5 Things to Know Before You Trade Gold for Cash

If you’re wondering how to trade gold for cash, you are likely overwhelmed by the many options available to you. Cash for gold buyers seem to be everywhere you look, both online and in retail stores. However, it is extremely important that you do your research and choose a trustworthy gold buyer so you can maximize your payout.

Most buyers will claim to offer you the best price for your gold, but it pays to consider your options before you trade gold for cash. Here are some of the most important things to know before you sell your gold:

  1. Selling for Scrap vs. Gold Pieces
    Consider the collection of gold you want to trade for cash, and whether it will be worth more as scrap or as collectible jewellery. Broken jewellery or outdated pieces will likely only fetch the scrap price, while high-end jewellery or antique jewellery may be worth having appraised as a whole.
  2. Estimate its Value
  3. Before you trade gold for cash, try to get a ballpark idea of what it might be worth based on the current price of gold. You can use a kitchen scale to estimate the weight of your gold, but it’s important to remember that an ounce of gold isn’t measured using the traditional ounce, but a Troy ounce. A Troy ounce is 31 grams rather than 28 grams, so keep this in mind during your calculations.

  4. Know the Karat
    The karat of your gold is the amount of actual gold contained within a piece of jewellery. Lower karat jewellery has other types of metal like copper, zinc and nickel mixed in with the gold. The higher the karat, the higher the trade in value of your gold. If you are unsure of how to determine the karat reading of your jewellery, a trusted gold buyer can test the purity of your gold before you sell.
  5. Find an Honest Gold Buyer
  6. You wouldn’t buy gold from a jeweller with a poor reputation, so why would you trade gold for cash at a gold buyer with a poor reputation? A gold and jewellery buyer with a long history of great reviews and customer service will offer you fair market value for your gold and will be transparent throughout the trade-in process.

  7. Be Realistic
    Unless you have a very large quantity of gold to trade for cash, selling scrap pieces and old, unworn jewellery is unlikely to make you rich. Understand that the price of gold can fluctuate on a daily basis, and each gold buyer will have their own methods of calculating the value of your gold.

If you’re looking for a reputable and trustworthy way to trade gold for cash, visit Pinto Gold and Jewellery Buyers at our convenient Yonge and Eglinton location. With over 20 years of experience, we handle each transaction professionally so you can get the cash you need quickly and easily.

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