What to Know When Selling Gold

The price of gold continues to rise and it is a perfect time to cash in. Selling gold has never been easier, as there are many avenues for a prospective seller to utilize. It can be confusing and risky to decide where and how to sell your gold. Working with Gold buyers Downers Grove makes the process easy and painless. Bring your gold jewelry in, have it appraised, and get cash on the spot. Although, it is important for sellers to do their homework and understand the process. This ensures that the seller will get the best value for their gold. First, it is imperative to understand how your gold will be weighed, as the weight of the gold is a big determining factor in its value. The standard unit of measurement for jewelry is a Troy ounce and scales will weigh 28 grams per ounce, with gold weighing 31.1 grams per Troy ounce. Dealers use various ways to measure your gold, from pennyweight system to using grams. Also, it is important to know the difference between the karats of your gold. Don’t let gold of different karat values be weighed together, as higher karat value comes with a greater monetary payoff. Knowing and separating the karats of the gold allows a seller to make an informed decision on the scrap value of their jewelry.
Working with a reputable gold buyer is vital to knowing that you are receiving the best deal possible. That’s why it is important to always work with a buyer who has the appropriate credentials. A legitimate buyer should be licensed by the state they do business in to buy gold. Gold buyers Downers Grove has all the appropriate credentials and welcomes the opportunity to share this information with prospective sellers. Just as a seller must check the credentials of a buyer, a legitimate gold buyer will need to verify the identity of the seller as well. A buyer is required by law to have the seller produce a valid form of government-issued identification. This helps to deter the sale of stolen property and money laundering. The more you know about the gold selling process equals more money in your pocket.