A question we are often asked by our customers is that of ‘where can I sell gold’. To help answer this, we decided we’d put together a quick article to lay out the options for selling gold and help you understand gold value as well as giving some quick advice on how and where to sell gold.
WHAT IS GOLD?
Gold is a precious metal that has been used for thousands of years for coins, jewellery and artefacts and more recently in dentistry, electronics and other fields. As at 2011, a total of 171,300 tonnes of gold has been mined throughout human history, enough to form a cube just 20.7m on all sides!
WHERE TO SELL YOUR GOLD
The best place to sell your gold is potentially through a gold dealer but very few people have gold bars at home. Gold comes in a number of different forms – such as jewellery, art, Krugerrands and coins – and understanding where to sell gold is generally determined by what type of gold you have. We’d always suggest doing your research first to ensure you know exactly what you have in terms of weight and carat. Once you have this information, there are a number of options available:
Selling Gold at Auction
If you have high-value items and are asking yourself ‘where can I sell gold,’ auction houses are certainly an option. Gold has a ‘per gram’ value but of course selling gold jewellery, selling gold watches and selling gold artefacts raise much more than the weight of the metal. Before you sell gold at auction, be aware of the possible commission and fees and also remember that you can set a reserve price.
Selling Gold to a Pawnbroker
Is a pawnbroker the best place to sell gold? Pawnbrokers are often used by people looking to sell gold, sell jewellery or sell watches and you’re very likely to get an offer from a high-street pawnbroker. But as you probably know, pawnbrokers ‘loan’ you an amount of money based on the value of your gold. Should you want the gold back, you have to repay the loan plus what is usually a high rate of interest. As this model is not a straight sale, you may not get a hugely competitive offer for your gold.
Selling Your Gold Online
The internet has seen a burst of activity in the gold purchasing arena. A quick search for ‘where can I sell gold online’ will bring back a myriad of services and options. These will range from postal gold services to affiliated high-street centres and peer-to-peer communities. These multiple options mean you can easily compare and contrast the prices on offer. Keep in mind that many services will ask you to send your gold through the standard postal system, if you do take such an option make sure there is insurance in place. Though we’re obviously biased, we like to think that at 62days we not only offer competitive prices for your gold, but also by offering you free FedEx courier pick-up and drop off and free insurance for your item we’re a little bit ahead of the game!
Selling Gold to a Dealer
Ask a dealer ‘where is the best place to sell gold’ and he or she will probably tell you to talk to a dealer! They will value your gold based on its carat, weight and what the object is, but of course all dealers like to buy gold at a low price and sell it on at a higher price. If you’re looking for a quick sale for your gold, dealers may be a good option but it’s worth taking your time and shopping around.
WHY USE 62DAYS TO SELL MY GOLD?
As we’ve said, asking where to sell gold can lead to complicated answers dependent on what type of gold you have. However, by using 62days, you have full control of the sale process and a safe, reliable and honest way to sell your gold:
- All our quotes, collections and deliveries are 100% FREE and insured and you also have the backing of TRUSTe, the web’s most secure online privacy provider
- If you sell your gold but aren’t happy with the process for whatever reason, you have 62 days to buy your gold back for the same price we paid you for it. There are no hidden interest charges or stealth fees of any kind
- All you have to do is upload up to five photographs and give us a brief description and we will send you your free valuation
- Our overheads are low and as such we can offer competitive prices for your gold
- We use PayPal and Google Checkout or we can deposit the money straight into your bank
- We are experienced industry professionals who really understand the market so when customers ask ‘where to sell gold’ we feel we offer them an extremely competitive option
WHAT DO I NEED TO KEEP IN MIND WHEN SELLING GOLD?
The best place to sell gold may not be immediately obvious so it’s worth taking your time and researching your options as well as getting multiple offers for your gold. There are huge variations in gold so you need an understanding of the piece you have and also the gold market:
- As a first step, you may wish to have your gold valued by an independent jeweller or dealer – take the opportunity to talk to them about your item to see if they can offer any advice as to its details. You may even wish to ask them if they know where to sell gold locally.
- Depending on the piece, if you have any relevant documentation to support what you have, the value of your gold may rise
- Why do you want to sell your gold? If the reasons are purely financial, you can sell your gold for cash relatively easily but try to take your time, as the quotes you will get if you’re in a rush will quite possibly be lower than your expectations
Another thing you need to be aware of is the use of peer-to-peer trading sites. If you’re exploring where to sell gold, there can be certain risks attached to trading of this kind, such as payments, deliveries and security and there may be people scanning gold items for sale who want to take advantage of your good nature. While this can be a good option, be aware of security issues and follow any guidelines from the service itself and the police.
WHAT IS THE VALUE OF MY GOLD?
The value of your gold is determined by a large number of variables but by speaking to online gold experts like 62days. When you come to us to ask ‘where can I sell my gold?’, we’ll offer you a fast, free valuation for your gold with no obligation on your part whatsoever, even if you decide to go elsewhere.
WHAT TO DO NOW
Selling gold is simple with 62days and you are in control of the process from start to finish. If you would like a FREE no obligation quote and to finally answer the question of ‘where can I sell gold’ then just upload your photographs now and we’ll get back to you with a fast and free quote.