How Do I Know Where to Sell Gold?

You are sitting at the table and comparing a small pile of gold necklaces and bracelets picked from your dresser and a huge stack of bills which are due this week. You have heard the commercials and received junk mail in your inbox from companies that buy old, broken pieces of jewelry, but never paid any attention to them.

Now, under serious financial strain, you need to know where you can get cash for your broken watches and dented rings. To determine how to find a buyer, you must first consider how quickly you need the money. If you require cash immediately, you can sell your gold one of three ways: to a pawnshop, a local buyer or online.

Selling to a Pawnshop

While selling your old jewelry to a pawnshop is easier, you can be sure that you will not receive as much money for your gold as your second option, finding a local buyer. At a pawnshop or jewelry store, the owner will make you an offer based on the current condition of your gold. However, these places are looking to make a profit and will not buy your gold if it is severely damaged or if it is an item that is common. They are looking for rare, mint pieces that customers will want to purchase, not ones that could be found in any other store. Otherwise, your mismatched earrings will sit untouched on the shelf and the owner will be out money because he could not sell them.

Finding a Buyer Near You

The other option, finding a local gold buyer, is not very difficult. Check out your newspaper or see if there are advertisements on Craiglist. Make sure you read the ad thoroughly to understand what they are looking for, as sometimes these buyers are searching for very specific eras or types of coins. Make a note of what they are offering per gram of gold and, if the offer sounds reasonable, simply send them an email or call them if a phone number is provided. These types of buyers will typically come right to your house, test the gold, and pay you cash. The amount they offer is typically higher than what you may receive from a pawnshop.

Researching Options Online

If, however, you have a few days before you absolutely need the money, you should seriously consider selling your gold accessories online. If the gold you have is a rare collectible item such as a coin, research private collectors who are generally known to pay more for items, particularly hard-to-find pieces. List the item on an online auction site such as eBay or place an ad on Craigslist yourself. You should have the item appraised before you attempt to sell it, though, so you know how much to ask for it. You will then have an estimate of its worth and can judge offers accordingly.

If you are selling old, broken pieces of jewelry such as bracelets with broken clasps or gold earrings without matching partners, you can find companies that will buy your gold online at a higher price than local buyers. It may sound risky, but as long as you do some research to make sure the company is legitimate, you will come out ahead in the long run.

Gold prices are at an all-time high, and increasing by the day. This has led to many companies forming for the sole purpose of buying scrap gold in small quantities, and turning around to sell it in bulk for higher prices. In order to get the significant number of items they need to make a profit, they are buying gold through the mail from all over the country from people who no longer have use for it. These businesses have a lot to lose if they get a bad reputation, so they work hard to offer the best prices and pay in a timely fashion.

After you research and decide on a company, fill out their online form or call and talk to a representative. They will mail you a prepaid kit to send your gold to them through the mail. Before you send anything back, read the instructions and the sales agreement that explains how they determine the value of your gold, how they will pay you, and what to do if you do not want to accept their offer. Call the company if you have any questions about the process or the agreement.

Once you understand the terms and conditions, package up your gold jewelry and send it to them. Do not worry about what type of gold they will buy; watches with dead batteries, broken chain necklaces and chipped rings are all acceptable. Since the postage is already paid, there is no cost to you. Within three to four days you will receive an offer for your gold. If you accept it, most companies will deposit the funds directly into your bank account the next day or they will send you a check in the mail. If you decide to decline the offer, you must be sure to do so within the timeframe allotted in the sales agreement. They will send your gold back to you so that you may go elsewhere to sell it.