The Best Ways to Sell Gold and the Impact on Prices
You have gold and you want to sell it. People often buy gold in a crisis because they lack faith in the economy or the monetary system. You may have inherited it, or you may be ready to cash in your profits from buying gold in the past. But how do you do it and where do you go?
The first question is: are you going to get the spot price for gold? That really depends on how much gold you have and where you go. Larger quantities of gold tend to better reflect spot prices. If you’re selling gold in smaller quantities, you may have to sell at a small discount. And if your gold isn’t pure bullion, you’re going to have take another cut, as it costs money to melt down jewelry.
The next question is where you should go.
The Fastest Way to Sell Your Gold
You’ve probably seen the ads on TV. If you have gold jewelry, there are dozens of cash for gold businesses out there that offer quick payment for gold jewelry and gold watches. You can get paid that day if you take your gold there.
However, the speed comes at a price: literally. Cash for gold businesses offer some of the lowest prices, so that they can turn around and make a profit. They thrive on people’s urgent need for cash. Taking more time to sell your gold can give you a better price.
Get the Best Price for Your Gold
If you want to know how to get the best price possible for your gold, head online to an established, online gold dealer. Online dealers have lower overhead and can generally offer better prices. The process should be simple:
- Describe the quality and quantity of your gold (purity, type, weight)
- Get a quote
- Get a shipping label
- Mail off the gold and once it’s confirmed, you’ll be paid
When you’re selling gold online, only go with established, trustworthy gold dealers like Silver Gold Bull. They will send you shipping labels with insurance and send you your money in a matter of days.
Selling Gold in Person
Some gold owners may not want to go online to sell their gold or wait the couple days it takes to hear back from an online gold seller for a quote and get payment. If there’s a brick-and-mortar gold dealer in your town, they may provide a third option.
Because brick-and-mortar gold dealers have higher overhead than online options, they tend to have higher premiums when they sell gold coins and bars and offer lower prices when they buy gold. Other dealers only want to buy gold back that they’ve sold to you, so if you bought it at another place, you may be out of luck.
In case you’re trading jewelry, a jeweler may be another option that doesn’t involve heading to a pawnshop or a cash-for-gold business. However, gold dealers online like Silver Gold Bull also let you sell gold jewelry and gold watches.
For investors, the price you get when you’re selling gold will make or break your investment. Even if you just inherited the gold, treating it like the investment asset it is will help you earn more money.