How to Sell Your Gold in Chicago, IL
Do you want to sell your gold but don’t know where to start? Understanding how you can sell your gold, including some proactive measures before you step foot in the store, can help you get the most for your gold bullion, coins, and jewelry. That’s why at Americash Jewelry & Coin Buyers, we’ve made this helpful guide that describes where and how to sell your gold, including some tips if you’re interested in buying gold as well. Keep on reading to learn more.
Where To Sell Gold
Many shops buy and sell gold, which might make you think that you can sell your gold just about anywhere. However, all these shops offer different prices, meaning you might not get the most for your gold. Some shops might not accept all the items that have gold in them, making your trip to the shop seem like a waste. When looking at a place to sell your gold, you should look at the following types of vendors:
- Jewelry stores.
- Online gold buyers.
- Pawn shops.
- Specialty buyer shops.
How To Sell Gold
If you’re looking to sell your gold, it might be as simple as walking up to the counter and offering to sell it. This approach, however, might result in you walking away with the money left on the table, as this method doesn’t usually result in you getting the true worth of your gold. To help you get the most out of your gold, there are some things to work out beforehand so that can help you negotiate the best price. Some things to expect and find out before you sell your gold include:
Karat weight refers to the purity of the gold itself. The higher the karat weight, the more pure the gold. Higher karats also often result in a higher price tag, meaning that even if you only have a little bit of pure gold, you can still get a high price out of it. Here’s a breakdown of different karats and their relative purity:
- 24-karat gold: This is 99.9% to 100% pure gold and has a bright yellow color.
- 22-karat gold: This gold is 91.67% pure gold and is harder in its composition, making it slightly more durable than 24-karat gold.
- 18-karat gold: Gold that’s 18-karat is 75% pure gold and still has a distinct yellow gold appearance.
- 14-karat gold: Most commonly used for gold settings, 14-karat gold is 58.3% pure gold, and the other 41.7% is composed of other metal alloys.
- 10-karat gold: This gold is often used in jewelry due to its durability, as it is 41.7% pure gold and is pale yellow.
Current Gold Prices
Gold prices fluctuate daily, meaning that you might get a high price estimate one day and a lesser price estimate the next. Researching the current gold price that day can help you determine if you want to sell your gold that day or wait for a day that has a higher price for gold.
The condition of your gold, especially if it’s jewelry, also affects its resale value. If it’s in good quality condition, you can get a higher price. If it needs work, a shop might offer you less due to the labor and time it’ll take to either clean and repair the jewelry or have it smelted down.
If your jewelry has precious stones or other ores, this can also affect the resale price of your jewelry. For example, if you have a gold wedding band that has a few precious gems added to the band, you might be able to get a higher value than if you only have a gold band.
History and Age
The history and age of your jewelry can also improve the resale value of your gold. If you have a piece of jewelry that has historical significance or was made by a famed jeweler of the time, you might be able to get a higher price. It’s also possible to get a better price if you have a piece of modern jewelry that was made by today’s popular designers, such as Tiffany, Bvlgari, Cartier, Channel, or another popular luxury brand.
Other Factors That Affect Gold Value
Several other factors that can affect the price of your gold. While these might not be as much a consideration as current gold prices and gold purity, they still can affect how much you might get out of your gold jewelry. These factors include inflation, supply and demand, interest rate levels, government reserves, and geopolitical factors.
Selling Jewelry With Gold In It
Even if you only have jewelry with gold in it, you can still sell your jewelry. This is because companies can either resell the jewelry as is or have it smelted and purified so the jewelry is separated into its base components. This means you can still get compensated for your gold no matter its form. For example, you might have jewelry that’s part gold and part sterling silver, which means that even if the jewelry is broken, it can still be smelted down to recover its pure gold and sterling silver components.
If you want to sell your gold jewelry and then turn around to buy gold, you can do that at Americash Jewelry & Coin Buyers too. This lets you get in on having one of the most reliable forms of investment and currency for years to come, making for a perfect nest egg for your future.
Are You Looking To Sell Your Gold?
If you’re ready to sell your gold and get the highest price for your gold and gold jewelry, stop by American Jewelry & Coin Buyers today. We offer the highest gold prices for items such as gold class rings, charm bracelets, earrings, United States gold eagle coins, and broken gold jewelry. Come visit us and get your free complimentary appraisal to see why selling your gold at American Jewelry & Coin Buyers is the right move.