There are different kinds of gold that you can sell to buyers for good prices, especially if you do your research before taking your gold to a buyer. Two popular kinds of sellable gold are:
- Gold bullion
- Gold jewellery
Other sellable golds are gold-filled items, rolled gold items, gold coins from around the world, scrap gold, and gold wristwatches. But here, we’ll look exclusively at gold bullion and gold jewellery.
#1 Gold Bullion
Gold bullion means gold bars and coins that are of at least 99.5% purity. Gold bullion is kept as reserves at central banks and financial unions.
If you’re wondering how to sell gold coins in Canada or the United States, know that many gold bullion dealers and gold jewellery dealers buy them around spot price.
Spot price means the current rate that gold can be sold at a particular place and time. Recently, the spot price per ounce of gold has been hovering around USD 1,850.
The average retail customer won’t be able to buy gold below spot price. Typically, they will have to pay between 3-5% over spot price, as well as a premium.
For investors, the goal is to purchase gold bullion as close to spot price as possible.
In Canada, gold bullion is considered an investment vehicle, is not subject to sales tax, and can be included in one’s RRSP.
Gold coins can be used as legal tender, but not gold bars.
#2 Gold Jewellery
When it’s in good condition, gold jewellery made by designers and luxury brands like Tiffany & Co. can sell for a fair market price.
Other kinds of collectible gold jewellery pieces can also be worth more than their precious metal content.
A collectible heirloom gold necklace, for instance, might sell for quite a lot—especially if it’s in good condition, is personally crafted and unique, aesthetically pleasing, of high purity content, and comes with original packaging and paperwork, along with other fine details that make pieces precious.
When you take your gold jewellery to a gold jewellery buyer, they will evaluate your jewellery to determine what price they’re willing to pay.
First off, to determine if your piece of jewellery is, in fact, real gold, the buyer will look for hallmarks indicating the purity of the precious metal content. Nine karats , for instance, means 37.5% pure gold, while 24k means at least 99.9% pure gold.
As a general rule of thumb, if two pieces of jewellery are identical except one is of higher purity than another, the one with higher purity will sell for more.
Gold jewellery buyers might consider other factors when evaluating a piece of gold jewellery, such as condition, originality, aesthetics, weight, and melt value.
Get The Best Deal
The best way to find out how much you can make by selling your gold jewellery is to do your research and take your gold jewellery to different gold jewellery buyers and see which one is willing to offer you the best deal.
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