Sell Gold in Wilmington
Buying Gold in Wilmington – 910-805-9616
Often times when buying coins, I am asked if I will buy gold as well. Many times, people that sell coins would also like to sell gold – gold rings, gold necklaces, scrap gold, gold jewelry, etc. I have always purchased gold coins and, in an effort to assist gold sellers, I formed a relationship with one of the largest gold retailers in the USA. We will now buy gold from those looking to sell gold in Wilmington. If you are considering selling gold and would like to avoid all of the high fees, you can call 910-805-9616 or fill out the form on our Contact Us page.
How to Sell Gold
It is very easy to buy gold but can be hard to sell gold. You can go to any jewelry store, pawn shop, online retailer, EBay, etc. and buy gold but when it comes to selling gold many times you will only be offered a fraction of the price. Jewelry stores and gold dealers make their money of the “spread” which is the difference between what they buy gold for and what they are then able to sell gold for. Gold value is tracked by the current “spot” price. When you buy gold you will typically pay a premium over the spot price and when you sell gold you will be offered a discount to the spot price.
Gold comes in a variety of forms so gold buyers use the Karat system as their grading system to establish value. 100% or 24 karat gold is very soft so when it is used for jewelry, etc. it is mixed with an alloy to make it more durable. Below is a chart showing the percentage of gold for the different karats:
When you sell gold, the value is easily discovered by taking the weight of the gold and then calculating the percentage of gold present based on the karats.
Testing Gold Prior to Selling
There are many falsely marked pieces of gold jewelry in the marketplace. Most of these counterfeited items are made of metals other than gold, stamped with a karat, and then sold for true gold prices. There are also a variety of low value gold items such as filled gold and plated gold pieces. In order to determine if a gold item is legitimately marked and the true karats, there are a couple tests that can be done when selling gold.
Gold Acid Test
This is the cheapest and most widely used test for gold and is very accurate. In order to do an acid test all one needs is an acid test stone and the acids. The gold being tested is scraped along the acid test stone leaving a thin line of the metal on the stone. The acid, which comes in small eye-dropper style bottles, is then added to the gold on the stone and through a chemical reaction, the tester is able to determine the number of karats in the gold.
Electronic Gold Testers
The acid test kit can be messy and is not suitable for all situations. When selling gold, most gold buyers will also use an electronic gold tester to validate the karats. Although expensive, electronic gold testers can be very accurate as a means to test gold.
An electronic gold tester is used by creating a circuit between the gold and the devices probe. The goal is to measure the electrical conductivity of the gold which then gives an accurate measure of the karats.
If you are considering selling gold and looking for a local gold buyer call 910-805-9616 or visit our Contact Us page. Since we do not have any overhead in the form of a store front or employees you are sure to receive the most for your gold jewelry, coins, and scrap gold.
Meetings are by Appointment Only, so please call 910-805-9616 first.