Sell Your Gold
The gold rush has begun, and anybody with even a small amount of gold can make a profit. With the recession, it’s no wonder that prices for gold have soared and buyers are willing to pay more. But if you’re wondering where the best place for you to sell your gold is, check out the options below and match your needs, whether it be for maximal profit, immediacy, or minimum shipping cost- to the seller’s offers.
Places To Sell Your Gold
Collectors or Private Individuals
If you find yourself in possession of pristine gold jewelry, antique coins, or pricey family gold heirlooms, then the best way for you to make the most profit out of a sale is to approach collectors and interested parties. This should be your first option when you’re ready to sell gold. The reason behind this is because collectors usually are already knowledgeable about gold appraisal and gold prices, and are appreciative of the history and culture behind a certain gold piece; therefore, most often they are in the best position to offer you the right amount of money for your gold items. This does not mean that you do not do your homework however. A very gullible seller can sometimes be too good a temptation.
Brokers, refineries, and jewelers
If however the gold you have is in less than pristine condition, then your next best bet would be to contract a sale with refineries, jewelers, and brokers. Do not expect to make top-notch price if your jewelry or gold merchandise is broken. This is due to the fact that these refineries or jewelers will either shoulder the cost of repairing your gold piece, reshaping it into some other piece, or in the case of brokers, finding buyers who are willing to do so.
Auctions are a good way to make good enough money for your gold merchandise. You have two options: either you sell your gold at a local auction or an online one. Using an auction is usually good if you are a first time seller with a valuable gold piece for this allows you to control how you would want to sell your gold while also attracting buyers who are willing to shell out for your selling price, or even to pay more than your selling price. Keep in mind that though selling gold locally allows you to save on shipping, auctions of any kind still do charge fees.
Coin shops and Gold Selling Parties
Gold selling parties are a new and innovative way to sell your gold. By joining a gold selling party you can simultaneously get your gold appraised, meet sellers, and also meet potential buyers for your gold, while coin shops are the absolute best place to sell gold coins.
Pawnshops and Websites
These should be your last option when selling gold, simply because they may offer the least selling price for your gold and also may involve some risk.
The best thing you can do is to know the options than you would want to prioritize first, after which try contacting your chosen best places to sell your gold to be able to get a general market overview of their buying price, fees, and services. This allows you to calculate the possible net profit you can make as a result of your efforts.
Sell Gold Item
In order to sell a gold item, it takes more than just a trip to your local pawn shop to get a great return on your investment. You have to know what you’re selling and whether it’s even worth it to a buyer to invest in.
Sometimes you can find some great guides that show you how to sell gold and there are even online websites such as Squidoo which offer subjects on just about anything you’d want to learn about. You can find guides on hosting a gold selling party and more. And the best part about Squidoo is that it’s free!
Even with a guide however, you’ll still need to know what’s worth selling and what’s not. I had a friend who learned the hard way how un-valuable her jewelry really was when she took it to a pawnshop.
One of the easiest ways that you can tell if your precious metal is indeed real is by looking for the “k” mark engraved somewhere on the item. If you see it, then you’ll know it’s real. If you don’t, then it’s more than likely a gold-plated piece.
Another way to tell if the item is authentic or not is by scratching the surface area with a sharp item. If the surface of the piece in question cracks or flakes, it’s not the real thing. You can also tell just buy wearing the item if possible. If it turns your skin green, it’s probably not real gold.
Another marking that will make all the difference in the world when it comes to the amount you’ll get from your items is a number printed beside the “k” marking that will either be an 8K, 10K, 14K, or 18K. The higher the number the more your piece will be worth.
Of course if you’re still not sure if your valuable item is really all that valuable you could take it to a professional and have it evaluated for a fee. However, if it turns out it isn’t worth much you may find yourself in a worse bind than you started with if you were looking to sell the item for some quick cash.
Once you know what you have to offer buyers and you know it’s worth selling, you’ll want to do your research on the business you’re planning to sell your gold to.
Not every business is going to be willing to buy what you have even if it is real and not everyone will give you the best possible deal for your items. Pawnshops are the best example of this and often the first place people go.
Also, keep in mind that if you do find a business who’s willing to buy what you have to offer and you decide to shop around, don’t be surprised if the quoted price is different when you come back.
Prices for the precious metal are always on the move, whether it’s a drop or a rise and investors are always keeping a close eye on that price. So your deal might not be such a great deal if you wait around to sell your gold item.