With the economy being as volatile as it currently is, gold is perhaps the only means of investment that has managed to retain a stable price. That is why when you find it in excess among your belongings and you are in need of some quick cash, you can trade it in for the monetary assistance. There are several online outfits that will give you a good price for your gold. Similarly, there are brick and mortar companies that will offer you the same services.
If you are looking to trade in your gold for some cash, then it would be a good idea to know how to go about it correctly. First thing would be to sort out your gold into things you would like to keep and those that are just plain excessive. Evaluate each piece on a personal level and be sure of what you want to keep and what you want to trade.
Next, know what the price of gold is; study it on a daily basis so that you get an idea of what the going rates are and how much you can get for what you have. There are several forums online that can prove useful in your research. There are also certain things you have to look for in a cash for gold trading organization. The first is the turnaround time which must be quick. If you are sending your gold in and it takes a month to get cashed, then it’s a waste of your time.
If you are exchanging your gold for cash in person, then you should know how the scales work. In such cases, a measure known as the Troy ounce is used. Each troy ounce is 31.1 gms of gold versus the US scale of 28 gms to an ounce. There is also the pennyweight system which some dealers will try to use- make sure that this does not happen to your gold.
You need to know about the karat weight of your gold. Pure gold cannot be used because it is too soft. It needs to be blended with other metals, and this blend is regulated by the authorities. 14 karat gold would mean that it contains 14 parts of gold and 10 parts of other metal. No jewelry that is below 10 karats of gold can, by that term, be called gold jewelry. When you take your jewelry to be weighed, make sure that the heavier ones are not placed with the lighter items. Separate them according to their general weights.
It is important that you do your research on the entity that is buying your gold. There are several forums online that will give you unbiased reviews. You could also ask people you know for references of organizations they may have dealt with in the past. Such public opinion gives you a good idea of the quality of the company and assures you that the deal you are going to get is a good one.