GREENSBORO, N.C. — This week the price of gold hit a record high topping $2,100 per ounce. That might have you thinking about selling some of your gold jewelry. Before you do, 2 Wants To Know asked the experts for some advice.
Say you have a gold bracelet like this one online that you want to sell – the first thing you must do is get linked up with a credible buyer. Typically, online buyers will give you the best price because they have less overhead. But you want to be very careful where you send your gold! Carefully read Yelp reviews online and check the BBB for any complaints filed against the company.
Sidehusl.com has researched and recommends either The Alloy Market or Express Gold Cash.
Next, reflect on what you think is a fair price before selling! Warning: you're going to get less than you think you should. For example, The Gold Melt Calculator online estimates a 14K men's bracelet which sells for more than $1,600. New would fetch somewhere between $895 to $990.
And before you mail off your gold, make sure it's insured.
Three more important things to know before selling: Try to get multiple estimates before picking where to sell it. Plus Gold is considered an investment by the IRS, so Smart Asset dot com said you might have to pay capital gains taxes. A way around that is by proving you took a loss on the sale by showing how much you originally paid for the jewelry. Finally, many economists expect the price of gold to keep going up next year, so you might want to hold on a little longer.