4 Questions You'Ll Have When Selling Gold For Cash

Are you looking for a way to turn your unused and unwanted jewelry into cash? Thankfully, many buyers are willing to take it off your hands for the right price. Here are a few questions you're likely to have before you sell gold for cash.

What Determines The Value Of Gold? 

Gold is a precious metal that is pretty easy to figure out the value of. By knowing the weight and purity of your gold, you can look up the current market price that it is being bought for to know how much cash you can get. The market price is very easy to find online since many financial news sites report on it every single day.

Is Gold's Purity Or Weight More Important? 

Wondering if your gold is worth something or if it’s worthless? Start by determining the purity of the gold you are looking to sell, since that dictates how much the actual gold in a piece of jewelry is worth. That's because the weight of the gold is pretty meaningless if the gold is not pure. 

Is There A Way To Tell If Your Gold Is Real?

There are a few different methods used to authenticate gold jewelry as being the real deal. One of them is an acid test, which places a tiny amount of nitric acid on the jewelry to dissolve a very small amount of gold. Gold reacts in a specific way to the acid, which indicates how pure it really is. 

There is also an x-ray fluorescence test, which is a testing method that is not destructive. However, It requires a special machine to perform an x-ray on the gold, which you will not have access to. Other methods include a visual inspection by a professional, as well as looking for hallmarking stamps.

What Is The Process Like To Sell Gold?

Ready to sell your gold? It works by going to a gold buyer in your area to have the gold evaluated to determine how much it is worth. You'll receive the market price for the gold, which you can accept or reject. If you decide to move forward with the sale you will typically need to provide an ID to prove who you are. Some gold dealers will give you a cash payment on the spot, while others can perform a direct deposit into your bank account.

Reach out to a gold buyer in your area if you have any more questions.