The reasons people sell gold are as varied as the kinds of gold there are to sell. Understanding how to sell gold for the best price can help you get a favorable return on anything from scrap gold and fillings to old coins or jewelry. There are five primary places to sell gold that you should consider when you have gold you want to get rid of while putting some cash in your pocket. Jewelry stores, antique stores, pawn shops and gold buyers will all purchase gold depending on the circumstances and the type of gold. The fifth way to sell gold is through a private transaction, usually after you post an advertisement online.
Selling through a private transaction is risky for a number of reasons. You’re placing an ad in the hopes that someone who is looking for the coins or style of jewelry you’re selling will find your ad. There is no guarantee this will happen, and handling the sale can be difficult. You don’t want to send someone your gold until you’ve received payment, but many buyers will hesitate to send money to an individual they don’t know. You run the risk of not selling it or getting cheated when selling gold this way.
Where to Sell Gold Jewelry
Jewelry stores are generally a safe bet, but you will have to do a lot of research to find a jewelry store that actually buys gold. Many of them buy the gold as scrap so that they can then resell it to a scrap gold dealer. Because the store is the middleman, the price you get will be much lower than what you would make selling directly to a scrap gold buyer yourself.
If you aren’t sure where to sell gold as scrap in your town and you think it’s worth more as actual jewelry, look for a jewelry store or antique store that specializes in antique jewelry and watches. This can be a good choice if most of your jewelry is in excellent condition and is old enough to be considered vintage rather than just out of style.
A drawback to this is that most buyers at antique boutiques will pick and choose from your selection rather than buying everything you have. They may not consider some of your gold the right style or they may decide it is too worn or damaged. You could end up with half of your gold still in your hands when you leave an antique or vintage jewelry store.
Where can you sell all of your gold jewelry without worrying about the style? A pawn shop is an alternative. When selling gold to a pawn shop, keep in mind that they are going to offer you a low price in hopes they can turn around and sell your jewelry to someone else for a nice profit. Because the jewelry isn’t new, they will need to offer it to buyers at a reasonable savings and they pass the difference on to you. You won’t get anywhere near what your gold jewelry is actually worth, but it will be something. Pawn shops will sometimes also buy gold coins, but scrap gold such as broken jewelry, old watches or fillings won’t interest them. They are looking for top quality items that will sell quickly.
Where to Sell Gold Scrap
So where can you sell the gold that you don’t want anymore for the best profit? Try talking to a few scrap gold buyers. If you look online, you’ll find many companies that are now actively looking for gold that can be melted down and used to create new items. The advantage is obvious if you have a variety of scrap gold such as broken watches, gold fillings, old, out-of-style jewelry and broken bits and pieces – a scrap gold buyer will happily purchase everything.
There are two different types of gold buyers. The first is a middleman that buys up scrap gold and then sells it at a profit to a smelting company or gold recycling center. You’ll get a lower dollar figure for your scrap gold if you sell to a middleman. The best place to sell your gold is to a company that refines the gold themselves. This eliminates that extra step in the process that costs you money.
Where to sell gold is a complex situation that will vary depending on how much gold you have, what kind of gold you have and how much trouble you are willing to go through. For the easiest, safest way to sell you gold, a gold buyer who will buy everything you have, regardless of condition, is your best bet. You’ll get your money quickly and safely with almost no effort on your part. So the next time someone asks you about where to sell gold, you’ll be able to tell them you used a scrap gold buyer and got lots of cash in your pocket with almost no work.
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