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BBB Tip: Selling your gold pieces

(KVOA) - The Better Business Bureau (BBB) said that many people think selling gold is a common way to bring in quick cash but figuring out the right time to sell gold can be both a personal and financial decision. Regardless of your motivation, there are several factors the BBB recommended people consider when looking to sell gold pieces.

  • Choose items wisely. Don’t be in a rush to sell. After picking out your potential items, wait a few days to re-evaluate your decision. Selling items that are mismatched, have broken pieces, or outdated items are a great start. Also, consider items that have no/low emotional attachment.
  • Know your items. It is rare to have items made of 24-karat gold, the maximum karat reading, as it too soft for use in most jewelry. In the U.S., most jewelry is either 10-, 14- or 18-karat gold. Jewelry stamped with a “GP” is actually gold-plated jewelry. If available, be sure to have your receipts or certificates with you when you go to sell.
  • Get an appraisal. If you are considering selling a unique or antique piece, you may get more selling the piece as is rather than selling it to a gold buyer who typically only pay by the gold weight.
  • Have realistic expectations. Selling gold will likely not make you rich because most items are not pure gold. You will only be paid for what amount of gold is in each piece. Research the current price of gold. Most buyers will also take out a charge for the refining process.
  • Find a trustworthy buyer. Research a business on Check to see if the buyer is a member of a trade association. Be aware of “pop-up buyers” who often pay much less than the going rate.
  • Shop around for the best offer. Get quotes from several buyers as offers can vary significantly. Don’t let your items of different karat value be weighed together. If you are also looking for buyers online, start with quotes from local buyers so you have an idea of what your gold is worth.

Alexis Berdine

Alexis Berdine is an Investigative Multi-Media Journalist at KVOA.

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