Where to Sell Gold – Three Places to Sell Your Gold for Cash

Where to Sell Gold

Do you know where to sell gold for extra cash? You should find out because gold is a hot seller right now. That old gold jewelry cluttering your jewelry box is worth money.

Selling scrap gold is a great way to pad your pockets. Gold is always in demand. Even when the economy is not doing well, you can make money by selling unwanted gold. There’s always someone willing and able to buy what you have.

This is great news, but there’s a catch. You have to shop around for the best deal. Some gold buyers will not offer you a fair price. They might try to cheat you out of what you really deserve. That’s why you need a list of places to sell your gold. As long as you have options, you can get multiple price quotes.

Here’s a list to get you started.

1. Local Pawn Shop. The pawn shop is the first place most people go when they want to sell gold. It’s certainly the best place to go if you’re desperate for quick money.

The downside is the pawn shop owner will try to pay you as little as possible. The owner needs to turn a profit. And that means getting your gold for the smallest price possible.

Get your gold appraised before going to the pawn shop. An appraiser can give you an idea about the worth of your gold. You might even get lucky and have the appraiser offer to buy from you. Another thing to realize is the appraisal value almost has nothing to do with what you’ll actually get.

Pawn shops do not buy items at appraisal value. You could go in with a bracelet that’s worth $1500. The pawn shop owner definitely will not pay you that much. As mentioned earlier, the pawn shop has to make a profit. The owner has to buy the bracelet for less so they can sell it for more.

You should only sell to a pawn shop when you need the money immediately. You won’t get full value, but you will walk out of the store with cash in your pocket.

2. Online Auction. Online auction sites such as eBay provide a venue for selling unwanted gold. Before putting your goods up for auction, you need to get it appraised. Take the appraisal value into account when posting your auction.

eBay allows you to set a reserve price. A reserve price is the lowest amount you’re willing to accept. Consider the $1500 bracelet from the first example.

You could put the bracelet up for auction, and set the reserve at $1500.  That means you will not accept anything less than that amount. However, bidders can still bid the price up beyond what you’re asking.

Getting More Information

Finding out where to sell gold locally is as easy as going online or picking up your phone book. You might also want to check into one of those companies that purchase gold through the mail. Whatever you decide, make sure you’re dealing with a reputable business.

Want to Sell Gold? Here Are Some Avenues to Consider

Want to Sell Gold

If you want to sell gold, you probably already know that right now is probably the best time to do so at $1,100 per ounce, but even with the prices at an all time high, you may be thinking your only decent option for cashing in on this booming gold business is your local pawn shop – especially if you live in a small community.

Pawnbrokers are not the only businesses where you can sell gold locally, however. Jewelry stores are now jumping in on the booming gold buying business by offering to buy up your gold jewelry and some are even willing to purchase pieces that are broken as they are re-selling them as scrap gold to refiners.

Yet, jewelry shops aren’t the only businesses buying up gold. Stay-at-home moms are discovering a great way to earn some extra income for their family by hosting a gold selling party. These types of parties offer you a way to sell gold and have fun while doing it by way of hosting or attending one.

Keep in mind however that gold jewelry is not the only items that will be purchased, but also gold coins and any other items that contain gold.

If you decide to host a party, you may need to pay some out of pocket expenses for a hosting kit as well as hire an appraiser (unless you have a third party sponsor) and supply food and drinks to your guests.

Local auction houses may be a great way to sell your gold if  you have a lot of it or other items to add to the auction. However, auctions are also a risk since you may not get as much as you want from your items and they don‘t always attract the right buyers who are willing to purchase your old gold items.

Your local newspaper is another good way to find an interested buyer for your used gold. You can take advantage of your newspaper in two different ways by either looking through the classified ads to find a buyer for free or place an ad for your items for a variable fee.

Your local newspaper isn’t the only way to post an ad, however. Many local businesses around your community are often willing to allow you to post a for sale ad on a bulletin board and even front door or window. However, you should only offer a phone number and never an address on your ad for obvious safety reasons.

Your friends and family are another great source when it comes to selling your gold and may know of resources that you hadn’t thought of. They may also be willing to buy your gold, or know someone who would be interested in buying them.

But, even with all of the resources that are available to you locally, not everyone or every business is legit. The most important way to find out if a buyer is taking advantage of you or not when you want to sell gold is by checking with the better business bureau to see if they are listed.

However the BBB won’t be able to tell you if a private individual is trustworthy and not every business will be listed. So to be extra safe, make sure you take photos of your items and copy any paperwork involved before the big sale.