How to Sell Gold

How to Sell Gold

My father-in-law is a very smart man. Years before the economy collapsed he began investing in precious metals. He purchased gold coins, jewelry and even nuggets. Now just like everyone else, he’s at risk of a lay off and is finding himself falling behind on his mortgage payments. Just recently he started doing research on the best way to sell gold and what he found was astonishing.

Right now it seems everyone wants to buy the precious metal, yet very few are willing to pay top dollar. The reason it seems is the economy. No one is willing to buy anything unless it’s absolutely necessary and then it must be at the lowest price possible. Of course we complain about how we’re getting ripped off by businesses that are willing to buy what we have to offer, yet we never stop and think we ourselves are guilty of the very same thing.

In this economy everyone is feeling the pinch. But instead of complaining about what companies aren’t doing, we need to focus on what we already have and then decide what’s best when it comes to securing our future. For some it may mean using local resources while others may choose to venture further through media sources and technology. In the end however, it will all come down to the research.

After my father-in-law turned down a local gold buyer, he started checking around with other buyers in the area and compared prices. He learned that not everyone was so nice. While some buyers would give him a quote, others told him they wouldn’t unless he was willing to sell his gold items to them right there on the spot.

He also learned that not all buyers and dealers are interested in the same thing. For example, the weight of the metal can make all the difference when it comes to the buyer. Also, some dealers only deal in specific pieces such as gold coins, bars, scrap or jewelry. 

In addition to knowing what each buyer is interested in, you also need to understand that gold prices are set on a day-to-day basis. Each piece is based on a troy ounce and the price per ounce changes daily. So when a buyer offers a specific price for that piece, that price may change by the end of the day.

Once you’ve shopped around and think you have the best buyer, keep these tips in mind.

• Pawn shops and television companies dealing in precious metals are generally the worst place to deal with. They offer the lowest prices for your gold. You’re better off taking your gold elsewhere.

• If you have a lot of broken gold jewelry, then selling it as scrap gold might be an excellent option. Before you hand over the jewelry to just anyone, call around and find out how much each dealer is offering per gram or ounce. If you’re looking at selling the scrap to an online gold dealer, take precautions by only going with a company that offers free insured shipping. You should also itemize your goods and make a record, then if possible take a photograph of the items.

• If you want to make the best possible amount from your gold, you may want to consider selling through an online auction site or to a private individual. Most dealers are looking to make a profit and won’t offer you the exact worth of your items.

• When it comes to which is the fastest to profit from, gold coins win hands down. Coins are smaller which makes them easier for buyers to resale without being an extremely risky deal. They’re also easier to get rid of when you only have a few.

Finally, keep in mind that not every dealer you find is reputable. My father-in-law realized this when his first stop was a local coins dealer who offered him 50% less for his coin collection than other buyers did. So, I’m pretty sure my father-in-law was thankful he did his research on how to sell gold. Otherwise he might not have gotten the best deal on his collection!

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