July 5, 2013 | Comments

Selling Gold Smartly

It seems as if every time you turn on the television or radio there’s another commercial for “Cash for Old Jewelry” businesses, all clamoring to offer you money for any spare gold or silver you may have hidden away. Gold-buying kiosks are springing up in malls and shopping centers across the country, and there are countless websites claiming to give the very best price for your precious metals. The question is, how do you choose? How to sell precious metals safely and for the best price? You have a lot of options, so here are some things to look for when you're ready to sell your precious metals.

Price
This is the big one, obviously. How much will the buyer offer you for your pieces and how do they arrive at that price? Generally the purity and weight of the precious metal can be accurately calculated and you can easily check the prices of the day online. Prices fluctuate with the market, so it's worth keeping an eye on how the indexes are doing. What percentage of the market price you’ll get depends on the type of buyer you choose. Fine or antique jewelry will fetch the best price from a jeweler, although you may have to accept store credit. If you want quick cash, you can go to a pawnbroker or a mall kiosk, but be prepared to take a lower percentage of the scrap value. Selling scrap precious metals directly to a gold refinery is a good choice if you have a little bit of time. Their margins are lower and you’re likely to get a better percentage, since you’re skipping the middleman.

Flexibility and Convenience
Many buyers, from dealers to refineries to those tv services, offer free shipping aid. These buyers are willing to pay to have your precious metals mailed to them for assessment. Check their guarantee and make sure that there are no hidden fees or charges for “appraisal” or shipping. A reputable buyer will also offer to pay to ship your precious metals back to you if you are dissatisfied with the quote you receive. This minimizes your risk. How long do you have to decide on the offer, and what happens if you change your mind? They should also offer an itemized valuation with the quote so that you can see exactly what you’re being offered.

Reputation and Experience
Gold buying is big business at the moment, and new buyers seem to be appearing all the time. Look into the history and reputation of the company with which you’re doing business, especially if you’re going to be sending your precious metals off in the mail. Examine their credentials, registrations, and licensing, and check to see if they’ve had any dealings with the Better Business Bureau Established buyers want repeat business and may have a greater commitment to integrity and professionalism than a fly-by-night company.

It’s never been easier to turn your scrap precious metal into ready cash, so have confidence when you approach buyers. Ask some good questions and shop around: when it comes to deciding how to sell silver, gold, or other precious metals, it really pays off to do a little research.

Posted In:

Cash for Gold
comments powered by Disqus
Google
Back To Top