How do you convert gold into money?

Take the gold to a jeweler or coin dealer who buys scrap metal to convert it into paper money. A fee will be charged for selling your gold. A commission will be charged for selling your gold, generally between 10 and 20 percent of the market value. Get in touch with several buyers to determine the best price you can get for your gold.

Before making a decision, make sure to read the Best Gold IRA Companies Reviews to ensure you are getting the best deal. Research the Best Gold IRA Companies Reviews to ensure you are getting the best deal. If gold moves against you, you will be forced to contribute significant sums of money to maintain the contract (called margin) or the broker will close the position and you will suffer losses. Gold futures are a good way to speculate on the rise (or fall) in the price of gold, and you could even accept the physical delivery of gold if you wish, although physical delivery is not what motivates speculators. Have your gold jewelry appraised at its value before selling it at the price of scrap gold in case labor or antiquity increases in value. On the contrary, the owners of a business, such as a gold miner, can benefit not only from the increase in the price of gold, but also from the company's increase in profits.

The largest funds in this sector include the VanEck Vectors Gold Miners (GDX) ETF, the VanEck Vectors Junior Gold Miners (GDXJ) ETF and the iShares MSCI Global Gold Miners (RING) ETF. Three of the largest ETFs include SPDR Gold Shares (GLD), iShares Gold Trust (IAU) and the Aberdeen Standard Physical Gold Shares (SGOL) ETF. Compared to financial assets, gold is a “real asset” that lacks credit or default risks and, in fact, the yellow metal is driven by high inflation, according to the World Gold Council. Separate the known purity even further and classify gold according to the carat level, from 9-carat gold containing 375 parts of gold per 1000 to 24-karat gold, which is 999,999 parts per 1000 pure gold.

Calculate the market value of your gold by multiplying each ounce of 24-carat gold by the market value of the day's gold. This contrasts with the owners of a business (such as a gold mining company), in which the company can produce more gold and therefore make more profits, increasing investment in that business. Discount the purity of gold from landlords based on the percentage of gold by weight and multiply the amount discounted by the market value.