All precious metals come in four basic types. They are:
- Scrap metal – sold by weight for the intrinsic value of the metals it contains. The best precious metal to sell as scrap is almost pure 22-carat gold and the value of white gold scrap depends on what makes the gold “white”. (I go into more detail about this later.)
- Bullion – not really applicable to white gold, as bullion is almost always pure gold smelted into bars, ingots or coins of a specified weight. Investors will buy a kilo of gold and be able to tell by inspecting the price of gold online, how much their investment is worth.
- Jewelry (or jewellery) – is most applicable to white gold as one of the main reasons it is created is to look beautiful when made into jewelry.
- Other items (other than jewelry) made out of gold, such as watches, candlesticks and pens.
We should look at each of these types in turn – excluding bullion – and pay particular attention to how each of them applies when you are selling white gold.
Selling White Gold Scrap
White gold is simply gold with something to lighten the color. If that something is platinum, then your white gold can be worth very nearly as much as regular gold and occasionally more. If the added ingredient is nickel or silver, then you’ll get proportionally less.
Knowing Exactly Where To Sell Gold Is Vital
Finding somewhere to sell your gold is easy. Every street in every city in the world appears to be suffering from gold fever. Signs telling you that they will “buy any gold” are springing up everywhere. Every magazine and newspaper you open promises you “top prices” for your gold, silver and other precious metals. The internet too is bursting with firms and individuals who will gladly buy your gold off you right now. Selling gold has never been easier – or more fraught with financial danger.
What you have to do is find the best place to sell your gold. You want to get the best price you can and that is so much harder than simply finding a buyer. We’ll divide it into two sections: selling gold bullion and selling items containing gold, such as jewelry and antiques.
Tips For Selling Gold Bullion
To sell gold for the best price you can means knowing some simple pieces of information. The saying that “knowledge is power” is never more true than in the gold and precious metals market. The biggest piece of information you need to possess is knowing how much your gold is worth. This requires making calculations based on several factors:
1. Knowing exactly what you are selling. The purity, how many karats and so on. You can find more information about how to achieve this on the Gold Buyers page of this website.
2. The current spot price of gold. You can find that out by clicking on this link: current gold price.
“Usually you will want to get a price that’s as near to the melt value as possible,” says Anthony Carter-Rendall, strategy chief for Bullion Vault, a London-based gold storage and trading company. Carter-Rendall is bullish about the price of gold. “There have been minor plateaus in the gold price,” he says, “but as long as the current uncertainty with the economies of the world continues, I can see no reason why the price of gold, silver and other precious metals will not continue to rise.”
Where To Sell Gold Jewelry
The most common form of gold held by most people is jewelry. But when you sell jewelry based only on the price of the gold it contains, this will not take into account the object’s beauty, craftsmanship, or sentimental value. Moreover, if the piece contains precious stones or other adornments, most buyers will disregard their value. All they are worried about is precious metal.
Jewelry and other items that contain value aside from their metal content (such as watches and antiques) are best sold to specialist dealers, either in person or online. Just arm yourself with the knowledge of what your gold is worth as scrap. Make sure you get more than that at least.
Selling Gold Coins
Gold coins are another matter. There may be jewelers in every town, but rare coin dealers are another matter. Luckily in this age of broadband and technology, we have the internet. Take full advantage of it.
First of all you have to work out whether your coins are gold bullion –essentially, gold minted into coin form with no extra value – or numismatic coins. Numismatic coins can be rare and may hold extra interest for collectors. In this case their value is based largely on their condition, rarity, and the year they were minted. Check online or in a specialist book in the library before you part with your coins. Remember that condition can be everything. Coins in mint condition are best, damaged and bent coins can be worth only as much as their scrap value, despite their rarity.
Main image courtesy of ponsulak / FreeDigitalPhotos.net