Gold Price Weight Converter

Selling Gold For Cash – 3 Facts You Must Know Before Selling Gold For Cash

Are you interested in selling gold for cash? Gold is a precious metal with inherent value and prices are at a record high right now making it a fantastic time to sell your gold.  Whether you own designer jewelry or a drawer full of broken and bent jewelry, you can quickly convert your gold to cold hard cash in your pocket.

The 3 most important factors when selling gold for cash.

The price you will receive for your items depends on three factors. The weight, the karat or purity and the current value of the gold are the most important factors that will determine the amount of money you receive.

1.) What is the measurement used when weighing gold?

Gold is purchased in grams and troy ounces. The daily price of gold is in troy ounces; one troy ounce equals 31.1 grams. So you can now determine not only the purity but the weight of pure gold you have in troy ounces.

2.) What do the amount of karats really mean?

When selling gold for cash it is helpful to have a basic understanding these three things. All gold jewelry is marked with the karat, or purity stamp. 24 karat gold is pure and is too soft for jewelry so other metals are mixed with the gold to make an alloy. 10 karat gold is durable but only has 10 parts out of 24 content, the same math applies to 14, 18 and 22 karat. Divide the karat by 24 and you will have the percentage of pure gold in your item.

3.) What is the current market value of pure gold?

The final factor to consider when selling gold for cash is the current market value. Precious metal values change throughout the day so watch trends closely and sell on the day following a high price as buyers usually base their offers on the closing price of gold from the previous day.

Here are some final considerations as you gather your items to sell. Some pieces of jewelry such as signed designer pieces may have value above and beyond the gold value alone. On the other hand, unmarked dental gold and broken jewelry can easily be sold for the value of the gold they contain.

Now that you understand the basics of selling gold for cash, take a look in your drawers and convert your gold to much needed money.

About the Author

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