Refined gold is usually easier to sell than gold jewellery, because it is a much higher quality of gold. Gold jewellery has, on average, 14k gold, which is just over 58 per cent gold content. Refined gold is fine gold, measuring at 99.99 per cent gold. The higher gold content makes refined gold more valuable. It is usually made into small bars or ingots that are highly portable and easy to sell. If you have refined gold that you would like to sell, keep reading to find out how.
- Skill level:
Things you need
- Refined gold
- Digital scale
- Internet access
Use a digital scale to weigh your refined gold. Knowing how much your gold weighs is the first step any time you are selling gold, whether it is bars, coins or jewellery (see Resources below). Not only will a buyer want to know how much your gold weighs before they consider a purchase, but it is important for you to know so that you can determine if the offers you receive are fair.
Auction your refined gold at an online auction site, such as eBay.com (see Resources below). Online auctions are a popular way to sell gold because they reach a large number of people who may have an interest in what you are selling. Because the auction is awarded to the person willing to pay the most for your refined gold, this is usually one of the most profitable way to sell your gold. This is particularly true if you have multiple people interested in your gold, creating a bidding frenzy during the last 2 minutes of the auction.
Place an ad in your local newspapers. You want to try to sell your refined gold to an individual if at all possible, because you will make more money from an individual than you will from a business. Carrying a classified ad is an excellent way to reach people who are looking for items to buy. Most newspapers have a section within the classified ads to list items for sale. Take advantage of this offer and post a classified ad, particularly in the Sunday edition of the newspaper, which is usually more widely read.
Locate assayers near your area who will buy refined gold. Many assayers will buy gold bullion to be made into other items. Most metropolitan areas will have at least one assayer, especially if you live in a state that has a history of gold production. Once you locate an assayer, call to ask them what rates they are paying for refined gold.
Sell your refined gold to a local jeweller. There are basically two types of jewellers: those who are essentially retailers for other people’s products, and those who are true jewellers that make jewellery themselves. If you find a true jeweller who makes jewellery, then they will typically buy gold, especially refined gold, to use when making jewellery. Use the telephone directory to find local jewellery stores to call and ask if they buy refined gold.
Visit pawnshops in your area. Most pawnshops buy gold based on the weight of the metal. Since refined gold is often in the form of bullion that is intended to be used as a metallic resource anyway, the melt value is a fair price. Take your refined gold to different pawnshops to see what they will offer. If they do not meet your price you can attempt to negotiate with them. If they still fail to meet your price, walk out and take your gold to the next pawnshop on the list.
Tips and warnings
- You can also sell your gold to online bullion dealers such as bulliondirect.com, but shipping costs and market fluctuations can quickly eat into your profits, so this should be saved as a last resort (see Resources below).
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