We Buy Gold – How Much Is Your Old Gold Worth?

You’ve seen the ads online: We Buy Gold! With the price for an ounce of gold hovering in the neighborhood of $1,800, you may be tempted to pull out your old high school ring and the bangle bracelet you don’t ever wear and cash in on the high prices. Before you do, we think you should know a few things about how the “we buy gold” companies determine prices and how much your old gold jewelry and coins are worth.

How Much Is Your Gold Worth?

The value of gold fluctuates day to day and even from one hour to the next. That’s why no gold buyer will advertise a set price for an ounce of gold. The most reputable gold buyers will tell you how they determine the price they offer you though. We at GoldSeller, one of the most trusted online gold buyers, tell sellers that they base their price on the price of gold as quoted by the London afternoon fixing on the day of settlement. Unless you’re a gold investor, that may sound like so much gobbledygook to you. The London afternoon fix is the most widely quoted and most familiar spot gold price in the world, and is set daily at about 9 A.M. Eastern Standard time. It represents the most current price for gold on any given day. When you do business with a “we buy gold” buyer, it’s important to know where they base the price they’ll pay for an ounce of gold. If the website doesn’t tell you, come on over to ours.

Of course, the gold spot price isn’t the amount the gold buyer will offer you for an ounce of gold jewelry. That’s the going price for an ounce of pure gold. The price you’ll get will be modified by the purity of the gold in the items and a handling fee that goes to the dealer. The higher the karat designation of the gold jewelry, the more we'll offer you for your items.

When deciding where to sell your gold items, choose a we buy gold dealer with an excellent reputation for honesty and a long history in the gold exchange business. At GoldSeller, we've been in the gold exchange business for more than 30 years and carry a high rating from the Better Business Bureau. If you decide to sell your old gold jewelry or coins, be sure to do business with a reputable buyer like us.

Packaging Tips for Selling Gold Online

Online gold buyers often offer the best prices you’ll get for your gold jewelry or gold coins. Businesses like GoldFellow, a well-known and trusted leader in gold buying, pay top cash for old gold jewelry. When selling gold to online gold buyers, you’ll have to ship your items to the company. Proper packaging and insurance are an important part of selling gold online for your own protection. These tips will help you package and send your gold safely when dealing with online gold buyers.

Know the Terms and Conditions

Always read the terms and conditions before you send your gold off to be weighed and valued. A reputable gold buyer will tell you how long it will take them to make you an offer, how long you have to accept it and how long it will be before you get your check. Some, like GoldFellow, offer instant payment options like wire transfers and Paypal eChecks. Others will only send you a paper check.

Photograph Your Items Before Sending Them

Accurate records are important for many reasons, including your own tax records. Make a list of the items you’re sending and photograph them before you pack them up.

Insure Your Items

Unless the company provides you with an insured shipping envelope, make sure you send your items via an insured method. Some companies, like GoldFellow, will send you a shipping envelope and pay the cost of insurance so you don’t have to.

Look for Transparency in Pricing

Most cash for gold buyers make a big secret of how they determine the price they offer you. The more trustworthy ones have a transparent pricing policy. GoldFellow, for example, states on its website that gold prices are based on the price of gold as quoted by London on the day of settlement.

You should also look for transparency in the company’s other dealings with you as well. If the company ships via FedEx, for example, will they provide you with a tracking number so you can follow your package? Do they record the delivery and weighing of your items? Are they accredited by the Better Business Bureau?

When you’re selling gold online, it’s important to protect yourself from scam artists and fraudsters. Following these tips can help you track your gold shipment and ensure that you are dealing with an honest online buyer.

Cash for Gold Tips to Most for Your Old Jewelry

While the price of gold is no longer rising as astronomically as it was a few years ago, your old gold jewelry is still worth a pretty penny. The cash for gold business is still going strong, and most people will get more money when they sell gold jewelry for scrap than they’ll get at a pawn shop. If you’re considering selling your old gold jewelry for cash, these tips can help you get the best price for your gold and precious metals.

Know the Price for Gold

Keep up on the price for gold – you can bet the cash for gold places do, after all. Know the going price for gold on the day you sell gold jewelry so you can evaluate whether you’re being offered a fair price.

Know What You’re Selling

Before you ship off your gold coins or jewelry to an online cash for gold dealer, make sure you know exactly what you’re selling and what the dealer will accept. You can expect to be offered more for 22-karat gold jewelry than you will for 18 karat gold, for example, and most dealers won’t accept any pieces that are less than 14 karat.

Remove Precious Stones

If you’re selling to a cash for gold dealer, they’ll have no interest in the gems or stones in your jewelry, and with few exceptions, they won’t pay you for them. Others, like we at GoldFellow, will buy some gemstones – we buy diamonds larger than 1/4 carat. We'll also remove other precious gems from that are set with prongs and return them to you for a small shipping fee.

Weigh Your Gold Pieces

Cash for gold dealers will evaluate your gold jewelry or coins based on their weight. The best way to establish whether you’re being offered a fair price is to weigh your pieces before you send them.

Deal with Honest Brokers

The current economic climate has brought a lot of scam artists into the market. The Better Business Bureau reports that they receive more than 500 complaints a year about cash for gold businesses. Before you send off your precious metals, check the reputation of the company you’re dealing with. At GoldFellow, we have been in business for years and have a well-established reputation that you can trust.