Selling your unwanted gold for cash can be a quick and easy way to raise funds when you need them most. Whether you're saving up for a big purchase like a new car or diamond ring, or simply easing the bill payments, deciding to sell your gold for cash can really help you achieve your goal.
A surprising number of people have gold and gold jewellery stashed away, much of which has no sentimental value. Many pieces of gold jewellery lie broken in the back of cupboards and drawers such as single earrings, necklaces and bracelets with broken clasps, all of which you could sell for cash. Gold coins can also be sold for cash, half sovereigns and full ones are solid gold and will help you raise funds in no time at all.
- What is the Carat of My Gold?
The carat of the gold you have will make a real difference to its value. Carat is the term used to denote the purity of gold alloy. Below are the hallmarks of the most common carat values in jewellery. 24 carat gold is 99% pure rarely used in jewellery on this country, being used more in the production of coin and bullion bars.
999 - 24ct
916 - 22ct
750 - 18ct
625 - 15ct
585 - 14 ct
417 - 10ct
375 - 9ct
- Where Should I Sell My Gold?
There are a large number of shops and websites who will buy your used gold for cash. It pays to shop around for the best deal both on and off line. Should you decide to use the online route as opposed to a pawn broker, you will fill in a form online, then receive special packaging through the post in which to return your gold. Once the company has valued the gold they will make you an offer which you can accept - in which case a cheque is sent to you, or reject - in which case your gold will be returned to you.
If you prefer to get the cash for your gold instantly you will find pawn shops in most city high streets these days, all of whom will usually buy your used gold on the spot. This saves the time, hassle, and worry of posting your gold off to a website owner and waiting to receive the cash. Pawnbrokers will normally offer at least as good a deal as you can get online, plus there is the added bonus of being able to sell your used cash in a very short space of time.
You also have the option of using an auction house to sell your gold if it is deemed it to be more valuable than the scrap value alone. In this instance you should have your jewellery valued by the auction house and be sure to find out what other charges are applied as it can make a very big difference to the amount of money you actually receive.
- How Is The Value Calculated?
The price you will get for your gold relies largely on the market for gold at the time. Prices fluctuate as do any extra charges your buyer may stipulate. Be sure to ask about all the applicable charges and fees, and how much cash you will actually receive for your gold.