run 3 grams, then multiply 3 x 0.0188 x $1,100 = $62!
    4. Do the same for 18K gold items, except the factor is different, use 0.0241, then multiply but the current price of pure gold.
      • Ex: If you have a small finger ring and it weighs 2 grams, then multiply 2 x 0.0241 x $1,100 = $53!
  5. SELL it already! Now that you have knowledge of what the material is worth - you can start shopping around for the best price. Assumption is that you do NOT have a lot of materials to sell (example having 1 earing) your best bet is probably (I hate saying it) to just go to a Pawn Shop and give them the item, tell them how much it is worth (they'll know you know) and ask what they will pay you. Expect them to pay you between 50% to 80% even if you follow this technique. NO ONE will ever give you full price for the scrap jewelry, you have to accept that fact (yes you can try to sell it on eBay but again you will likely not get scrap prices - especially after the eBay and PayPal fees). However, if you end up having over $1,000 of materials - you really should consider selling it directly to a refinery. I have listed a couple that I use regularly - and they do NOT have to be in the state or area that you live, you'll get a better detail by shopping around, do not fall into the trap of "I live in XYZ state....what refineries are near me".
    • When selling to the refinery just be aware that you will need to follow their rules (read their sites), but the rules are generally that you have to register with the refinery first (free and easy), you send the materials to the refinery, and my refineries pay out 95% of the spot price (once they receive & melt the items which might be 2-3 weeks after you send it out) with no additional fees. In about 2-3 weeks they send you a check. Just be sure of what you are sending them so you are not surprised and you know roughly what to expect - if you send in bad gold, or gold fill or plated gold, then of course you'll get less money. I've worked with refineries for years, this is the best yielding process to use. Unless of course you have certain types of gold bars or bullion coins, read up if that's the case.


 

If you appreciate the knowledge and you eventually get your larger payout, consider giving a couple bucks back to GoldEductor.com to help defray costs and show appreciation.


Last Updated on Monday, 31 May 2010 04:26