How to Sell Gold: Your Indispensable Guide
It may seem simple, but the issue of how to sell gold is one of our most frequently asked questions. What’s the easiest way to sell gold, which is the safest and most secure method and, of course, how can you get the most for your gold?
From online to off, in this article we’ll be looking at a range of tips and useful advice on how to sell gold.
Before You Sell Gold…
When it comes to selling gold, there are several considerations to take into account before you even begin. For example:
Ease of Sale Whether it’s needing to travel long distances, fill in complex forms full of jargon or even spend a whole day in a cold field, selling gold safely and securely can be paved with hassle.
Security and Safety Make sure that your chosen method of selling gold is safe and secure. Never invite anyone to your home to view an item and only use secure payment methods. There are also several organisations that act as watchdogs and industry bodies so look out for trust marks and logos to help you make an informed decision when considering how to sell gold.
Cost Surprising as it may seem, selling your gold might actually cost you money. Many websites, shops and dealers will actually charge you money to sell your item or charge you interest, taking a big chunk out of your profits. However, this need not be the case. When thinking of how to sell gold, make sure to check the terms and conditions of businesses you’re considering dealing with very carefully to ensure there are no hidden costs or surprises.
The Markets Consider whether now is the best time to sell gold by looking at the markets. There’s nothing worse than selling your gold one day only to realise that its market value shot up the next. Market fluctuations only really affect institutional sellers who sell gold in vast quantities. Selling a gold bracelet or a gold ring won’t see such dramatic price shifts.
Sentimental Value In addition to its monetary worth, your item may have a sentimental value which you only recognise once it’s gone. So, before deciding to sell your gold or jewellery, check if there’s a cooling off period, like the 62 days offered by…62days.com!
Sale Guaranteed? When you’re thinking of how to sell gold, consider whether each option offers you a guaranteed sale.
How to Sell Gold: Your Options
Now that we’ve explored some of the factors to consider when selling gold, let’s look at the different options and how they measure up. It is certainly advisable, when considering how to sell gold, to ensure you have researched and considered all the various possibilities available to you.
High Street Pawnbrokers
A pawnbroker offers you a secured loan for your item for a contractual period of time.
When you want to get your item back, you pay back the amount borrowed plus interest for every month or part of a month that it has stayed with the pawnbroker.
On the plus side, this is a quick way to sell gold and you have time to change your mind and buy your item back.
However, you get charged a high rate of interest for the time you hold on to the loan, so this can end up being a fairly costly way of selling.
A quick, easy and free method of selling gold is online, such as via 62days.com.
Our service offers you a secure, safe and hassle-free way to earn additional income for your valuable items with a free, no-obligation appraisal so you know exactly how much money you can get when you sell gold jewellery, sell gold coins or other gold items.
There are no fees, no charges and no surprises. In a unique twist, we even give you a 62 day cooling off period.
We do everything for you, including collecting your gold and paying you directly into your nominated bank account.
From a security perspective, we only use the most reputable online payment providers such as Google Checkout and PayPal, all items are insured against damage or loss and we use secure delivery from FedEx. 62days.com buys a range of gold valuables, from jewellery and pens to watches and more.
Car Boot Sale
Car boot sales are a popular way to sell second hand goods including gold.
What’s more, with this option, you’re in control and can set your price. However, check with your local council as to what kind of permissions you require to run your own car boot sale (you’ll almost certainly need a license). Alternatively, for a fee, you can find where to sell gold locally and join an organised car boot sale.
One thing to note about car boot sales is that you may end up sitting and waiting for a very long time before you get your sale – sometimes you might not manage to sell your item at all.
When considering how to sell gold, as long as your item can be classed as an antique, you may be able to sell it to an antique dealer.
You should be able to find a local antique dealer either by searching trade association websites, local guides or on your high street.
An advantage of selling to an antique dealer is that the price you get for your gold will probably be higher than in other places, however watch out for their fees, which are also typically higher.
An auction is a competitive sale process where buyers bid for your gold. The highest bidder buys the item for their bid price.
There’s no going back – once the gavel strikes, the sale is final.
An auction can be one of the more exciting methods of how to sell gold and what’s more, if two bidders get into a competition over your gold, you might find that you get a better price when selling gold.
However, there’s no guarantee of sale and the fees of using an auction can be fairly high.
Things to Remember
A big part of how to sell gold is to understand your item. Whilst there’s no need for you to be fit to host the Antiques Roadshow, knowing where to sell gold and the terms involved in selling gold is a big help. Here are some quick snippets to help you navigate the jargon:
Carat or Karat (not to be confused with diamond carats): This is the way in which the purity of the gold is measured and it ranges from 1 carat to 24.
Hallmark An identifying stamp or mark indicating the maker of a piece of jewellery.
How to Sell Gold – Getting Started
Once you have your chosen when, where and how to sell gold, you can get started. Your first step will depend on which of these options you choose. For example, if you want to sell your gold through 62days.com, just upload an image of it to the website for your free, no-obligation appraisal.