Learn How To Sell Gold And Silver
We all have old jewelry, either bought or received, forgotten somewhere in a corner of a drawer or crammed somewhere in a jewel box that you don’t open anymore; the point is that all of us have gold and silver that we really don’t use anymore. Well, silver and gold will always be considered precious metals and so, there’s no point in keeping them when you can turn them into money. Here are some interesting things you need to know before selling your gold and silver.
Gold and silver, never worthless
In each and every house there are pieces of gold and silver which are not worn anymore, either pieces of jewelry, coins or why not, teeth; all of them just waiting to be sold. With ascending prices, silver and gold seem to have their own special place among the most sold and bought metals of the last few years. Although prices vary and have lowered a bit as time passes, selling gold and silver is undoubtedly a very profitable investment.
Pawnshops along with jewelers from all over the nation have stated that most of the people have shown an increasing interest in turning the old unused jewelry into money. Either gold is more profitable, silver is also heavily sold, especially coins and various silverware pieces.
Although in theory, everything sounds nice and easy, the reality is quite a bit different since there are some things you must take into account before rushing out to the nearest pawnshop and change your family flatware into cash. Having the gold and silver and wanting to sell it is not enough; these are merely the first steps. You also need to spare some of your free time and do a bit of research; and needless to say, to have relatively good math skills. Before you decide on selling, you need to visit some shops, to have a general idea about the value of what you are selling, as the amount of money you will receive might vary from one shop to another and it’s easy to be misguided since the prices are for grams not for ounces. Most people let themselves convinced by the sum and don’t take their time to do the math anymore.
From gold and silver to money
First of all, a short visit to Hilltop Pawn Shop will save you a lot of energy and time. This is where you will find all the pieces of information that are needed and also there you can find the previous prices; this is very useful as it helps you determine the best moment for selling.
Secondly, after you have discovered the true value of your gold and silver, you can go online and compare the difference between the price per gram, offered by the pawn shop or jeweler, and the one that you should receive, the price per ounce.
After that, you need to do some math; multiply the number you get with the quantity of gold by karat. For example, the 14 karat gold objects contain approximately half gold, 58.3 % to be more specific; whereas the 18-karat gold ones contain 75 % gold and 91.6 % gold can be found in the 22-karat gold objects. Nevertheless, if you have trouble doing all these additions, you can search for a scrap gold calculator on the internet.
Only now are you ready to decide where to sell? About 70 % of the prices found on the metal market are good, however, if you want a good deal you have o be prepared to search in many places since most pawn shop or jewelers offer up to 40 % of the real value. Therefore you should have a clear image of the price you expect and the objects’ worth, especially since 50% may probably be the best offer you will find.
Feelings vs. money
Now that we have cleared every aspect regarding the value, one should not omit the emotional value. Although you never use that old pair of earrings, your childhood ring or grandma’s necklace anymore it’s hard to say goodbye to things that are connected to your past. As human beings, we are bound by our feelings and emotions, so you may find that some items are really easy to give away, such as gold teeth, or even jewelry you received from your ex; whereas it’s very hard to sell objects that are from your loved ones. Nevertheless, if the price is high enough, then the decision is easier; or in other words, most people tend to expect more money for objects charged with emotional value and would sell the objects that are linked to bad memories for almost any price.
Moreover, when it comes to silver, the prices are not as high as those for gold, so in this case, it may be even harder to sell the objects that are dear to you or that have a certain sentimental value. Besides, if you want to sell silver coins, you should know that the price can get to 23 or 24 times their face value; so you should really do some research before rushing out and selling your old silver coins because they might be worth more than you expected. The bottom line, the emotional value cannot be overlooked, on the contrary, it influences your choice very much, people are more inclined to selling jewelry without emotional value for a smaller price, whereas they expect more money for an object they care about.
Best places for selling
Since you decided to sell your gold and silver, here are some places you might want to consider trying. However, as usual, all of them have their strengths and weaknesses. A piece of good advice is, to begin with, a reputable jeweler or a pawn shop as, like most people, their main goal is to obtain profit.
Next, people can also try mail-in services. This is recommendable especially for the people who don’t have access to a jeweler or a pawn shop; there are many cash-for-gold companies, you might have heard about them from TV advertisements, but the prices they offer are really low, so these sold remain the last option. Also, in case you want to buy gold or silver from them, you should know that the majority of these companies have been ousted by the Better Business Bureau, as they are considered to be unethical.
A good idea for selling your gold could also be eBay. You might get a better price for their gold or silver if you sell it to other people, who usually buy such an object to wear them, instead of melting them like the other places. Besides, it may be a good idea to look around at first, to have a general idea about the market value, as you might be in for a surprise.
Hilltop Pawn is the largest pawn shop in Virginia Beach and the sister store of Greenbrier Pawn the largest Pawn shop in the State of Virginia. They take great pride in being the largest lender and the largest Gold buyer as well as selling jewelry. We are the only game in town for finding antique and vintage engagement rings.