The price of gold is sitting at an all-time high, and people short on cash can take advantage of such a market shift and sell some of their gold jewelry.
However, finding the right buyer can be a tricky and risky endeavor. For this reason, many people with gold bars end up not selling them after all.
Luckily, we’ve compiled a list of reputable gold buyers that deal on the current gold price, giving you better deals than your local jewelry shop.
Follow along as we get into the tips and tricks of how to sell gold and earn quick cash!
- Why You Should Consider Selling Gold?
- Problems With Selling Gold
- What You’ll Need to Sell Gold
- Where to Sell Gold In 2023: Best Options
- How To Sell Gold: Step-By-Step Instructions
- Things to Consider When Selling Gold
- Frequently Asked Questions
- Similar Tutorials to Check Out
- Wrapping Up
Why You Should Consider Selling Gold?
Selling gold content that has been in families for years is no easy decision.
Here are some of the reasons why people sell their gold coins for cash:
- Gold Retains its Value: At times of economic uncertainty, people can feel more at ease knowing that their physical gold pieces are retaining their value. This can be their way out whenever they face financial difficulties.
- Lucrative Profits: Before selling, people can always check the price of gold today and decide on whether it’s the right time to sell.
- Finding a Buyer is Easy: The market always has a high-volume gold buyer to take on the scrap gold people managed to salvage from their old jewelry.
- Reinvesting the Gold Money: Diversifying income channels is the way to go, and having cash flow from gold can open up new investment opportunities for people.
Problems With Selling Gold
However, selling precious metals, especially gold, can present some challenges, such as:
- Presale Appraisal: Without it, people might sell their gold for what they think is a fair price, then end up discovering that they have antique pieces in their hands that are worth even more.
- Confusing Gold Prices: Since gold prices are always fluctuating, it could be challenging to understand what governs such changes. The average trading value set by gold brokers, variable pricing for different grades of gold, and added state taxes on trading valuable metals can all impact the final bill.
- Finding a Reputable Gold Dealer: Breaking into a new market can be overwhelming for new investors. That’s why an established broker with decades of experience is needed to guide you through the selling and buying process.
- Making Sure the Buyer is Legit: Before sealing the deal with a potential buyer, you need to ensure they have a state license to buy precious metals. Bulk buyers who’ve been in the market for a while can be members of a jewelry trade association, which adds up to their legitimacy.
- Risk of Losing Your Gold: Say people found a professional gold buyer online and settled on a fair market price. It’s now time to ship their gold, which presents a risk of loss or theft during physical delivery and shipping.
What You’ll Need to Sell Gold
Let’s review some of the tips provided by the United States Gold Bureau to ensure the process goes in as smoothly as possible.
- Keeping Detailed Documents for Tax Purposes: People selling their gold jewelry pieces need to pay taxes. Having a detailed record of your transactions should come in handy when you’re filing your tax report.
- Deciding on Where to Sell: People could sell their gold through online auctions, a one-on-one meeting with expert gold buyers, or through a reputable broker. Decide on which route to take before entering the gold market.
- Pure Forms of Gold: Gold experts always recommend checking the current scrap gold rates before putting in the effort to separate the gold pieces from an old jewelry box.
Where to Sell Gold In 2023: Best Options
Let’s kick off our list with one of the oldest online gold buyers that earned a positive reputation over the years.
Knowing that the company is rated A+ by the Better Business Bureau (BBB) paints an excellent picture of how CashforGoldUSA thrives on customer satisfaction.
What Makes This Option Great
To ensure sellers have peace of mind when selling their gold, CashforGoldUSA offers a “Gold Price Maximizer” that pays off the difference if the market prices go up within 30 days of banking cash for gold.
- Fees/ Commission:People get better value for selling gold coins or bars. This can be anywhere from 90 to 95% of the gold spot price. On the other hand, jewelry like gold bracelets can net you 70% of the gold scrap value.
- Payment Methods: Once people accept the offer for their gold bullion coins, CashforGoldUSA sends the money by direct bank wires, checks, or PayPal. The flexibility ensures people find the payment method that works best for them.
Liberty Gold and Silver started off as a coin dealer in 2012, and since then, the company has expanded its scope of operations.
It’s considered one of the most reputable online buyers, as evidenced by its A rating by the BBB.
What Makes This Option Great
The only gripe that people have about selling gold to an online dealer is the lack of human interaction.
This isn’t the case with Liberty Gold and Silver, as the company has a phone line open 24/7 with experienced operators who’re ready to answer all questions.
- Fees/ Commission: The company doesn’t offer exact numbers on its website. However, people can get a 110% price match guarantee to ensure they’re selling their gold for the best prices.
- Payment Methods: Upon the delivery of gold to Liberty Gold and Silver, people receive an email with the final offer. The company then sends a check with the agreed-upon price. Direct wired bank transfers are also available for a small fee.
Express Gold Cash deals with the most diverse selection of gold pieces, including watches and dental gold, in addition to other precious metals.
What Makes This Option Great
The company is transparent in how they calculate the price for a gold item, giving people a better understanding of what value they’re getting if they sell their pieces today.
- Fees/Commission: The online gold buyer offers up to 98% of the market value of gold bullion and up to 90% of the value of gold jewelry. This makes it one of the most lucrative options for gold sellers.
- Payment Methods: Once people accept the offer for their gold pieces, they get paid in cash within 24 hours. Express Gold Cash modernizes the concept of a jewelry store and makes the entire experience more convenient for sellers.
How To Sell Gold: Step-By-Step Instructions
Now that you have a better understanding of the gold market, let’s walk you through a detailed guide on how to get the best bid price for gold weight.
Step 1: Evaluate Your Gold’s Worth
For the most part, people get 70 to 80% of their gold’s melt value.
However, designer pieces, such as from Tiffany & Co. or antique gold bracelets, usually go for more.
Step 2: Keep Track of Your Gold’s Purity
Before people ship their gold to an online buyer or visit their local pawn shop, it’s always recommended to sort the pieces by purity.
By using a magnifying glass, people can see a small number engraved on each piece.
Such a number is referred to as karat gold. It’s the percentage of pure gold in a piece of jewelry.
Step 3: Weigh Your Gold
Before checking online databases for the price of a gold bar today, people need to weigh their gold to better estimate how much they could make.
Most sources use gram as the measuring unit. However, other units like a troy ounce are also used, so it’s always useful to know the conversion rates.
Gold sellers should double-check that they’re being paid for the correct weight unit before sealing a deal.
Step 4: Shop Around
People shouldn’t blindly go for the first offer that comes their way. Gold sellers need to shop around and get bids from different companies, individual buyers, and pawn shops.
Some online buyers offer a price match guarantee. So, understanding current market trends can help people make the most out of their negotiations with potential buyers.
Step 5: Buyer’s Inspection
People selling to buyers with excellent online reputations can feel more at ease.
However, this doesn’t mean they should let their guard down when the buyer is inspecting their gold pieces.
Gold sellers need to ensure that their jewelry never leaves their sight. Also, the company must have a permit to purchase precious metals.
It’s worth noting that people selling to online companies should check the shipping insurance policy.
Having a fully-insured shipping label is a must to guarantee their gold doesn’t fall into the wrong hands.
Things to Consider When Selling Gold
Here are some additional expert tips to keep in mind before finalizing a deal:
1. Knowing the Value of Your Gold
Don’t let the sentimental value of a jewelry piece sway your selling decision.
Always seek appraisal for your gold pieces to ensure you’re getting a reasonable price when selling to a reputable dealer.
If the pawn shop doubles its offering when you’re about to take your gold and leave, don’t budge.
Stand your ground as you can get a better bid since your gold has more value beyond the scrap price.
2. Safety First
Document your physical gold pieces and take photos whenever possible. Having detailed records comes in handy in cases of dispute.
Also, take care when heading out of a jewelry store with a lot of cash.
It’s better to get paid through a digital wallet like PayPal, Apple Pay, or Venmo or receive a bank check for your troubles.
3. Invest Your Gold Cash
Understand that selling gold is a temporary solution to your financial difficulties.
Consider investing your gold cash to diversify your income channels and secure passive income.
Frequently Asked Questions
How Much Can People Get for Their Gold Coins?
The price range can go from $200 all the way to $10,000 depending on the rarity of the coin, gold purity, condition, and overall weight.
Keeping gold coins in glass boxes ensures they remain in mint condition and gives people more value down the line.
Should People Sell Their Gold?
Depends on the seller’s financial situation.
People can get a quick buck from selling gold, making it an excellent emergency fund.
It’s always easier to sell unwanted gold or broken jewelry as owners won’t be as attached to such pieces.
Similar Tutorials to Check Out
Looking for other ways to make money?
Check the following tutorials for extra cash channels that don’t immediately pop into one’s head.
- Selling on Amazon: You don’t need to have an inventory to start selling on Amazon. Learn how to start your business venture by following our step-by-step tutorial.
- Selling Books Online: Turning a hobby into a side hustle that generates income is the dream. If you’re a bookworm with many books lying around, you’ll find our guide on how to sell your old books super helpful.
- Reselling shoes on eBay: People could have a rare sneaker that’s worth hundreds if not thousands of dollars. Follow our tutorial to uncover hidden gems in your attic and sell them on eBay.
By now, people should have a solid idea about how to flip their unwanted gold pieces and make extra cash.
However, safety comes first, so it’s essential to only reach out to reputable buyers.
Since gold prices are constantly fluctuating, sellers need to follow market trends and reach out to professional gold investors for advice when uncertain.
Tune in to the comment section below to tell us how our guide helped you land competitive prices on your gold pieces.
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