One of the most lucrative investments someone can make is in gold; the value of gold has always been relatively stable, but recent years have seen fluctuations of the best kind – up. This means those that invested in gold are trying to cash in and get their money’s worth; on the other hand, there are also people with gold jewelry who are in need of some fast cash. Knowing where to sell your gold can make all the difference.
BBB Registration
When evaluating locations at which to sell your gold, one of the first steps should be to see if they are registered with the Better Business Bureau. This is a regulating agency which provides basic information about a company, and which also handles complaints on behalf of customers when a business is partaking in unethical business practices.
A gold buyer registered with the BBB is more likely to treat you fairly and give you a good price than one who isn’t. In the event that something goes wrong during the transaction, you have options.
Jewelry Stores
Many jewelry stores also purchase gold and silver in addition to selling it. Many of these individuals are well-versed in the value of an item. According to SF Jewelry & Loan, “Rather than paying you in just the melt value – the value of the gold once it is melted down – they can identify whether the piece holds some sort of value in its current form which could earn you more than it might otherwise.”
Jewelry stores usually have very accurate scales, which can give you an exact amount in weight for your gold. Gold is measured in pennyweights, one of which is equal to roughly 1.55 grams. The gold’s value will be based on its karat amount.
Online Sales
Another way to sell your gold is through the internet. Many people are looking to buy gold jewelry and other items, so targeting that audience can be profitable; however, you may not earn as much as you would through a certified retailer. On the other hand, you could earn much more. Online sales truly are hit and miss depending on the buyer and your own business savvy.
Pawn Shops
Another way to sell your gold is to a pawn shop. Many of these institutions double as jewelry stores; however, they are likely to give you as little as possible. Pawn shops are for-profit companies, so the lower they can buy your item for, the more profit they can make on it. However, this doesn’t necessarily hold true for the gold market – by doing research ahead of time and getting a feel for what your jewelry could earn elsewhere, you can haggle the price up. If you take your gold to several stores, you can often pit competitors against one another and get a much better value.
Places to Avoid
There are several online gold buying companies which are heavily advertised, but should typically be avoided. This includes the company Cash4Gold – they declared bankruptcy last year, but still do business online. However, they were frequently cited as one of the worst deals for gold buyers. The ease of the selling process made them an attractive option, but gold sellers could earn much more in other locations.
Investing in gold is a great way to make a profit when the value increases. However, by doing a bit of research and knowing the details of your gold, you can earn even more than you thought. Whatever your decision, make sure to evaluate each potential company before choosing one to sell to.
