5 Tips on Selling Gold for Cash

5 Tips on Selling Gold for Cash
  • Opening Intro -

    The price of gold continues to fluctuate, but as of this writing it is still above $1,700 an ounce.

    That price is up by more than $600 per ounce from 2007, demonstrating that a lot of people are holding onto gold as a hedge against inflation.


What you need to know about selling gold.

The demand for gold means that there are buyers out there, people who will pay you top dollar for your coins, jewelry and ingots. However, much caution needs to be exercised as you look to sell what you own, as there are scam artists that want your gold, but won’t pay you what it is worth.

1. Shop locally — Established local businesses are good places to go to get an estimate for the value of your gold. Merchants interested in your gold include jewelers and pawn shops, retailers that will give you a free estimate. Visit three to four stores to obtain and compare estimates.

2. Know what you possess — That gold coin may be worth far more than its weight. You probably know that if you possess a Spanish gold doubloon, you have a coin that would fetch plenty at auction. What you might not know is that 22-karat gold ring handed down to you that originally belonged to your great-great-grandmother, was made in England and features a crown hallmark. At auction, a collector would pay far more for the ring than its worth per ounce.

3. Vet the retailer — Beyond jewelery stores and pawn shops, there are other people claiming to be a gold retailer. Likely, your state requires such people to be licensed by the state. In California, for example, sellers must buy a state license from the local police or sheriff’s department. Still, it isn’t too difficult for a retailer to come to town, rent a room at a motel for a day and solicit your business. These so-called rogue buyers may offer you far less than what your gold is worth or write out a bad check and skip town before it clears your bank.

4. Mail it in — Some retailers encourage you to mail your gold to them for a free estimate. If you like their offer, then you’ll be sent a check. If you do not like their offer, your gold will be returned to you. However, you could be socked with high handling and shipping costs.

5. Read the fine print — If you plan to mail your gold in for an estimate, then who will be liable if the gold is lost in transit? Read the company’s policy to find out if your shipment is insured. If the buyer offers only limited liability, then shop elsewhere or purchase insurance coverage from the USPS, United Parcel Service or FEDEX. The Jewelers Mutual Insurance Company offers detailed instructions on how to safely pack and ship jewelry including gold.

When selling any jewelery, if you feel pressured by the buyer or doubt this person’s willingness or ability to give you a fair price for your gold, then move on to someone else. You can also check with your local Better Business Bureau to confirm the legitimacy of most any business and whether complaints have been lodged against the retailer. Finally, the best assurance of successfully selling gold is the trusted friend who has sold his or her gold for cash.

Money Management reference:

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Last update on 2020-03-19 / Affiliate links / Images from Amazon Product Advertising API


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Categories: Consumer Tips

About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Matt's Musings", his personal blog. Matt covers campus, consumer, business and financial topics on various websites and blogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".