Guide to Selling Gold

Tips to selling gold for cash.

Getting cash for gold is a hot trend with the demand for gold high. The options for selling gold exist all over the Internet and television, but the best option is to sell to a local dealer and avoid any waiting period. Gold can be sold no matter what shape it's in--old pieces, broken pieces and whole pieces are all accepted. The hardest part of selling gold for cash is getting a fair offer from a reputable company.

Sell Locally

There are many websites that will accept gold and pay cash based on the scrap value of the gold. This can be a lengthy process--the gold has to be mailed to the company, they assess the value based on purity and mail a check back in the amount the company determines is fair. The problems are the length of time it will take to mail the gold, get the assessment and receive a check. The check is typically only good for 10 days from the date of issue. If you do not cash the check, the online company assumes you do not agree with the amount given and will send your gold back to you. Finding a local gold dealer will reduce the time and stress involved in the online option. Typically, an estate appraiser will take a look at the gold for free and give you an estimated value. If you accept the amount, you will be given cash or a check immediately.

Sell as Jewelry or Scrap

There are two ways getting cash for gold works. Premium pieces can be sold as jewelry and the buyer will base the price not only on the weight and purity of the gold but the craftsmanship, beauty and stones in the piece. Selling gold as scrap is heavily discounted compared to the jewelery option--sometimes as steep as 50 percent less. Scrap gold value will be determined by the weight and purity of the gold alone. Consider removing any stones if the piece contains gold. The largest difference between selling pieces as scrap or as jewelry is that far more people are willing to purchase the scrap gold.

Get Multiple Quotes

The demand for gold is high so shop your gold around for the best offer. Broken or whole jewelry will not bring as much as gold coins, although gold coins are quite rare. A reputable dealer will know that the demand is high and give a reasonable offer for your gold items.

Research the Company

Do a search on the Internet of the company you choose to use and include the words "scam" or "complaint" in the title of the search. This may provide some results to help you determine the reputation of the companies in question. You can also contact the Better Business Bureau (BBB) and give them the name of the company. If the company you are considering has any complaints, the BBB will let you know.

References

• Cash for Gold Insider: Guide to Selling Scrap Gold
• Sell Gold Guide: Selling Gold for Cash