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The Best Place To sell My Gold

Posted by Owen Kochur on

The title to this blog might be the most common phrase typed into a search engine when an individual is wanting to sell gold. However the results might bring an array of options that will probably leave you asking more questions like.

-Do I go to the place on top of the search results?
-Do I go to the place with the best reviews?
-Do I go to the closest place near me?
-Do I mail my gold somewhere across the country?

 

Most people will likely choose one of the first three, & some people might choose to mail. But being in the jewelry and coin industry for over 15 years I can assure you that the last option typically results in a low payout and also comes with unneeded risk.

So what is you best option as a person looking to "Sell My Gold"?

It's actually more simple than you think!

Arming yourself with a few simple PRO TIPS will go a long way in getting you a fair price for your gold, silver, coins, jewelry and other items that are sitting around.

Pro Tip #1- Know the Gold market price when you're selling.

There are plenty of websites that display the current spot/market price for precious metals. I use www.kitco.com to know what the current price is. This price goes up and down on a daily basis but is the main factor for a consumer to know if they are getting a fair price for their gold. Kitco even has tools to calculate different types/purities of gold and silver.

 

 

 

Pro Tip #2- Set A Realistic Expectation On The Payout You Will Receive When You Sell Gold

 This is very important for the person looking to sell gold to realize. When selling gold and silver jewelry you will get paid less then the current market rate for many reasons but mainly because the business you visit simply is a business and the only way to operate a business is to be profitable. Some places are better than others, but I consider anywhere 70-90% to be a fair payout range for gold and silver scrap or jewelry. If you are selling gold and silver bars, coins, ingots and other general bullion you should be getting paid more because it's a metal in its most basic form and there are no hassles having to refine it or significant efforts in trying to retail it like a piece of jewelry. Most reputable buyers will pay anywhere from 90-100% of the market price and sometimes you might even get a little more than 100% if you have a popular item. 

 

Pro Tip #3- Visit 3 Gold Buyers. 

This might be the most important tip you read. If you want to get the best price when you sell your gold it benefits you to shop around in person. Calling places is great right? You can sit in your comfy pajamas and get all the information you need but often times you will be quoted something totally different than what you will get in person. Often times the quote on the phone is much higher so that's why its very important you visit 3 places in person when selling gold, silver, diamonds, watches, and others valuables. A honest buyer should be letting you know everything you have just read and be transparent with the entire process. 

With these 3 Pro Tips you are well on your way to becoming a more savvy gold seller. In our upcoming blog posts we will go into more details about

-Types of gold and silver

-Weighing items

-Fake or misrepresented items

-Selling premium items of jewelry

And much more!