How to Sell Gold or Silver for the Best Price

How Much Gold Do You Have?
One of the first tips for getting the most money for your silver or gold is knowing exactly how much precious metal you have to offer. Whether you choose to go to a jewelry store, pawn shop or cash for gold buyer, one of the first things the buyer is going to need to do is to weigh your item(s) to determine how much gold or silver your jewelry item(s) contains.

In many states, it's the law that your items must be weighed with you being present. This is to prevent jewelers from tampering with your jewelry, such as replacing diamonds with fakes, etc. One important tip in ensuring your items are weighed correctly and accurately is to ask for a second scale to be used. If the results from both scales are the same, you can be more confident in the amount of precious metals you have to sell. Having your items weighed by more than one gold buyer is also recommended.

Have Realistic Expectations

There is a tremendous markup in retail jewelry. A gold ring with a retail price of $1400.00 may only have a few hundred dollars worth of gold in it. As jewelers can buy gold, silver or other precious metals at wholesale prices, they can't offer you more than wholesale for any jewelry or scrape gold. Also, as your items will have to be melted down and recycled to be used for new jewelry, the amount you're paid for your items will most definitely be below wholesale.

Knowing what the current spot price for scrap gold or silver can help you in knowing if you're receiving a fair amount. In summary, if you paid $1400.00 for a jewelry item, you simply can't expect to be paid more than wholesale price when you sell the item to a jeweler or scrap gold buyer. While you can get a decent amount for your items, dealers always pay less than spot price.

The Bottom Line

In summary, being knowledgeable about what you are selling and having realistic expectations about what you should be paid for your items will help you in getting the most for your items. Compare offers from multiple gold and silver buyers before taking an offer. As with anything being sold, something is only worth what someone else is willing to pay for it.