Tips to Consider When Selling Your Gold

When dealing in gold, you must know some effective and simple strategies. After all, you do not want to sell at a lower price and be robbed of the true worth of your gold pieces. Also, to be able to sell gold in New York City, you must follow the market price trend before making a decision. Here are some gold selling tips, which will help you get the best price for selling gold in New York City:
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Separate Jewelry by Karat Weight
Before you set about to sell your gold jewelry you must separate it by karat weight. If you let the buyer weigh all your pieces together it may result in an unfair price since he may quote a final rate based on the lowest karat weight among all the pieces. This will result in less money in your pocket so make sure you weigh different karat pieces separately.

Check Reputation of Buyer
When you decide to sell your gold pieces in New York City, you must make sure that the establishment you are choosing is well reputable and trustworthy. For this reason, you can check with the Better Business Bureau to ensure that they have a high rating. You do not want to enter into a transaction with someone who will cheat you and offer you a lesser price than what you deserve.

Get Everything in Writing
Before you finalize a sale, make sure that you have it in writing or have some other proof to document and prove the sale. This is necessary in case if later you find out any problems, a signed document of verification of sale will prove your case. Proving any kind of fraudulentness will be very hard for you if you do not have documented proof.

All Kinds of Gold Items Are Sold
If you do not know this, understand it now that gold dealers are there to buy all kinds of gold items. It may be broken jewelry, gold fillings, gold watches, and even gold items which are not 100% pure. Items, which are partially gold or contain gold mixture content, may also turn in some decent money. How heavy each piece of gold is determines the amount of money you will receive for it. Be cautious of dealers who weigh by pennyweight but try to quote you a price for grams instead.

Know What You Have In Hand Is Worth!
Whether you are a frequent gold dealer or not, you must learn some basic tricks when you set about selling your gold in New York City. Always ensure that you know the true value of your gold jewelry. Seek a price quote from at least 3-5 sources before deciding on closing a deal with one. You would not want to settle for less money for your gold. When selling gold jewelry studded with stones, make sure you do not leave the stones with the dealer even if you think they are worth nothing. The dealer might try selling it later, its best to get them back before leaving.

How Is Gold Appraised in New York

If you’re in New York, then you know how hot of a commodity gold really is. New York loves gold and the city shows it with hundreds of pawn shops and dealers available around the Big Apple that allow you to sell your gold in New York. New York has a growing market for gold for a variety of reasons.

Appraise Gold in NYC

Gold is, for the most part, used as a hedge against inflation by many investors whenever the economy becomes unstable. For others, it’s a tangible asset that can be sold at any time for a better rate than it was bought. Last but not the least, women love gold jewelry more than anything. With so many reasons to buy gold, it’s understandable that New York has a big market for it. Let’s take a look at how gold is appraised in New York and how you can get the best possible value in resale.

Pawn Shops and Dealers
The most common source of purchasing and selling gold is through pawn shops. Pawn shops and dealers are increasing in numbers in New York. Hence, whenever you want to sell your gold, you must consider different options rather than getting the deal done with the first dealer that you meet.

Gold comes in different forms, and you should be prepared to hear the price for it. For example, if you have gold bars or coins, you can sell for them a far better value than you will get from gold jewelry or scrap gold. Don’t expect to get the market price for your gold jewelry as this is not going to happen. In this regard, get at least three to four quotes from different gold dealers to have a better idea of how much your jewelry and scrap gold are worth.

Credibility and Gold Parties
Since New York has such a budding market for gold, you will most likely run into a dodgy gold buyer who is just looking to make profits off your assets. To avoid this, only visit licensed gold buyers or check with the Better Business Bureau (BBB) in order to be sure that you’re selling your gold to a credible and reliable dealer.

Gold parties are another way to get your gold appraised in New York. Gold parties are generally hosted by gold buyers or investors and are a great way to have fun and get your gold valued, possibly even sold. If you are invited to one, then take a sample of gold that you want to get sold. Don’t worry too much about your gold. Gold parties are a fun way to enjoy some drinks and healthy conversations about gold.

Selling Online
The online market for gold buying and selling in New York is bigger than ever. There are many gold buyers that provide everything from gold appraisal to pickup and even cash payouts. Gold Buyer New York City offers the best cash paybacks in New York and on the internet. All you have to do is go on the internet and search for gold buyers in New York and you can start getting more attractive quotes than from pawn shops and dealers.

How US Dollar Affects the Gold Rates

Why do people invest in gold whenever there portfolio is under threat?

This is an intriguing question, and it has more to do with the American dollar than anything. Yes, the American dollar affects the rate of gold, not just in the states, but around the world as well. With that being said, is the US single handedly responsible for the fluctuations in gold rates? Absolutely not, because there are premier investors around the world that drive the rate of gold, most of whom may not even be located in the US. With the global economy looking uncertain for the most part and the price of gold hiking to new heights, investing in gold can be a good option. But then there are things you should know before putting your money in gold, like how the US dollar is affecting the rate of gold.

Invest in Gold
The Price of Dollar
The US dollar is one of the major economies of the world, and the fact that it’s also the reserve economy of the world speaks volumes. To begin with, let’s clear one misconception that people have with gold rates. Gold rates will increase when the US dollar becomes weak, no question about that. However, a weakening dollar is not the only indicator of rising gold rates. People take this fact for granted but in reality it’s more important than knowing where the dollar stands today. Factors like foreign investment, economic change in major economies around the world, and gold available in the market can have an impact on its rates.

The Dollar against Other Economies
Where the dollar stands against other economies also impacts the rate of gold. For example, when the interest rates in the US will increase, they will likely increase the exchange rate, which will then affect the gold rates. In simple words, if the US dollar is weak against the Australian dollar today, then you’re investing more US dollars for the same amount of Australian dollars as before. This will affect the exchange rate between the US and Australian dollar, and likewise, the gold rates will fluctuate.

The Dollar against the Inflation
The inflation rate is another indicator of where the gold rates are heading. Usually when the inflation hits, the government has increased money printing or the costs of production have increased. This will likely push the inflation rate, and in return, investors around the world will consider investing in gold. As the inflation rates climb up, the value of the dollar depreciates, and the gold prices appreciate. This is one of the reasons why investors around the world buy more gold during the inflation. And why wouldn’t they? You know you’re going to lose the value of your bonds, shares, and stocks. And you know the economy and the US dollar will not stabilize anytime soon. Hence, inflation is generally considered the best time to invest in gold, which again is triggered by the increase in dollar notes available.

To sum it up, the US dollar can, and does affect the gold rates around the world. But to discard other reasons of changes in gold prices is to skydive without a parachute!

The Importance of Gold Markings & Purity

There are many people out there that are interested in selling their gold scraps and selling their old gold jewelry, but aren’t sure what they could or could not sell. There are many questions that can arise, such as which pieces of your jewelry may have enough precious metals, such as gold, silver, or platinum, in them to turn a profit. In order to make the most educated decision, having the knowledge and understand of gold markings and the purity of the metal is crucial.

Along with many other gems and precious metals, the purity of these commodities are measured in karats. The karat represents the purity of the precious metal, giving a good measure of how much of the precious metal is in the piece. Karats can range from 10 karat to 24 karat, 24 karats being the purist grade there is. Although some pieces of jewelry can have less than 10 karat’s, its generally the lowest amount a dealer will accept.

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Interestingly, 24 Karat gold is very rare to find in the United States. Although Asian and Europe have a market for this high purity of gold, the U.S. market tends to find that 24 karat gold is too malleable for their taste. High end jewelry in the United States is generally at 18 karat purity, which keeps the nice look of gold, but stronger. Lower karats of gold are mixed in with silver or other precious metals in order to give gold more durability.

With the classification of the purity in gold understood, the next step is being able to figure out how pure the gold in your possession is. Every pieces of jewelry should have a jeweler’s make as well as a number followed by the letter “k.” For the most part, this mark can be found on clasp of the piece, on some occasions however, it will be places somewhere else. It may become time consuming, but sometimes its necessary to search from link to link in order to find this jeweler’s mark.

Sometimes this mark won’t be found due to the piece being gold filled or plated. The gold plating procedure is a process achieved by binding the shell of a piece, usually silver, with gold in order to give it the appearance of being made fully of gold. Many gold buyers won’t be interested in the gold of these pieces however, since the silver content will most likely be more valuable than the amount of gold found on it.

Another important factor to understand is that jewelers from Europe and jewelers from the U.S. mark their gold pieces differently. In the U.S., gold is usually marked by the karat, so if a piece is 21 karat, it will be labeled as 21K. However, in Europe, the percentage is used instead. A piece of gold marked in Europe will be labeled as 875 to represent 87.5% purity in gold. This can become a little confusing, but regardless of the region, the higher number usually represents a higher purity.

Gold plated jewelry is not as valuable in comparison to other pieces of jewelry due to the reason that smelting down or refining gold is a time consuming and expensive process. Jewelry plated in gold as opposed to being made of a high purity of gold won’t be worth it for precious metal brokers. If you’re in the market to sell your gold scraps or broken gold jewelry, make sure that it is at least 10 karats or higher in purity.

Another fact on gold worth noting is the colors of your gold pieces, and how that related to the purity of your gold. The actual color of pure gold is bright yellow, so when it is mixed with other precious metals, different colors of gold begin to appear. For example, mixing gold with nickel or zinc can create white gold, while mixing it with silver, zinc, and copper can create a rose colored gold.

Although the gold you sell may be a colored gold, meaning it is not pure, these pieces can still be very valuable and should still have a jeweler’s mark on them. These pieces of gold are not likely to be above 18k in purity, but they will still hold value to a precious gold dealer, making selling your gold in NYC easier to understand.