Sell My Gold FAQ

After the post about 5 Tips to Sell Your Gold some of you sent questions about selling gold and I thought I'd address them here. Please keep sending your questions about buying and selling anything for cash.

Q: How do I know whether to sell my gold by weight or by item?

A: The only time you will make some money from selling your gold by piece is if you have a one-of-a-kind designer piece, gold coins or artifacts that are worth value for their history.

Q: How come my diamonds resale value is pennies compared to the gold?

A: In general, gold will go up in value from the time you purchase it. Diamonds will go down. There's a whole backstory on why diamonds have very little resale value even if their worth is hefty. Unless it's a famous diamond for size or history, you're going to get more resale value from your gold. Keep that in mind next time you make a purchase.

Q: My Italian family said it's bad joojoo to bury the dead with gold, so we have quite a nice sum of 18k gold teeth that we've been piling up over the years. I kid you not. We sure could use the money to help out grandma and don't know if dealers will accept them. I'm a little embarrassed to go to my local gold dealer and ask.

A: Hey, your local gold buyer is going to love getting gold, especially 18kt. You can do a zip code search to find a local gold buyer at Cash/Money Buyers to find a gold buyer in your area. Good luck and keep Grandma happy!

Q: What's the deal with pink gold and white gold? Is it really gold?

A: The color of the gold depends on what you add to it. You'll never get pure gold since it's not a hard metal, so different metals or alloys are added in order to strengthen it. Basically adding silver will turn the gold silver or "white" as it's called and adding copper will turn it a shade of red or "pink" as we know it. The yellow gold you see that is not pure gold is usually mixed with sliver and copper in order to keep the yellow color.

Gold is measured and graded by karats. We measure gold as:
99.95% and above = 24k
95.83% - 99.95% = 23k
91.66% - 95.83% = 22k
75.00% - 79.16% = 18k
58.33% - 62.50% = 14k

Of course I've simplified the alloys that are added for gold colors or alloys in general, there are others used, such as nickel, which can cause allergies. Obviously if you're going to invest in gold, the higher the karat the better for resale.

Q: What has more resale value, a larger item of 14k or a smaller item of 24k?

A: This question came in and I saved it for the end since I wanted to explain about the measures in order to tackle this question. Basically it's a numbers game. If 12k is worth 50% of 24k, then you need double the amount in weight to equal the same cash for gold.

Thats about it for now folks, thanks for the questions and keep them coming!

Until Next Tip!
Brian