Shopping on Holiday: A Blog for Travellers

Top Tips for Selling Your Gold for Immediate Cash

22 September 2015

Wayne Miller

If you have a large amount of gold jewelry or coins or other forms of this precious metal, you might consider selling them for immediate cash. You can use this cash to invest or put into a savings account and watch your money grow, which it doesn't do when your jewelry is just sitting in a drawer. The cash might also be used to pay down debt; this too can be a better use of your gold, as debt means owing more money as time goes on since interest is always being charged on your credit cards or loans. 

Selling your gold for immediate cash is not difficult, but you want to ensure you get the most money for your gold and work with a reputable dealer. Note a few top tips for selling your gold for immediate cash.

1. Pennyweight versus gram

A pennyweight is equal to 1.555 grams, and sometimes gold is measured in terms of pennyweight versus grams or ounces. This is especially true for very small pieces of gold that may not register in terms of ounces. However, be aware of how you're paid; a dealer might weigh the gold in terms of pennyweight but then round it down to the nearest gram and, in turn, you're paid less for the amount of gold you bring in. Ask how the dealer weighs the gold and how they pay for it and ensure these measurements are the same; if they weigh in pennyweight, you should be able to see the weight and then do your own math to figure how many grams that equals.

2. Separate karats

The higher the karat of gold, the more pure it is and, in turn, the more valuable the metal. When bringing in large quantities of gold pieces, separate the karats. Ten-karat gold won't be as valuable at 18-karat or 24-karat, which is why you don't want to lump them together. A dealer may only pay you for the value of the lowest karat of gold in your pile of pieces, so separate them and get them weighed and valued individually.

3. Read fine print

If you're selling gold to an online buyer, read the fine print. Note how long you have to accept their offer, as they may need to weigh and inspect your items before giving you an estimate. Note how long before they pay you, and be sure you have your items insured and photographed before you send them.

For more information, contact local gold buyers, like PMT Pty Ltd. 

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