There always comes a time when gold owners want to get rid of their precious metals. Sometimes you just need the cash. Whether it’s for an an emergency payment – a broken car or a medical expenditure, your kid needing some help with college fees, or you want to just treat yourself to something nice (you deserve it!), gold is a perfect way to make sure you’ve got the money when it’s required. It’s also possible that you want to declutter your house and sell old pieces of jewelry you no longer wear. To be honest, there are as many reasons for selling unwanted gold as there are gold owners. And there are probably even more questions as to how to actually go about it in a way that would get you the most money possible.
That is why we decided to write this article! In here, you’ll find useful tips on getting rid of your unwanted gold – how to prepare, where to go and how to negotiate the best price.
General tips for selling unwanted gold
The worst thing you can do when wanting to sell gold is to walk into your nearest gold dealership or a pawn shop and accept their price. That way, you’re guaranteed to lose a lot of money. How to avoid that? Well, there’s quite a lot you have to do, from the moment you decide to sell, to the actual transaction. Let’s get started!
First of all, weigh all of your pieces. Try to use an accurate scale that would show tenths, hundredths, or even thousandths of a gram. Most coins and jewelry are relatively small, clocking in at around several grams. Knowing a detailed weight of your pieces will give you an advantage when it comes to avoiding being ripped off or scammed.
Second of all, look around. Make a list of dealers and pawn shops in your area or online. Call them, pay them a visit and find out what are people saying about their service and pricing. Ideally, you want to get the spot price, or one very close to it. Compare the offers and decide on one that gives you the most. Taking your time to pick the dealership to sell gold in, will also allow you to weed out scammers or shady businesses looking to rip you off. It’s very easy for irresponsible gold owners to lose a lot of money by skipping the research part and go for quick cash. It may seem like a daunting and long process to look up dealerships and get information about them, but why would you settle for a potentially lower price?
What is more, having access to valuation policies of several different companies will give you a huge advantage during negotiations and may easily result in you getting a better rate!
Last, but not least, let’s talk about sending gold via mail. This topic is a cause of many anxious sleepless nights among precious metal owners. Lost packages, thefts, damaged goods – these are only some of the factors that might make you want to opt out of using mail. That’s perfectly understandable. However, if you do decide on the postal service, be sure to insure your parcel with Registered Mail – the safest and most secure shipping method in the US. You can read more about ensuring safety of your gold during postage here.
How to make the most out of your gold jewelry
Old necklaces, earrings and other shiny things that you no longer wear. Out of fashion, damaged, obsolete, cluttering your house, and most of all – being an untapped source of potential income for you! But just like with everything else, you need to know what to do in order to actually turn in a decent profit. Without further ado, let’s have a look at what you can do to get the most money out of your jewelry.
Know what you’re selling
All gold is gold. No matter how bruised, battered or damaged it is, it can be melted and reused. However, some jewelry is worth much more than its gold value. We’re talking about vintage (at least 20 to 30 years old) and antique (at least a 100 years old) jewelry, as well as pieces made by renowned design houses. Make sure you know the true value of your jewelry – otherwise, you risk losing money!
Specialized stores are your friends
While pawn shops may be a good place to sell your gold bars or coins in, you should avoid them if you want to get rid of your jewelry. Sadly, these places actually make money on offering you a price lower than what your piece is worth or confusing you by using different units for weighing gold. If you, however, choose one of those to sell your jewelry in, make sure to know as much about your piece as possible, just to avoid a potential rip off.
There’s also one more thing. Pawn shops sell literally everything. And we mean literally everything and anything. From parts to retro cars, to guns and latest phones. And while owners of these stores probably have a vast supply of knowledge on their stock, you can’t expect them to immediately recognize a rare ring released 50 years ago. So there’s a risk of being ripped off, but it’s also possible that your piece won’t even be recognized for what it is.
That’s why you should opt for a jewelry store instead. People who work there will be able to know the true value of your piece. They will also be able to recognize the age and rarity of your jewelry, which can help get the price up. If possible, try to go for a big, renowned shop or a chain store. These have a significant financial backing and it’s not really beneficial for them to try and scam you or offer you a lower price.
How to make the most out of your gold bullion and bars
Make an inventory of all your pieces
Reserve a day off, get all your gold coins or bars, lay them out on the table, and have at it! The least you have to do is weigh them, note down the name and mint year of the coin, as well as see if there are any significant differences between your pieces and images on reputable websites, such as the PCGS. If you’re looking for more detailed ways of assessing a coin by yourself, check out our useful guide!
The point of doing all of this is to get you prepared for the moment you call the gold dealership of your choice. You want to sound like someone with considerable knowledge of their stock, so that the buyer knows better than to play games with you. Another thing is, if you have some information on the coins or bars you want to sell, you won’t be wasting the dealer’s time. That will make them more eager to cooperate with you, which can translate to a better price.
Know your pieces
This is a really basic piece of information, but we think it needs to be mentioned. It’s a good practice to know more about your coins and bars than just the year of minting or the name. Try to find out the fineness of your gold – that’s probably the most important attribute you should know to give yourself a high ground during price negotiations.
Again, you can use our guide, which we’ve linked in the previous paragraph to do this by yourself.
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