If you are considering selling gold for cash, the first thing that probably comes to mind is jewellery. Many of us have bracelets, watches, and rings packed away that we no longer wear and these items are easy enough to sell for cash.
Image by EZGoldExchange via Flickr
But, with all the cash for gold ads out there offering quick payments, you would think selling your gold items is an easy process, wouldn’t you? The reality is, if you want to get anywhere close to what your items are worth, it takes a little more than just picking the first buyer you come across. In fact, you should always sell it for its worth, even if it takes some homework.
Different Types of Gold You Can Sell for Cash
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There are different types of gold you can sell, but most fall into three categories besides jewellery: bullion, scrap, and coins.
Gold Bullion
Selling gold bullion at Gold Buyers Melbourne is a good way to get quick cash. While people may tell you to hold on to your bullion as prices may rise in the future, we can’t truly predict the future. Many people tend to sell gold bullion when they need fast cash and selling physical gold like coins or bars that you own is a simple procedure.
Before you sell your gold, you can find out how much it is worth by checking out the current spot price online. The price is usually quoted in troy ounce or even per 100 grams. Most bullion is .999 or .995 in purity so you can multiply the spot price by the weight of your item.
Scrap Gold
While scrap gold may be a little trickier to sell, you can do it! Most people selling scrap gold tend to sell old jewellery for quick cash. The hardest part of selling this kind of gold is determining its worth. The best thing to do is take your items to a pawnshop or jeweller who can test the gold’s weight and purity.
Once you have an estimate of the worth, you can shop around for the best price. It is important to ensure that whoever you decide to sell your gold items to that they pay a minimum of 90% of the current spot price. Be careful with online buyers who often don’t tell you upfront how much they are willing to pay.
Gold Coins
Many people have gold coin collections that they may have no interest in. Sometimes they were collected as a child, or inherited, and have been stored away for years. Other times, the owner just stopped collecting coins. The most common kinds of gold coins are:
- Stella
- Eagles
- Krugerrands
- Double Eagles
If you have gold coins tucked away in your attic or garage, why not sell them for a quick infusion of cash? Just remember that few buyers will really offer the market value for your coins unless they are also collectors. However, such collections can bring in a healthy source of much-needed funds.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.
