Finding Gold Buyers For Your Coins And Jewelry
If you are in need of cash, selling gold is a quick and easy way to make money. The current economy has forced many people to cash in on various investments in order to get the money they need. Gold is a lucrative investment and the selling price has remained high and continues to rise overall. So this might be the time to sell your unwanted or surplus jewelry and coins to gold buyers.
It is important to know how much gold is in your gold. This may sound weird, but gold is a soft metal and needs to be alloyed with other metals so that it can withstand the rough and tumble of day to day life. This is especially true with white gold and prices can vary enormously depending on what the metal consists of.
Purity of gold is expressed in karats (or carats). Karats are expressed as units of 24 (24 karat gold being 100% pure gold): so 1 kt gold is one part gold and 23 parts other metal. Nine karat is 9 parts in 24 gold or what is sometimes called 375 gold (because if you multiply 9/24 by 1,000 you get 375).
When you opt to sell, you have several different options to choose from. It is important to do a little research before selling your gold. Before you agree to any sale, you really have to know the answers to the following questions:
- What is the current gold price?
- What percentage of what I have to sell is actually gold? (And not other metals: e.g. white gold is usually alloyed with nickel or silver).
- What do my items weigh?
- Is the buyer reputable and giving me a fair price for my gold?
Depending on the quality and quantity of the items you have to sell, finding a private buyer could be an option. These gold buyers are typically people that buy large quantities of gold as an investment. A private collector is usually the safest person to sell to and they will typically pay you the most money for your items, however, they usually only buy quality items in large quantities, so if you only have a few small pieces to sell it is unlikely a private collector will be interested.
Do you know anyone who has shown an interest in investing? Maybe a friend, work colleague or family member. These are exactly the type of people you should be wanting to sell your gold to. Provided what you are selling is genuine and offers good value, it would be a win-win situation for you both. The easy way to do it is to get a quote from a professional bullion house and base your sale price on that.
A jewelry shop is one of the most common places to sell gold. Jewelry shop gold buyers will buy your gold pieces from you and offer you a price that is about 5% to 10% below the current market price. It is recommended that you know an approximate value and weight of your pieces before taking them to a jewelry store. This might not be the first option you should consider.
As this Wall Street Journal Live video shows, when gold prices are this high, sentimentality is forgotten as people rush to sell their gold items:
When you sell your gold coins and jewelry through an online auction such as eBay, you have some control over the selling price. There are several options available when selling through an online auction such as a buy it now price, bidding or as best offer price. Even if you choose to sell it with bidding, you can set the price where the bidding begins or hide the lowest offer price you will take and have open bidding.
A pawn shop is also a common place for gold buyers to give you instant cash. A pawn shop will usually not give you the market price on jewelry or coins that can be resold. The price they offer is typically half of what the retail price is, so it’s not the best option. But if you need cash in a hurry a pawn shop also offers you the option of pawning the items so you can buy them back later. Never sell your gold to a pawn shop, but consider using it to get short-term capital if you have the need.
Online Gold Buyers
There are hundreds of online or mail-in options to choose from. These are the companies that advertise on television and print ads that they will buy your gold and silver jewelry or coins. Many of these businesses are legitimate; however, it is very important that you verify a company before mailing them your items. A mail-in gold buyer will usually offer you about 10% less than the actual value, however, some will only offer as little as 20% below market value.
Always have your items appraised by a reputable jewelry store or an independent appraiser to determine the actual value of your pieces before you try to sell them. Keep in mind that the value of metals changes daily, so the offers will fluctuate. Do a quick search on the day you are planning to sell your items to find out what the current value is. Even if you are selling your items because you need cash quickly, it is important that you only sell your items to a reputable buyer and someone that is making a fair offer.
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