Earning Money Through Recycling

If you're looking for a bit of quick cash and don't want to fuss with the messy world of stocks, then you should consider selling some of your gold products. The 2010s have been a great decade for gold. For an ounce of gold, you can expect to receive a little more than $1,000. How do you cash in? Well, there are several tips you need to know about before you decide on cashing in your gold. Throughout the course of this brief article, you will learn about 4 tips to get the most money when selling your gold.

Understanding Scales

The weight of gold is what determines its values, but you have to understand that the vast majority of gold dealers use a separate weighting system called a Troy ounce. Standard United States scales measure an ounce at approximately 28 grams.

However, gold dealers that utilize the Troy ounce measure out an ounce to be approximately a little over 31 grams. Some dealers also use a unit of measure called a pennyweight to measure out a Troy ounce, instead of grams. A pennyweight is approximately 1.555 grams. Be aware of which system a dealer uses and how they use it and, of course, be aware of how much they pay by the gram, pennyweight and ounce.

Karats

Pure gold is quite soft when it comes to the world of minerals. That is why it is combined with other metals and minerals in order to give it a bit of weight and hardened character. The FTC thus requires all gold that is sold to be described in terms of purity or fineness of the alloy; this is what is called a karat.

The karat scale works as such: each karat is 1/24^th pure gold. That means that if something is described as 12 karat gold, that means that half of its composition is gold, while the other half consists of other alloys. If a gold piece is less than 10 karats, it is illegal to describe or advertise the piece as being made of gold. Be aware that when selling gold, dealers will often not touch anything that is less than 10 karats.

Know The Value

Before selling, you should familiarize yourself with the market. Although the market is quite steady at the current moment, you might want to wait until you can get the most bang for your buck. There are numerous websites which you can peruse that will give you real time information about the value of gold per karat and per Troy ounce. Likewise, a dealer is legally required to tell you how much they are buying gold for if you decide to call them and ask them questions about the matter. However, it is always important to know the value of a good dealer.

Know Your Dealer

As with all walks in life where you are in a situation of selling and buying, it pays to know your dealer. If you know of any other individuals who have sold gold before, it is highly recommended that you pay heed to what they say about which dealers they have found reputable and desirable. Likewise, speaking with numerous dealers before deciding on which one to choose for their services is highly recommended. Getting to know an individual before relying on their services is something that you should get used to if you decide on selling gold on a somewhat regular basis.

Selling gold is rarely risky business these days, but it can be tricky on how to determine what the best way to go about selling your gold is. Hopefully, this brief article has shed a bit of light on the process. Click here for more information.