Tips for Selling Your Gold for Cash

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Maybe you’ve run into some financial hard times and need extra cash on hand to pay your bills. Or maybe you’re just not a jewelry person, and you’re tired of seeing the collection your grandmother gave you sitting unused in a box shoved toward the back of your closet. No matter your motivation for selling your gold for cash, you have a real opportunity on your hands to unload your collection in exchange for some serious money. The key, however, is to be strategic in your approach to selling what you have, as doing so could mean the difference between getting good money for your gold or getting ripped off.

Catalog Everything You Have

If you have a large amount of gold to sell, the first thing you ought to do is separate everything and catalog each individual item. A buyer may try to offer you a lump sum price for everything you have, but if you know how much each piece is worth, you’ll be less inclined to accept a lowball offer.

Price Out Your Collection Piece By Piece

Rather than dump all of your gold into a box and haul it over to the nearest cash for gold shop, try going to a reputable source to have it priced. Visit a respected jeweler or antique dealer, and find out where gold prices are at.  

Get a Second Opinion

If someone makes you an offer that seems low, don’t be afraid to get a second opinion. Shop around, and if necessary, sell items individually, as opposed to unloading them as a single collection. You may have a few standout pieces that are worth more than others, and if you’re willing to take the time to sell them one by one, there’s a good chance you’ll come out on top financially.

Know What You’re Selling

If you happen to own designer gold pieces, they may be worth more money by virtue of coming from a well-known name. When you sell your items, bring along any documentation you might have.

Go Online

The buyer offering the best price for your gold may not be someone local, but rather a dealer you can only find over the Internet. Selling your gold online can be profitable, but if you’re going to take this route, be absolutely certain to do your research before sending your items out. Make sure your buyer is verified, and don’t be afraid to ask for references. If your buyer is a registered business, check its Better Business Bureau rating to make sure you’re dealing with someone reputable. The last thing you want is to fall victim to an online scam.

Selling your gold can be a good way to bring in some extra money. Whether you’re having trouble paying your bills or would rather have cash to use toward a vacation, your gold could end up being a source of financial freedom. Just don’t make the mistake of being impatient and rushing through the process. The more diligent you are when selling your gold, the more money you’re likely to make.