How to Sell Gold

Taking the Guesswork out of Selling Gold

Jan 7, 2010
Lisbeth Cheever-Gessaman

How to Sell Your Gold - Covilha

With gold at record highs, selling gold has never been easier. Here's how to sell gold and find the best places to sell it, whether coins, jewelry or scrap.

With the price of gold skyrocketing, the choices of where to sell gold have never been more abundant. Thankfully, selling gold doesn't have to be a risk or gamble if the proper knowledge is in place. As the price of gold continues to escalate, here are a few tips that can help determine exactly how to sell scrap gold and the best places to sell gold at the highest price without getting ripped off in the process.

Before proceeding, be certain to determine exactly what that gold is worth by using the handy calculator that can found here.

The Best Places to Sell Gold

For pennies per listing, eBay remains one of the best places to sell gold today, regardless of condition. Items consisting of good, wearable jewelry or scrap (broken gold or dental amalgam) are both in high demand here. As a buyer, emotional competition can often drive prices up to more then what the gold is actually worth. This can be a definite advantage to the seller, but should be a word of caution for the buyer.

Selling Gold on Ebay

When selling gold on eBay, the first step is to separate each piece of gold according to karat and take pictures of the items to be sold. Individual pictures of each item, as well as pictures of the group on the scale with the weight displayed to show the actual weight tends to garner more bids. Items can be sold individually, or together as a lot.

Advantages

Typically, online auctions tend to make more money than selling locally.

Disadvantages

Having to wait for an auction to end before payment is received.
The fickle nature of bidders.
eBay charges a hefty fee - roughly around 10% for each sale.

Selling Gold Online

Today's current gold rush as thrown hundreds of online contenders into the loop promising top prices for scrap gold. When selling gold online, keep in mind that the buyers pitch is fairly consistent - most advertise exactly what they pay per pennyweight and most will pay for the cost of shipping the gold to them.

Advantages

Door to door service with most companies paying shipping.
No scales needed as these sites will weigh and measure the gold.

Disadvantages

1-3 days for payment, depending.
Without knowing exactly how much gold is present, there is the potential to get ripped off.

Selling Gold at Pawn Shops

Probably the least financially viable, selling gold at pawn shops will not be able to pay anything close to what gold is worth, and for all intents and purposes should be considered only as a very last result.

Advantages

Close to home.
Same day payment.
No weighing, measuring or having to take pictures.

Disadvantages

Generally payments are not top dollar.

Always be prepared and know the exact weight of the gold present as well as what the current market price is. Remember that the market for gold is volatile, so check the price often to get the best idea of what that gold is worth.

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Lisbeth Cheever-Gessaman - Lisbeth Cheever-Gessaman is a writer, spiritual activist and free spirit who divides her time between Europe and America cultivating a ...

Comments

Jan 7, 2010 10:10 AM

Guest :

Very informative article - thank you!
It's easy today to sell your gold and silver - not only are all the jewelers and pawn shops willing to buy it - but there's tons of companies online now too. So - what do ya do? You shop around that's what you do. And if you're like me, you'll find your local guys are NOT paying even close to what some of the online guys are paying. So - DON'T GET RIPPED OFF!
BUT - BEWARE!! If you use an online guy - make sure they're reputable and have a good rating with the BBB. After lots of research I finally found one that was amazing!! THEY PAID THE MOST, they pay for shipping (and return if you don't like their offer), they were very professional, they had ZERO BBB complaints, and they had some really great customer compliments. They're the real here and not some scammers like most of the others.
Check them out - Silver And Gold Exchange. http://SilverAndGoldExchange.com

Feb 18, 2010 3:04 PM

Guest :

Is gold the next currency for an ageing Australia?
The main demographic of people selling gold jewellery, coins and ingots is the 55 to 80 year old bracket. Sometimes referred to as ‘scrap gold’ it is now being sold at unprecedented rates. The reason may be two-fold.

The price of gold is now at its highest on record and with the global financial crisis cutting into the retirement and superannuation savings of many people, the sale of gold may be another way of supplementing income for the elderly.

A spokesperson from the retail gold sector, Michael Cohen of the Gold Company, reported that prices paid can vary from $250 to $950 an ounce depending on the company that consumers are dealing with. Mr Cohen advised that it is easy to determine approximate value.

“Separate the gold into 9ct, 14ct, 18ct etc… Then weigh each batch separately. Multiply the weight by the percentage of gold in the batch (e.g. 0.375 for 9ct) and then multiply that by the gold price of the day. That figure, less the refining costs and profit of the buyer, is what you should be offered.”

Other good tips for prospective sellers is to make sure you deal with a company that gives you the option to accept or refuse the offer with no hidden cost to you; ensure they have contact numbers listed for you to talk to someone and an address that you can visit their offices if necessary; and if you are not sure you are getting the right price, shop around.

2 Comments