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If You Want to Sell Gold, What Are Your Options?
If you’re familiar with the words gold rush, you’ve probably already found yourself excited about the idea of making some cash off of your old coins and jewelry or maybe you’ve consider investing in gold. But would you know where to go from there? If you want to sell gold, would you know what your options are?
At one time, the only places offering to buy your gold coins or gold jewelry were pawn shops and jewelry stores and if you had gold bullion it was nearly impossible to find a buyer.
Times have changed however and so have your options for selling your precious metals. Many companies are now advertising to buy gold through television and there are gold selling sites where you can sell gold online online. You can even host a private party to sell your gold.
Flip through any infomercial television station and you’re bound to run across someone offering to buy your gold. You should be aware however; most of these companies offering to buy your goods will generally give you a lower price than its current value.
Surf the web and you’ll find a growing number of companies offering to buy your gold coins and jewelry online. These online dealers usually send you a package containing an insured envelope and sometimes a merchandise form. If they don’t you should probably run the other way. If they do send a form be sure to make a copy for yourself and take photos of your items just in case there’s a problem.
If you’re familiar with online auctions sites, this might be the route to go if you’re hoping for a specific price. Auction sites can sometimes attract buyers who are willing to bid on your asking price. And in most cases you’re in control of how you want to sell your items.
Private parties are the latest way to cash in on some extra money by attending a party and having your gold jewelry appraised and purchased onsite. However, these types are parties aren’t always the best option since you won’t get nearly as much as you would from some other sources.
Of course as with any company, always do your research. With the sudden high rise in the price of gold, many companies are taking advantage. One of the best ways to find out if a company you want to sell gold to is legit is by checking to see if they are registered with the Better Business Bureau and if they have any complaints on file. It’s always better to be safe than sorry.
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 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 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 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 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 goods elsewhere.
• If you have a lot of broken 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 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 goods, 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!
