Where Can I Exchange Gold for Money?

There are many cash-for-gold advertisements in print, TV and online media. Gold buyers are plentiful. Many gold dealers will purchase your gold coins, jewelry and buillion in exchange for an agreed-upon price.

Gold Dealers

Licensed gold dealers are a good place to start, if you want to sell your gold. You should shop around to find the dealer willing to give you the highest markup. In most cases, gold dealers aren't going to pay huge markups, and in some cases you may not receive what the current spot price dictates.

Gold dealers are favorable options for selling your gold coins and gold buillion. Most gold dealers use the weight of the gold being sold to determine the price they're willing to pay. Therefore, you should avoid selling jewelry to a gold dealer, if possible. Gold dealers don't take into account the value of your gems or the craftsmanship involved.

Jewelry Stores

If you take your jewelry items to a jeweler or a jewelry store, you may get more money for the sale, compared with a gold dealer. Jewelers tend to value the gems as well as the aesthetic value of jewelry. Conversely, a jeweler is probably not the best place to attempt to sell gold bars or coins.

Online Dealers

Gold dealers come in the online variety as well. The same rules apply. The most important thing to remember when dealing with an online gold buyer is to never send any valuable gold items without insurance. Most online gold dealers have very specific shipping instructions for you to follow.

Check the reputation and credentials of any online gold dealer before sending your valuables to them. One good place to look may be the Better Business Bureau. You may contact the bureau online at www.bbb.org.

Online Auction

You may be able to sell your gold on Internet auction sites such as eBay. You'll need to write a description of your gold and post a photo of the items you're selling. You can issue a "buy it now" price, stating an outright purchase price, or you can auction your gold to the highest bidder.

If you have large lots of gold to sell, you can sell your gold at an auction house. Bidders will have the opportunity to view your gold in advance. Your gold will be sold to the highest bidder. Your auction house will charge a seller's premium on your gold sales.

Pawn Shop

Most pawn shops will buy your gold in exchange for cash. You should sell your gold at a pawn shop only as a last resort. Most pawn shops will pay you a significantly lower amount than what your gold is worth.