What To Know When You Sell Gold

By Author: Christina Sanchez
Total Articles: 13
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To avoid scams and get the highest price the first thing you should do is eliminate online gold buyers and mail-in services and any quick, one-day hotel or mall buyers, gold parties or other temporary services. While some of these may be legitimate many aren’t and if you find yourself scammed you have little recourse. You’re also not likely to get the highest price from these types of buyers.
To find the best gold buyer in your area you want to go local. When you’re looking to sell gold you want someone with expertise in precious metals and a good reputation. Take inventory of your area’s local pawn shops. Do a little research on their reputation and find out whether or not they specialize in gold. Remember, many of these pawn shops will have been in business for years and you should be able to easily discover what kind of business they run. Furthermore, pawn shops are regulated and licensed –even their scales are required to be verified by the department of weights and measures.
Once you’ve done your shopping around you’re ready to sell gold. Before you go in you should know what gold is ...
... currently selling for. Remember you are not going to get market value for your gold, but knowing what the value is will give you more negotiating power. You should also know your gold. What is the weight and karat? Do you have scrap gold that’s going to be melted down, or does your piece of have more worth than just its weight? For example, you may have a bracelet made by a famous designer, making it worth a little more.

Always go to three or four stores pawn stores and compare.Take your gold to a reputable local jeweler or pawn shop and ask them to estimate its value. This way you will have a fair idea of the base price and will be well prepared before you solicit online bids or other offers. Keep away from 'Rogue' Buyers , als known as "hotel" or "pop-up" buyers. They run ads promising high prices and set up shop, say, in a hotel ballroom or any temporary place. After absorbing up a city's worth of jewelry and coins, they disappear, sometimes leaving their victims un- or underpaid.

A pawn shop will appraise your gold for free and if you’re not happy with the offer you can feel free to negotiate or walk away. The gold price changes daily, so if you the offer isn’t what you were hoping for you may find a few weeks or even a few days can make a difference. Finally, once you’ve finalized a transaction be sure to get a full written receipt.

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