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How to Convert Precious Metals into Cash

The first place you should start is figuring out the price of your metal. Prices of precious metals are quoted in ounces, and you are also usually given historic prices to help determine whether or not you should sell now or wait for the prices to go up.After figuring out the value of your metal, use a metric conversions tool, which you can find online, to convert the price per gram. A jeweler or pawn broker will likely use this to quote you on the price per ounce.

Multiply that number by the percent of gold by karat.Ultimately, you must determine what your bottom line is. Eberhardtsaid that 70 percent of the market value of the metal means you are getting a good deal. However, you can expect most places to offer 30-40 percent. You have to make a decision on what the item is worth to you at the end of the day.

Where to Sell Gold

If you are looking for gold buyers, cash for gold, or where to sell gold and other precious metals that you no longer have use for, there are several venues you can visit to sell them to. Each option has its fair share of drawbacks, however, so we recommend you select carefully and weigh your options.

Jewelers and Pawn Shops:If you go to a reputable jeweler or one that specializes in this specific niche, you are likely to find yourself with gold buyers that will give you a good deal. However, you must verify the reputation of their previous business deals to confirm.

Mail-in services:This method to sell gold is widely known but usually has a very low asking price for the precious metals you are offering. The Better Business Bureau (or BBB) has dubbed most of these firms to be unethical.

eBay: eBay might not be the conventional way to sell your precious silver and gold, but you may get a good asking price for your belongings. The tricky part is that the process will take longer than going to a typical pawn or jewelry shop and you may have do much more research before committing to an online vendor.

 

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