Because of the skyrocketing value of gold, there are many people and companies offering to buy gold. Finding a buyer for your unwanted gold items might help you pay bills or finance a much-needed vacation. You can find gold buyers in person and online. Goldfellow.com and usgoldbuyers.com are two online gold buyers accredited by the Better Business Bureau. Good standing with the BBB indicates that a gold buyer is a legitimate company. Finding buyers might be easier online because of the large quantity of gold buyers on the Internet.
Finding Gold Buyers
Research various gold dealers. The type of gold dealer you'll want to consult has a lot to do with the type of gold you're selling. For example, if you're selling gold jewelry, you might want to sell your gold to a jeweler instead of a gold coin dealer. This is particularly the case if your gold jewelry has aesthetic value that outweighs the market value of gold. Speaking of which, it helps if you know the current spot price of gold at the time you're selling. Log on to websites such as monex.com to find the current spot price of gold. This information will help you negotiate a fair price for your gold.
Check the reputation of your gold dealer. Never send your gold to an online gold dealer not accredited by the Better Business Bureau.
Post your gold items on eBay or amazon.com. You might find buyers in the eBay community. Provide pictures and an accurate description of the gold you're selling. In this scenario, you can set a "buy it now" price for your gold, or you can conduct an auction in which the highest bidder wins your gold. If you're listing your gold on Amazon.com, set a purchase price. If you have a good seller reputation within the Amazon.com or eBay community, potential gold buyers more likely to do business with you.
Check the classifieds. Newspapers, penny savers and other publications sometimes carry advertisements offering to purchase gold. This could be a good opportunity to unload your unwanted gold. However, be aware that many "cash for gold" businesses don't pay what the market might indicate that your gold is worth.
Have realistic expectations. Mystery shoppers for consumerreports.org received anywhere from 11 percent to 70 percent of the day's market price for gold. The "cash for gold" businesses typically paid no higher than 29 percent. Other gold buying companies averaged anywhere from 35 percent to 70 percent. If you want to unload your gold quickly, selling to a "cash for gold" business will be a good option, but not if you want maximum value.
Take your gold to a coin dealer. Many coin dealers buy gold jewelry as well as gold coins. Pawnshops represent another option to sell your gold. At a pawnshop, you almost certainly won't receive what your gold is worth. Your gold should be weighed in order for you to receive the highest possible payout. Most pawnshops don't factor the weight of your gold when making a purchase offer.
Visit a jeweler. If your gold jewelry has diamonds or other stones, that might increase its value. Many other buyers will purchase your gold jewelry strictly for the value of the gold, without taking the value of any stones into consideration. A jeweler can appraise your items, and many jewelers buy gold and other jewelry.
Read More: How to Buy Gold Overseas
- Cash For Gold Reports
- Sell Gold
- Office of the Historian. "Nixon and the End of the Bretton Woods System, 1971–1973." Accessed May 28, 2020.
- National Audit Office. "The Sale of Part of the UK Gold Reserves." Accessed May 28, 2020.
- U.S. International Trade Commission. "Floating Exchange Rates and U.S. Competitiveness," Page 10, 11. Accessed May 28, 2020.
Christopher Carter loves writing business, health and sports articles. He enjoys finding ways to communicate important information in a meaningful way to others. Carter earned his Bachelor of Science in accounting from Eastern Illinois University.