How Can I Sell My Gold?
How can I sell my gold? We see this question here everyday. It should come as no surprise that people are still looking to sell off their old gold jewelry, coins, or any other scrap that they might have since the economy still hasn’t recovered. Well to answer the question, there are actually several ways to go about selling your gold – it just depends on what type of gold you will be selling. For instance, the best place to sell gold bullion is not the best place to sell gold jewelry. Also you will need to research cash for gold companies thoroughly beforehand as well as pick a company that will actually pay you what your gold is worth. In this article we will break down the best places to sell to and how to do so into three major sections:
How To Sell My Gold Jewelry
One of the most common kinds of gold that people try to sell today is gold jewelry. It can be for many different reasons but most people just want to make some extra cash off of the jewelry that they never wear anymore. The first thing you have to do is to find out how much your gold is worth. Once you figure that out, you need to choose a place to sell to.
The first place that most people think of is a jewelry store or pawnshop. Most of these places will gladly buy your gold based on the spot price of gold minus their cut. These places are best to sell to if you only have one or two pieces that do not weigh a whole lot or you have a very well-crafted or antique piece of gold jewelry. If you do then they may pay you more than just the spot price unlike other gold buyers.
The other common place to sell your gold jewelry to is a gold refiner or dealer. Gold refiners and dealers exist to buy scrap and other unwanted gold and smelt it down to be reused. They only buy based off the spot price of gold which you can find on the right side of this page. Of course the scrap price which they pay is based on the value of the gold itself and doesn’t reflect any antique, craftsmanship, or aesthetic value. So if you do have a well-crafted piece you probably think about a jewelry store or pawnshop instead.
How To Sell My Gold Scrap
Many people actually have more gold scrap around the house than you might realize. Scrap gold comes in many different forms and can be anything from gold screen, wire, solder, flakes, mesh, or even gold from electronic scrap. Some people even make a living from just selling gold scrap in common items to gold refiners.
The first thing that you have to do is to figure out the total value of your scrap material. This can be a lot harder than other types of gold to figure out because you will have all different kinds of karats depending on where the gold came from. If you are trying figure it out on your own the best thing you can do is to separate all the different karats into separate piles (you will need a gold testing kit and jeweler’s scale) and then follow our gold evaluation guide from there.
Once you have a ballpark figure, you need to find a gold refiner. You should avoid gold dealers if at all possible and sell straight to a gold refiner that owns their own refinery. You can get a lot more cash that way. Most refiners pay out on a graduated scale based on how much scrap gold you have to sell to them. Over an ounce will usually get you a better deal and over 5 ounces should get you close to 95% or more. Try to find a refiner that will pay out at least 90% or more at the top of the scale. You can usually find this out on their website.
How To Sell My Gold Coins Or Bullion
Most people buy gold coins or bullion as an investment so with gold as high as it is today, there are a lot of people looking to sell off their gold for a tidy profit. Just a few years ago gold was at $500 an ounce and now it is well over $1000 an ounce again. So now really is a great time to sell gold coins or bullion – it is just a matter of finding a buyer.
While you can sell to a gold refiner, it is usually a much better idea to sell directly to a gold coin or gold bullion dealer. You can also consider selling online at a place like eBay. Most of those places will pay either the exact spot price or just below depending on how the market looks for the future.
And those are the three major types of gold that most people sell. We hope that we’ve answered your question of “where can I sell my gold” but if you have any other questions you should check out our individual guides on selling each type of gold. This was just meant to be a brief overview of the different types of gold you can sell and where to sell it.
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