How do I go about selling gold?

Some jewelry stores buy it, and of course, pawn shops.

My brother-in-law owns a pawn shop, and he buys gold and silver. I’m not sure exactly what the system is, but I know he pays by weight.

I know that he pays for silver that has the 925 stamp or is stamped “sterling silver” equally.
With gold, he pays a different rate per gram depending on whether it’s 10k, 14k, 18k etc.

Gold is currently selling for $1,837.00 an ounce.

Take your gold only to a reputable gold and silver coin dealer.

Shy away from pawn shops. Most will not give you your true value of the gold you have to sell.

Scrap metal dealers, here in Spain I can get you 22 euros a gram at the moment.

I was just discussing this today. So would a jewlry store give more than a coin dealer?

@syz, here is an interesting site to help educate yourself about gold. Please, be very careful when selling the jewelry. Just make sure you get someone honest to tell you what it is worth. Ask four or five different people to just get an idea what it is worth. Gold just hit an all time high of $1851.71 an ounce. WOW Friday.

http://www.enchantedlearning.com/jewel/pages/gold.shtml

Ok I did this last week. Lets say you have an ounce with is as John said $1,837, right. but you have 18K, so you have 75% pure gold (18K / 24 K). So your ounce would be worth $1,378 approximately. Most reputable Jewery stores are in competition right now so they will all have similar offers, BUT, expect them to only pay approximately 60% of the retail value. So at a Jewelry store that 18K ounce would fetch you $826.65. But you also need to divide by the weight, so if its only half an ounce you would fetch $413. Got it?

Oh and they won’t give you price in ounces but in grams, so you need to be able to do that conversion as well. Prior to going into the store I had calculated a worth of my chain of $175, but she offered me $95, I said I knew the worth of it and her offer should be in the 60% range she than admitted trying to take a $10 transaction fee off. I protested and when she added it back I was right on the money. Oh she also tried the line on me about its only 14k, I replied, ya, right 58% pure, she shut up and finished the transaction. Knowledge is power.

I will add, that the best place to get close to retail is said to be selling it on ebay, but I did not want to invest that much time into making an extra $70.

Gold and other fine metals are weighed by the troy ounce. There are 12 troy ounces in a pound. That is equal to about 16 American standard (I think that is what it is called) ounces.

My value was calculated like this:

I had a gold chain that I got weighted and was 0.18 ounces

There are 31.1 grams in a troy ounce

31.1 Grams X 0.19 ounces = 5.6 grams

Price when I sold was $1,741

So $1,741 X 0.18 ounces = $313.38

Purity 14k (14k / 24k) = 58.3%

$313.38 X 58.3% $182.70

But I went the route of selling it at the jewelry store so

$182.70 X 60% = $109.62

Ooo, if you want to make sure their scale is honest bring a US Quarter and it should weigh 5.67 grams. quarter weight here

It made it very clear @choreplay. Very good example. Even I understand that!