The Practice of Exchanging Gold For Cash

!±8± The Practice of Exchanging Gold For Cash

If you're strapped for cash you may have another source of income under your nose - and you may not even know about it. You can get a substantial amount of cash for gold in any form, though jewelry is the most common source of gold. There are several options for turning gold into cash, but it's best to go through legitimate channels. Here are a few steps to take in order to sell your gold.

The first thing you should do is figure out what you want to sell. Most jewelry has an emotional connection to it, but there are some pieces that you can likely part with that will have little to no impact on you if you do. In the case of jewelry, workmanship usually doesn't matter, since it will likely be melted down for the gold anyway. Heirlooms that have been with your family for generations are probably not the best thing to trade - even though they might fetch you more money. You'd have no way of getting the money or the heirloom back if you sell it.

Get the gold appraised before you try selling it as well. An appraisal can sometimes mean an initial set back, but can give you a ballpark figure for what to ask for. It will also give you a good figure to judge offers on - you'll be able to tell if you're being low-balled. Be weary of appraisals given by someone you're trying to sell the piece to - they may not give you a fair value.

Where can you go to trade in your gold for cash? There are usually a large number of companies in any city, but your best bet is to go through your local yellow pages for jewelers who buy gold. Contact them to find out how they make their offers and how they do their business. You can probably get several different bids for your gold by going through a local directory, so get as many as you can so that you can sell at the highest price.

Note that the price of gold on the market is measured in 24 karats; most gold found in jewelry is 10-14 karats, so you won't get full market value. Still, the important thing to do is shop around for the best price. Many people attend gold-selling parties at home, but these are not good for getting a fair market value for your gold. While it may take a little longer, doing some homework will give you the most cash for your gold.