Gold is a great investment because pieces of gold can be resold when you need cash. Gold is recyclable and even gold scraps can be melted down and reused. While gold retains value, its value varies according to the market, the quality of your gold, and the agreement you as the seller come to with the buyer.
GOLD PRICES VARY
The price of gold varies much like any other commodity. As a rule of thumb, when the economy is doing poorly, gold prices tend to rise. This of course is just one of many factors that help determine the price of gold. Other factors that come into play include industrial and personal demand, central banks buying or selling massive amounts of gold, as well as investors and speculators. As an individual looking to sell gold, you don’t necessarily need to thoroughly research each influence, but knowledge of the general price trends can help you determine whether or not now is a good time to sell your gold. If you feel overwhelmed with such information, you can seek the advice of a reputable gold buyer in your area.
QUALITY OF GOLD
The quality of your gold will also affect how much it is worth. Gold is a very soft metal, so it is often combined with other metals or hardening agents to help with durability and color. The gold content of a specific piece of jewelry (or other item) is described in karats. A 24 karat piece of jewelry means it is pure gold. If a piece is 14 karat gold, then it is 14 parts gold and 10 parts some other metal. A piece of jewelry labeled gold must legally contain at least 10 karats of gold.
Jewelry isn’t the only valuable form of gold. You can also sell gold coins, dental gold and various other gold items such as metals and knickknacks. Gold coins have even more factors determining value, including authenticity, rarity & condition. Dental gold such as fillings, bridges, crowns and gold teeth are often 16 karat gold that likely contain some platinum as well (which may also be of value). Again, a good buyer will be able to determine the quality of your item, and it can’t be overstated how important it is to work with a reputable gold buyer if you want to sell your gold.
CHOOSE A REPUTABLE GOLD BUYER
With so many factors involved in determining the value of your gold, you’ll benefit from the help of a trusted gold buyer. One telling quality is longevity. Has the gold dealer been in your community for a while and spent years forging a solid reputation? Another great quality is their overall helpfulness. Are they able to answer your questions and explain how they’re determining your item’s value? Don’t be afraid to shop around to find a local gold dealer you trust.
If you want to sell gold in Evanston – whether it be jewelry, gold coins, dental gold or scrap gold – you can always contact Windy City Jewelry & Loan to speak with a trained gold buyer today!