Yes, we love our families. Hanging out with our friends and loved ones so much is absolutely fantastic. And this is one of the best times of the year, no doubt about it. Science has even shown us that giving is more enjoyable than receiving. (You probably already knew that, but science is sometimes a bit slow in these things).
All the same, there is a downside to this end of the year thing. It can push our already teetering budget right off the cliff’s edge. I mean, it’s not like Halloween and Thanksgiving are cheap either. Who was it who decided to put all these holidays so close together anyway?
If you’re struggling financially, you might be up for some good news. Well here is some! You might have the means to a good end of the year without putting yourself into debt at the start of the next one lying around your house.
How? Through selling your unwanted gold. (The title kind of gave that one away a bit, no?)
Do you have some jewelry you never wear? Or do you have some other golden bits and bobs lying about that no longer fit your décor since you redecorated? Maybe a few years ago you thought a 24 karat grill was a good idea, but now you’ve seen the errors of your ways? Why not liquidate that wealth and put it towards your family, friends and the holiday spirit?
“Great”, you’re thinking, “All I need to do is grab all my gold, throw it into a pile, run down to the corner shop and sell it! Christmas presents, here we come!”
Not so fast!
You could do that. And you’d get some money, to be sure. You’d be setting yourself up for disappointment, though, as you might not get the best price you can. You see, many people don’t know the price of gold. And when there are opportunities to take people for a ride, you can be sure there are people willing to do the riding.
Better to run through this checklist before you run off helter-skelter first:
The first thing you want to know is how much your gold is worth. Now, to be clear, you might not get what the internet says. There is always going to be a bit of a difference at which people sell and buy something. That difference is where shops and businesses earn their bread.
Still, you can get close and by knowing the price you’ll have a good idea of if somebody is offering you a good deal or not.
Of course, knowing the price alone is not enough. You’ve got to know how much gold you’ve got first. So, go on, grab some scales. Kitchen scales are fine. Then find out how much the items weigh.
Next, work out how much of it is actually gold. If you know how many karats an item is, then it’s pretty straightforward to know how much gold you’ve got. When something is 24 karats it is pure gold. Anything less than that has other things (like different metals and stones) mixed in.
Want to know how much gold you have? Then put the weight into your calculator, divide that by 24 and multiply it by the number of karats of the item. So, let’s say you’ve got some gold spoons. They weigh 24 ounces (big spoons) and the quality is 24 karats (they’re soft too! No wonder you want to sell them).
Well, then you’ve got: 24 / 24 X 24 = 24 ounces of pure gold.
Multiply that by the price per ounce (easy enough to find online) and you’ve got an estimate of the price.
For a more detailed illustration of calculating the value of your gold, you can check out our complete resource on how to calculate the value of your gold here.
Then you have to consider if it’s worth the money to get it appraised. The more gold you have the better it is to get it appraised by a professional. For then you don’t lose money on people giving you a low offer.
Is somebody offering to appraise your gold for free?
Be careful! There are a lot of fly-by-night operations out there. These will try to lowball the appraisal and then buy your gold for (much) less than it is worth. The more insistent they are about buying your gold, the more skeptical you should be.
The best thing you can do is check out their standing at an official website or get a second opinion.
Even better, do both!
I know. Now that you’ve figured out that this is a solution, you want to sell your gold quickly. Then you’ll have money to make it the best time of year for the people you love. I hear you. That little gleam in the eyes of those closest to you when they tear off the wrapping paper is heaven. And seeing their dreams come true is worth more than any golden trinket – particularly if you don’t even need it anymore.
Still, don’t rush it.
The last thing you want is to feel cheated on Christmas day. That is why you should – as they say in the carpentry trade – measure twice and cut once. If you want to use our Cash for Gold Mailer Service, for example, go ahead and request the mailer. Then go off and get your gold appraised while you’re waiting for it to arrive (or just print off your mailer and send it in immediately).
That way, when you send off your gold and you get back a quote, you know that the price you’re getting offered is fair. And if the place you got it appraised at offers a better price? Then Cash for Gold Mailer will match it.
That’s a guarantee. So you don’t have to wait with sending it off.
Give yourself both a fantastic holiday and peace of mind by considering your options. Then you can feel great on Christmas day. And so can we.