Selling gold today has never been easier, but it comes with a huge risk if you do not know what you're getting into. Whether you intend to sell online, at a pawnshop, or to the local jeweler, it's important to be well informed regarding your gold and the market as well. If you are not careful, you are likely to end up with less than full the golds value, and thus a loss. As such, you'll want to keep the following tips in mind the next time you decide to get some cash for gold.

Know the Scales

The gold weight helps determine its value, but it's important to note that jewelers utilize a different measurement standard referred to as a Troy ounce. The United States scales measure 28 grams per ounce but when it comes to gold, it's measured at 31.1 grams per Troy ounce. Also, you may come across some dealers that utilize a weights system referred to as pennyweight to measure a Troy ounce. A pennyweight or dwt is the equivalent of 1.555 grams. So, pay close attention to ensure the dealer doesn't weigh by the pennyweight but pays you by the gram. This is one of the sneakiest ways to pay less for more gold.

Know Your Karats

Pure gold is too soft to have practical applications and that's why it's combined with other metals to create color and durability. The FTC (Federal Trade Commission), requires that all jewelry sold in the United States describe a karat fitness of the allow. A karat is equal to 1/24 of pure gold by weight. This means that 14 karats equate to 14 parts pure gold and 10 parts of other metals. Keep in mind that it's illegal to label jewelry ''gold jewelry'' if it contains less than 10 karats. So, in order to determine the actual value of your piece, it's imperative to know your karats.

Keep the Karats Separate

Do not allow the jewelry of varying karat to be weighed together. Some dealers tend to weigh all the pieces together and decide to pay you for the lowest value of the karat. So, before you decide to sell, separate your items by karat value.

Know the Value

Check with an online source or contact a local jewelry store to verify the current market price of gold before selling. Some dealers know that some individuals are selling to get quick cash and use this as a tactic to pay the least amount of money possible.

Know What You're Selling

Some gold pieces are worth more when sold in their current state compared to when melted down. So, if your gold bracelet or necklace is from a well-known designer, it may have more value to some buyers than the gold it is crafted from.

Know Your Buyer

When it comes to selling gold, particularly to jewelry stores, you'll want to check their reputation online on sites like bbb.org. The last thing you want is to deal with a swindler when selling your valuable gold piece.

Shop Around

Keep in mind that you do not have to jump at the first offer you come across. Shop around for several bids and have the piece appraised before selling to ensure you get the best price. Yes, this might cost you a bit upfront, but the jewelry may be worth more than the weight if you factor in embedded gems, artistic value, and the quality of the workmanship.

Know the Fine Print

If you decide to utilize a mail-away service, ensure you fully comprehend the terms and conditions. Have the pieces insured, know how long you'll need to wait to get the money, how long the buyers will keep the gold before melting it down as well as the number of days you have to turn down the offer. Before sending the pieces, ensure you take photos and ensure you hold on to any relevant paperwork.

 With these tips, you should be in a position to get the most cash out of your gold.