The spot price of gold continues to increase with time. The USA – and the rest of the world’s money centers – are “printing” record amounts of dollars monthly. As a result, our dollars buy less stuff! Crypto coins like bitcoin are going up and down like a yo-yo for good reason! (Click my Coinbase affiliate link and earn $10 of bitcoin free.)
Think of it this way.
In the early 1900s, an ounce of gold was worth about $20 and bought a really nice men’s 3-piece suit (Approx. $20.00 in 1920 USD).
And of course today, an ounce of gold still buys a nice men’s suit. (I just picked up an Armani, tailored, black, 2-piece suit for $1300.)
BUT, as I say, it cost me $1300 USD 🙁
So, know this: keep your gold as long as you can hold out! But, if you must sell your scrap gold, your old gold jewelry, your ingots… you’ve got to get a handle on what your gold is worth BEFORE you sell it to a scrap gold party, a pawnshop, a jewelry store or a private party.
GOLD SELLERS MUST DO THEIR HOMEWORK! Or, you will get screwed!
This is how you cash in and get the maximum amount of US dollars for your gold if you must sell it today.
- Watch for this scrap gold buying scam: some gold buyers will weigh your gold by pennyweight but pay you by the gram. A total ripoff!
- If you sell at a scrap gold party you will NOT get the highest value for your gold scrap & jewelry. You’re there for fun! And your friends and family are buying your scrap gold jewelry. Simple as that.
- So, shop around for the best price for your gold. Visit at least three gold buyers. What’s the rush. Plus, you’ll learn a little. The difference in the price a gold buyer is willing to pay you can be stunning!
- Avoid putting your old gold jewelry in a mail pouch and sending it off to some faraway gold buyer. This never ends well for gold sellers!
- Know what you’re selling. Is it a designer piece? Is it 14K? 18K? What is it? SUPER important to know BEFORE you sell your gold! Ignorance will earn you a royal screwing!
- Know your scrap gold buyer. If it’s a retailer like a pawn shop or jewelry store, this is easy. Check the BBB (Although I recommend this with a huge degree of trepidation! I HATE THE BBB. It’s “pay to play.” But, what the hell…)
- Check the current spot price of gold before you sell. Here’s a decent resource for valuing your gold scrap jewelry: https://goldprice.org/
- Know your “karats.” This is critical. Your buyer WILL mix up Karats and pay you for the least value. Separate your karats or you will get screwed 🙂
- Educate yourself. Pure gold is way soft so it’s combined with other metals to create durability and color. The Federal Trade Commission (FTC) mandates that all jewelry sold in the U.S. be stamped according to its karat fineness of the alloy. One karat equals 1/24 of pure gold by weight. So 14 karats would mean the jewelry was 14 parts gold and 10 parts other metals. It’s illegal for jewelry to be labeled “gold jewelry” if it is less than 10 karats. Like I keep emphasizing, it’s important YOU know the karats of your gold to make an informed decision when selling your scrap gold and jewelry. (Amazon offers everything you need for $20.00)
- Get comfortable with the scrap gold scales. (They’re like $10 on Amazon!)
- The weight of gold helps determine its value, but keep in mind that jewelers use a different measurement standard called a Troy ounce. U.S. scales will measure 28 grams per ounce, while gold is measured at 31.1 grams per Troy ounce. Some dealers may also use a system of weights called pennyweight (dwt) to measure a Troy ounce, while others will use grams. A pennyweight is the equivalent of 1.555 grams. Again, pay attention to the measure your buyer uses to value YOUR gold!
- Finally, consider starting a scrap gold buying business. You can make some good money AND write off your cell phone bill, gasoline, home office deduction, Starbucks meetings, Staples purchases, postage costs… and schedule your own hours! Everything you need is here:
