With the economy in turmoil, gold has become a highly sought-after commodity. The value of the U.S. dollar is on the decline. Anyone who’s interested in scoring some extra cash may discover a hidden goldmine in their closets, attics or jewelry boxes. If gold jewelry, china, watches or coins are cluttering up your living space, there are an abundance of places you can go to cash in.
Although pawn shops tend to be flooded with diamonds and jewelry, the amount these establishments pay for gold has increased in recent years. To ensure you get a good price for your gold, highlight the quality and rarity of the item(s) you wish to sell. Be honest when accentuating the positives, or the shop’s proprietor may feel like she’s being taken for a ride, ultimately resulting in a less-than-ideal price.
One advantage of selling your gold to a pawn shop is that these establishments cater to seller’s remorse. Pawn shops will hold on to your items for an agreed-upon duration of time — anywhere from several weeks to several months — before displaying it on their sales floors. So if you suddenly decide that selling your gold wasn’t such a good idea, return to the pawn shop and buy it back. As the value of gold continues to rise, don’t be surprised if you wind up kicking yourself for selling too soon.
In light of the high demand for gold, shops specifically designed to buy and sell this precious metal have sprung up in nearly every town. These establishments operate in much the same manner as pawn shops, although they don’t offer customers a waiting period before putting their items out for sale. In addition, the people these shops employ tend to be more selective about the kinds of gold they’ll accept than the typical pawn shop staffer.
On the plus side, selling your gold coins and jewelry to someone with a keen eye for quality is liable to get you a fair price for your items. By the same token, these establishments frequently refuse to purchase items that don’t conform to their high standards. For this reason, gold dealers are a double-edged sword. While you’ll be justly compensated for high-quality gold, you’ll receive little to nothing for low-end items.
Online Gold Traders
These days, it’s nearly impossible to turn on a television without seeing commercials for a broad assortment of online gold traders. The fact that these businesses accept any piece of gold customers send them is their primary selling point. After packaging your unwanted gold and sending it to your trader of choice, you will receive an offer over the phone or by email. If you accept the offer, the company will mail you a check. If you refuse, your items will be returned to you. Depending on the company you choose, you may or may not be reimbursed for return shipping costs.
Before committing to conducting business with an online gold trader, fire up your favorite search engine and do some research. Since online gold traders are vast in number, you can afford to be picky. Once you’ve ascertained which companies offer the best prices and are easiest to do business with, you’ll be ready to bid farewell to your unwanted gold.
If you want to be the one who decides what your gold items are worth, consider setting up shop at a local flea market. This is the perfect option for people looking to sell vases, clocks and other large items made of gold. However, if the cost of renting a booth trumps the amount of money your items are worth, you’re better off selling your unneeded gold online.
Online Auction Sites
Online auction sites are ideal for people who want to avoid the irksome haggling and negotiations involved with selling gold in person. There are two ways to go about selling gold on these sites. The first entails selling your items for a non-negotiable price to the first person who’s willing to purchase them. The second requires prospective buyers to place bids on your items until the auction expires. If you’re confident in the value of your gold items, the second option is the way to go. Dollar signs will flash in your eyes as interested buyers place bid after bid for your unwanted gold.
As The New York Times’ Ann Carnns explains, many people fail to realize just how much their gold is worth. So the next time you need some extra money, open up your jewelry box, coin case or china cabinet to reveal hidden treasure.