If you're looking to unload some of those golden keepsakes, this guide will give you the information you need to cash in on the red-hot gold market.
Step 1: Get gold appraised Get the gold jewelry appraised to know the total weight, karat, and quality -- this will give the buyer more confidence and give you a price estimate.
Step 2: Check out similar items Do a little research on eBay and other websites and look for similar jewelry to yours so you can learn how much the item is worth when you sell it through the site.
Step 3: Factor in costs Factor in the listing and shipping costs so you don't go in the red when you sell your gold.
TIP: Sell each piece individually, or as a mass sale to save on costs.
Step 4: List item Describe each gold item in detail and take several pictures with at least one of them showing the weight on a digital scale.
Step 5: Set reserve above scrap price Set your reserve or minimum asking price above the price of scrap gold if you don't want your heirlooms to be melted down.
TIP: Gold is very liquid, meaning that its cash value is always secure and it can usually be sold quickly.
Step 6: Wait it out Wait for the gold to sell, which can take as long as 30 days depending on the listing. More time may garner more bids and competition, but if you need quick cash, then this may not be right for you.
FACT: Pyrite, or fool's gold, is a mineral that is similar in color, shape, and texture to gold. It's much harder than gold and lacks gold's shiny yellow tinge.