The price of gold can fluctuate, which can have a direct effect on how much you can earn when you sell it. To find the best price for your gold, you need to understand how selling gold works and the different platforms you can use to lucratively get rid of gold jewelry you no longer want. 

How Does Selling Gold Work?

When you think about selling your gold, you are most likely thinking of what you paid for it or what you think it is worth now. However, most gold buyers are only interested in what your gold is worth once it is melted down. There is a difference in the retail value and its melted value. 

When you sell the gold to a buyer, it is measured for its pennyweight. The pennyweight is how much the gold weighs in grams. It is quite possible for an expensive piece of jewelry with a lower pennyweight to be worth far less to a gold buyer than a more in-expensive piece that is higher in pennyweight. Once the buyer has determined the pennyweight, the total of what you can receive is derived. 

One way you can find out what you expect to receive is to weigh your pieces yourself and then use the current price of gold to get a ballpark figure for its worth. It is important to note that there is a possibility that the buyer is willing to pay you more than the pennyweight worth if the piece is from a famous designer or considered to be rare. 

Who Will Buy Your Gold?

You most likely have seen the "We buy gold" commercials on television. These companies require you to mail in your gold to have it appraised for value. Once the value is determined, you will be notified of its worth and you will receive a check. Many people like this type of buyer because you never have to negotiate with anyone face-to-face. You also have the added convenience of being able to handle the whole transaction without leaving home.

Another option is to sell your gold through a pawn shop, jewelry store, or to companies like Rocky Mountain Gold & Silver Exchange. Selling at one of these locations is a great option if you are in immediate need of money. Remember to do your research before selling though. 

Selling gold has many benefits, as long as you do your research. Take some time to carefully consider your options so that you can make an informed decision.