Cash-for-gold has become a big business. Record-high gold prices in the 2000s led to a surge in businesses happy to hand over cash in exchange for your gold jewellery and gold watches. But they aren’t necessarily the best place to sell your gold, especially if you want a good price.
Whether you’re selling gold jewellery, luxury watches, or gold coins and bars, there’s almost always a better option, and that’s going to a gold bullion dealer. They deal mostly with gold coins and gold bars, but many will often buy gold jewellery as well.
As a gold investor, it’s especially important that you find the appropriate place to sell gold. If you bought gold bullion such as gold coins and gold bars, and now you’re ready to cash out, you need to know where you can sell them for the best possible price. It can be easy enough to buy gold coins but be careful about where you choose to sell.
One of the most important things about selling gold is knowing your seller – look them up online and make sure they have a business license, especially if you’re going to a storefront.
Going to an online dealer is one of the quickest ways to sell gold at the best price. The process is simple. At most gold dealers, here’s how it works:
- Fill out an online form with your contact information and product information, specifying metal type, weight, and any other relevant details about the gold coins or bars
- Get a live quote for the value of your gold coins and bars to find out how much you can earn from your gold
- Receive a shipping label from the gold dealer with insurance and tracking, then ship your gold
- Get your payment as soon as your gold coins or bars have been reviewed and verified
You can get paid in as little as 3-4 days from dealers like Silver Gold Bull.
It may not be as fast as taking gold coins to a pawnshop and walking out with cash, but you’re going to walk away with more money. Gold dealers like Silver Gold Bull treat gold bullion as the investment it really is. Whether you’re a serious investor or you just inherited gold, don’t accept discount prices when you sell your gold bullion.
It’s not just gold coins and bars that you can sell to gold dealers that offer individuals better prices. You can also sell gold jewellery as well.
Jewellery sellers can sometimes come away surprised at how little they’re offered for gold jewellery, especially at many of the cash-for-gold businesses that have sprung up in the last few years as a result of high gold prices.
One thing to keep in mind is how many karats your jewellery is. Karats are how jewellers define purity (rather than the more accurate percentages used by bullion dealers), and refers to how many parts per 24 is actually gold. A 24-karat gold ring is pure gold – or more accurately, 99.95%). 22-karat gold is about the same purity as an American Gold Eagle Coin, around 91%, while 12-karat is half-gold and half another metal, usually silver or copper.
Whether you need cash, or you want to take advantage of high gold prices, be careful where you sell your gold and always look around for the best quote.