Selling gold at the right time can make a person richer. Gold selling requires a gambler's nerves and a banker's intuition. Wise investors use gold as a hedge against future financial mishaps. Selling gold can also be used to increase an individual's liquid wealth. Read on to learn sell gold.
Instructions
1. Learn the different forms and purity levels of gold. Gold bullion coins and ingots of pure gold are sold in coin shops and jewelry stores. Ingots range in weight from one tenth of an oz. to one oz. This is the most convenient form for physically owning gold. Precious metal shares of gold are the preferred gold ownership method for large amounts of gold. An often over-looked form of gold is scrap gold, which includes broken jewelry and gold platings.
2. Understand that the price of gold is given as U.S. dollar per troy oz. The price of gold fluctuates daily, but buyers of gold set their individual price each day just before opening for business, so don't hold onto gold all day thinking that selling the gold at the end of the day may net more profit.
3. Sell bullion coins and ingots to stores specializing in gold and receive the quickest payout. These stores can be found listed in the telephone book under precious metal dealers. These dealers also buy items such as scrap jewelry and watches, if the karat value can be established for the items.
4. Sell gold through a brokerage firm. On paper, large brokerage firms move tons of gold per week. Gold sold in this way can net the most up-to-date price.
5. Put gold up for sale through an online market such as eBay. The seller's lowest price is set in advance of the sale and a substantial profit can be made from hot items such as scrap gold watches or rings. The online marketplace is also the best way to determine the value of a scrap gold item.
