Why Is Gold So Valuable Right Now?

​

The reason gold is so high is because of the economy and what investors have been doing to make returns on investments over the last several years – while the economy has been weak.  This is not an expose on the intricacies of international commodity trading so all you really need to understand is that gold is very valuable right now, and you have an opportunity to exchange gold for cash at a very good rate.

 

Where Can I Sell My Gold Items?

​

You have options, simple as that.  You can go down the traditional main street jeweler or pawnbroker route, or you can use a specialty cash for gold buyer that is either based in a physical location or operates online.

​

As in all things, the prices you get from these different types of buyer will be different.  The pawnbroker, for example, will only be paying a fraction of the value of the gold whereas the specialty cash for gold buyer, who has no physical location overhead costs, is going to pay the most.

 

How Do I Know An Online Gold Buyer Will Not Rip Me Off?

 

You have to do your due diligence, simple as that, but it is very straightforward and takes no time at all.

You should visit the websites of buyers and do just a few things, which are:-

 

1. Check the out on with the Better Business Bureau. They should have a link to their profile on the home page, if they do not, this is a red flag.
2. Make sure they have gold prices visible and show example payouts.
3. Make sure they offer a full guarantee.
4. Make sure they do not charge any fees, for any of their services.
5. Make sure they are certified jewelers.
6. Ensure they provide insurance for when you ship your items - $1000 is usually enough for most people.
7. Check they make payments in 24 hours and offer multiple payment options
8. Make sure their phone number is working and someone is available for support.

What I strongly recommend and I do mean strongly, is that you pick up the phone and call them.  Tell them about the items you want to sell, get them to confirm all the terms, conditions, payment options, shipping times, polices and, very importantly, their guarantees.  If they answer to your satisfaction and you have not found anything negative written about them, you have in most likelihood found a reliable and professional gold buyer.

 

What Do All Those Payout Tables On Their Website Mean?

 

When you are looking at the companies payouts they may, at first, seem a little strange to you.  If you look at the current market price of gold you will see that is it a price per “troy ounce”, but in other places, and on some gold buyers website they talk about “pennyweights” and “grams”.  The good buyers will show you a table detailing exactly what they pay so you can quickly see, at a glance, what the weight to value is of gold you have (if you know the Karat and weight).  I have included a little table below that shows you the relationship between all of these terms.

​

1 Gram = 0.64 Pennyweight
1 Pennyweight = 1.56 Grams or 0.05 Troy Ounce
20 Pennyweight = 1 troy ounce = 31.1035 Grams
12 Ounces = 1 Pound Troy = 373.24 Grams

 

What Kind Of Items Can I Get Cash For?

 

Buyers are looking for all qualities of gold, from 8K to 24K, in all quantities (click here to get definitions of gold and gold quality).  You can send in broken items, scrap gold, dental gold, unwanted gold and jewelry – basically anything that is made from gold (not gold plate).  They also will buy your silver (again, not plate) and platinum.

​

Should I Test The Gold At Home Myself?

​

It would seem like a sensible idea to go out and buy a gold testing kit as they are not very expensive, starting at about $10 for the cheapest and up to $50 for a “professional” kit, but is it really worth it.

​

My recommendation is that it really is not worth the time, the effort or the cost.  The reason I recommend this is because you will be sending your gold to a place where it is professionally tested (the home testing kits are really not that accurate).  And, let’s face it, if you do not trust the company you select to be completely upfront and truthful with you about the quality of gold you send, well, you should not be sending your gold to them.

​

​What Should I do With Precious Stones In Any Of The Jewelry?

​

If you have jewelry items that contain real precious stones, diamonds for example, you can either remove them before sending your items or leave them in.  If you remove them you can use a local jeweler to do it.  If you leave them in, the gold for cash buyer, if they are also a certified jeweler (and they should be), will appraise them and either a) include their value in your payment or, b) send them back to you.

​

You should talk to the gold buyer prior to sending jewelry containing precious stones to let them know if you want anything specific done with the stones.  It is also advisable to check with the buyer their policies because I have seen some “dubious” buyers whose fine print states that they are under no obligation to send you back any valuable stones or even pay you for them.

 

Is My Shipment Of Gold Going To Be Safe?

 

The most common services used for shipping your items to the buyer is FedEx and UPS, as both of these methods allow for tracking.  The shipping should be overnight priority and you should not have to pay anything to ship your items to the buyer or for the buyer to send you the payment.

 

How Long Does It Take To Get My Payment?

 

After you have requested a gold pack or kit from the buyer’s website (or from them on the phone) it will get to you in 2-3 business days.  If you send in your items on the same say, the buyer will receive them the following day and value them the same day.  Good buyers will send you the payment within 24 hours of the completed appraisal and valuation and, if it is in the form of a check, send the check to you priority overnight.

​

So, let’s say you request a gold pack on Monday morning.  You will get the pack on Wednesday, the buyer will get you items on Thursday, appraise them the same day and send payment on Friday.  You will get it on Saturday – which is a total of 6 days.

 

What Happens If I Get Paid And The Payment Is Not What I Expect?

 

Most reputable buyers will offer a full guarantee, meaning that if your payment amount is not what you expect, they will return your items to you.  All you have to do is rip-up the check (or return the electronic payment) and let them know.  There is usually a time-frame you have between getting the payment and asking for the return of your items, and 14 days seems to be the general policy.

​

​What Should I Take Away From This?

 

The bottom line is that if you want to sell gold, there are buyers waiting and those that are operating online will give you the best price.  If you do your research and find a reputable online gold buyer who you validate correctly, you buying experience is going to be excellent.