Archive for March, 2009
Need to Sell Your Gold?
Thanks to the government’s financial disaster, many people have been feeling the pinch of not having enough money to cover their bills on a month-to-month basis. A few weeks ago it hit home when my father-in-law announced, “I need to sell my gold today.” They were words I never thought I’d hear him say.
My father-in-law is proud of his coin collection. As a matter of fact, there’s not a visit that goes by when he doesn’t bring out his coins to show them off. So to hear my father-in-law utter those words was practically heartbreaking. Yet, what can you do? When money is needed for food and bills you have to do what you can, just as my father-in-law did.
Of course there are numerous buyers out there who are willing to take your precious metals off of your hands. But, not everyone is willing to give you the cash you need, immediately. That’s almost a rare thing unless you’re willing or actually can find a local dealer.
My father-in-law lives in a small town, so about the only buyers he could find in his area were pawnbrokers and jewelry stores. He ended up having to travel almost 2 hours away to make any sort of decent money from his collection of coins.
If you’ve been thinking about selling your own coin collection or jewelry, your best bet is to stick to the local dealers if you’re looking for fast cash. Internet and television companies who deal in precious metals can take weeks to send you your money and it’s a safe bet they’ll be sending a check, which you’ll want to clear with your bank first. So by the time everything has been cleared, you could be waiting for at least a few weeks, if not longer!
You could try auctioning off your items, but most auction houses require a week’s notice and sometimes longer to advertise your items for the auction. And if you’re considering an Internet auction site, those can take weeks.
If you don’t mind waiting a few days, you might want to consider having a yard sale. As silly as it may sound, you’d be surprised how many dealers are willing to drop by a yard sale to find some great treasures.
If you’ve got gold scraps that you want to get rid of, try asking your local coin shops if they’re buying. If they’re not, they might at least know of a buyer in the area who is. Jewelry stores are also a good resource since some may be willing to buy your old gold scraps and restore them.
And finally, check the classifieds in your local newspaper if you need to sell gold immediately. Often times there are dealers or private individuals looking to buy gold. Just remember to do your research before you accept just any offer!
How to Sell Gold Locally
With the economy going down hill fast, it’s hard to make a decent living and still manage to keep our heads above water. Everything has skyrocketed and many businesses are taking advantage of the financial disaster in more ways than one.
One of the best ways many of us are finding a little financial relief is by buying and selling precious metals. Right now it’s a very popular business and more and more people are learning how to sell gold locally.
Of course there is the question of why just offer your scrap gold to a local buyer only. Why not expand to other areas and make an even bigger profit? The answer is simple. Selling to a local buyer means more of a profit and less of a risk.
However, before you just jump right out there and offer your gold to anyone, there are a few things you should keep in mind.
For instance, not every gold dealer will want everything you have. Some only deal in specific items. So while you may walk into a coin shop with gold coins, you may or may not be able to sell your gold jewelry or possibly gold bars there. There is also a difference in how pure your gold is. 10k, 18k and 24k each have different values.
Another thing to keep in mind is if you’re selling coins be sure the date on the coin is not worth more than its precious metal content. You may be surprised to learn that the coin is far more valuable for its date of minting.
If you’re just checking for quotes, you should be aware that the quoted price could change in a matter of hours. So if you asked for a quote early in the day and then decide to come back later in the afternoon to sell your gold for that price, you may very well be in for a rude awakening. The standard price of a precious metal is actually set twice a day.
If you’re planning to sell scrap you should remove any other valuables such as jewels before selling. Not only does this make things easier when weighing the items, it’s also extra money in your pocket since you may profit from the jewels as well.
When in doubt on where the best dealers are hidden locally, check your local yellow pages. And don’t forget that places like auction houses and brokerages are a valuable resource when you want to sell gold as well.
