If you are in the market to sell gold or silver jewelry then look no further. The first thing you need to know is that the market has its ups and downs and you want to buy in when the market is doing poorly and sell when the market is at its highest. The next step is to find someone who is a reputable dealer that you can work with. The spot price is what physical gold can be bought and sold for at a specific time and place. The spot price changes every minute and depends upon the worldwide professional traders. When selling gold jewelry, you will not get the spot price, because dealers need to refine and work with the jewelry you present.
If you happen to be in the market to sell gold then you need to be watching the market. Monitoring the spot price is the best way to determine when your gold is worth the most, so track it and keep an eye on the market. When the dollar is tanking and not doing well in the market, gold is usually doing okay and stable. If you have time, stockpiling your gold can get you a better price, since transaction size is truly a factor in getting a higher spot price. So, save up and wait out the storm and find your gold at the end of the rainbow.
Silver jewelry is also an option that can be sold in the market. Silver is a little trickier, due to the fact that it is not stable and can be extremely volatile on the market. It is a precious metal that needs to be watched over carefully and when the time is right, go for it.
The gold-to-silver ratio can help you determine if it is time to buy or sell gold or silver. The ratio is always in favor of gold, but now that silver is being used in everyday items it may be making a comeback. Silver is an amazing metal for electronics and car parts, so it is making its mark on the world. It is important to consider silver as a game player in the market and to hold your silver jewelry and sell when the time is right.
Now when the time is right, consider finding a reputable dealer. You can do this by checking with the Better Business Bureau. See what others have to say about the broker you are considering to do business with.
The next step is to obtain an appraisal so you know what your jewelry is worth. Then you can get an idea of the worth of your items and you can have some bargaining info when you got to work with your dealer. Now that you have your appraisal in hand, let the bidding wars start. Shop around and try and find some dealers and their bids on your precious metal.
Know what you have in terms of karats. Make sure you weigh these different karats separately, since the higher the karat the higher the amount of gold present in your jewelry. Some types of gold jewelry may be more valuable as a whole piece of jewelry than a melted down piece of metal. Brands and companies that make jewelry may be more valuable due to the designer that created the jewelry. This is why it is very important to obtain an appraisal prior to conducting any business.
Make sure you have pictures and documentation of your jewelry readily available. It is your insurance if you ship anything or run into any problems during the jewelry selling process. You should also know the company’s reimbursement policy if there is a loss. You will want to know that your jewelry is protected if anything were to happen.
Be realistic in the world of selling jewelry. You will not get the price of gold that is listed on the kitco.com website. You will get a price for your jewelry that is fair and that includes the cost of processing the gold and refining it.
So, in summary, do your research and find a reputable dealer. Keep up to date on the prices of gold and silver and know when it is time to sell. Check with appraisers and determine the value of the silver jewelry you have and the gold. Then do some shopping around to get bids to find the best deal for your jewelry collection. Do your best to get your best when selling gold jewelry.