It is perfectly legal to convert your gold jewelry, bars, or coins for cash. However, it is imperative that you know of current market rates, and where you can sell your gold. One of the most popular ways to accomplish this is through online research. Obtain information like trusted buyers of gold near your area, or the best possible price for gold.
Where to sell gold for cash
Every one of us is scared of getting ripped off. There are numerous places to sell gold, all of which are potentially good. Selling is a viable option to get cash while taking advantage of today’s high price. The value of gold in the United States is $ 18.94 per gram of an 8K gold piece. Nearly all neighborhoods have places where you can sell your gold.
There are two ways you can access funds from pawnshops. They are financial institutions that offer small loans against gold, gems, and other precious metals. You can also opt to sell your items on-the-spot for cash. Despite being regulated by state and national laws, pawnbrokers often have a seedy reputation. They offer super-high interest rates, plus you run the risk of not getting your item back. Always transact with a licensed pawnbroker.
Pawnshops usually ascertain the value of your gold piece, then loan or pay you the maximum they can for your valuables. Some have gone the extra mile and installed X-ray machines that accurately and non-destructively identify what your jewelry is precisely made of. The technology detects gold, silver, platinum, or other precious metals and informs you of the purities or if the item is plated. These tests run for about 15 seconds, so you don’t have to worry about spending your whole afternoon at the pawnbroker.
The list of reputable local jewelers who can offer an honest price for your gold bullion, jewelry, coins, and other items is endless. There are many jewelry stores where you can sell your expensive jewelry for instant cash. Make sure you do your research and transact with accredited jewelers.
You can choose to sell to someone directly based on the fair market price at the time. You can meet hundreds of prospective buyers across numerous social media platforms, and even word of mouth. This method eliminates all costs associated with commissions and transaction charges.
Online cash for gold buyers
Almost everyone in the globe owns a mobile phone or has access to mobile internet. Use your preferred browser and type your query. For instance, you can type ‘sell gold for cash’ or ‘where to sell gold near me’. Results will redirect you to some reputable and well trusted online gold buyers sites like cashforgoldusa.com, which offer clients an alternative avenue to earn extra money from the confines of your home or office.
Online gold buyers offer higher prices compared to selling to a local jeweler, pawnshop, or cash-for-gold locations. Legit online buyers are continually looking for a competitive advantage over their competitors, which motivates some of them to lower their fees, thus attracting more business.
The process is quite simple. You contact your preferred dealer and mail in the item for sale. Be sure to send it through a fully insured mailer company like FedEx or UPS. Creditable online cash for gold buyers will give you up to 90% of your item’s melt value. They evaluate the article and offer you a price. You are at liberty to decline the offer if it is not suitable enough. The buyer company caters to shipping and insurance expenses incurred to have your gold sent back to you.
Offline cash for gold buyers
These comprise of physical companies that trade in precious metals and gems. Simply use your local directory to get information and reviews about cash-for-gold companies in your area that you can sell to. You bring or mail your gold item to the company’s physical address. It gets weighed, and the buyer company informs you of the purity and offers a price; you either take the cash or leave with your item.
Tips to get the most cash from your gold
If you are determined to sell your gold jewelry, follow these tips to ensure you get back in cash the gold you are trading in.
- Evaluate the item
Know the karats of your gold to make an informed decision on the scrap value of your jewelry. One karat equals 1/24 of pure gold by weight. So 14 karats would mean the jewelry was 14 parts gold and 10 parts other metals.
- Learn the scales
Both its purity and weight determine the value of your gold piece. However, keep in mind that jewelers in the United States use different measurement standards like pennyweight (dwt) and Troy ounce. For example, the U.S. scales usually measure 28 grams per ounce, while gold is estimated at 31.1 grams per Troy ounce.
- Get an appraisal
Have your antique or intricate gold jewelry appraised by a professional before selling it to a buyer who pays by weight. Some designer or antique jewelry could fetch higher prices as a finished piece than for its gold metal content.
- Know the value of what you have
Verify the current market price for gold before you sell. Ensure that the dealer is not offering you a price lower than the actual value.
- Shop around for a reputable buyer
Check that the business has the right license to buy gold in your state. Look for reviews that give basic information about the business, as well as any complaints. Compare bids from multiple companies before you settle on a buyer.
- Protect yourself
Understand the terms and conditions of the mailing service. Before leaving your items to a potential buyer, or shipping it, document and photograph the pieces.
- Be realistic
Selling your gold jewelry may put an extra dollar in your pocket, but in most cases, it will not make you lavish, and gold parties, often hosted by friends and neighbors, are more about fun than value.
Whether it’s spring cleaning, cleansing after a break-up, or just taking advantage of the recent high gold prices, consider selling to highly recommended online buyers.