Discerning jewelers have a voracious appetite for gold. This precious metal never runs out of fashion. Although gold’s demand decreases now and then, its timeless appeal has made it a universally valuable commodity.
So, how much dough can you take home out of your unwanted gold jewelry? Keep these things in mind so that you can sell your item strategically before jewelers in Utah such as AAA Jewelers.
Know Your Item’s Charm
First, find out if your jewelry box is actually a goldmine. Purity is, of course, the most important determining factor in any gold item’s value. The number of karats your item has will give you an idea of its worth. If you’re unsure of your gold piece’s purity, have it tested by an expert.
In most cases, gold items are sold for scrap. But when a piece contains precious stones, consider selling it as it is. You should mull this decision if you have designer jewelry. A branded item may cost more than its weight in gold because of its perceived value based on its design and age, among others.
But as they say, not all that glitters is gold. While you may get a lot of money from 24-karat jewelry, a gold-plated piece may have little value since the substrate is a different metal.
Read the Headlines
Politics influences the price of gold around the globe. The reason this is the case is this resource is viewed as the anti-dollar. Before the U.S. dollar became the world’s most dominant reserve currency, all countries observe the gold standard. But everything changed after the West developed the Bretton Woods Agreement, which forced all national currencies to be valued based on the U.S. dollar.
Recent geopolitical events across the world have been causing tremendous uncertainty about the future of major economies stemming from ideological differences between the West and its perceived rivals. The most notable events include America’s war on terror in the Middle East, economic sanctions on Iran, North Korea and Syria, and protectionist measures against China. One of the probably eventual consequences of the United States’ geopolitical policies is de-dollarization, which was stronger than ever.
Although another fiat money is likely going to replace the U.S. dollar as the world’s dominant reserve currency, there’s no denying that the current events have re-ignited people’s obsession with gold. Many concerned and prudent individuals gravitate toward this precious metal during periods of global political instability.
Since you can’t buy anything with gold, you have to sell it first before it becomes acceptable money. It’s all about timing because selling high is a wise practice. Read financial news to learn about movements of the gold price, and stay tuned for updates on geopolitics to anticipate the future demand for the commodity.
Think About Costs
Trading jewelry can come with expenses too. An appraisal isn’t free, and selling less pure scrap gold is bought on its melt value. Every service necessary to assess your item’s value and render its metal content reusable reduces the money you can gain.
Pick a Buyer Thoughtfully
Not all gold buyers are equal. Jewelers usually like to purchase intact gold items while others want to turn them into scrap for repurposing. Pawnshops also accept gold, but they tend to manipulate sellers to accept incredibly low offers to turn a ton of profit. Unlike jewelers, pawnshop owners aren’t exactly experts, so don’t expect them to appreciate the value of your gold pieces accurately.
Selling gold jewelry is an art. No matter how bad you need cash fast, do your homework to ensure that you’d receive the most money out of your piece.