How to Liquidate Gold
When it comes to selling gold, you have various options available to you – the ideal being working with an established bullion dealer.
Pawn shops may seem like the least attractive choice because of their lower prices; however, online buyers offer additional opportunities; be sure to shop around and find the highest offers possible.
1. Sell to a Refinery
If you have old jewelry lying around the house or coins and bullion that you want to liquidate, there are various methods you can take. But one of the best is going directly to a refinery rather than going through cash-for-gold buyers that often pay lower prices due to being middlemen.
Refineries will break down and resell scrap gold by weight, regardless of its shape or size; all that matters to them is purity level. Refiners offer one of the safest and most secure means of selling gold; though valid identification may be required as part of this transaction, such costs should be minimal when it comes to your security and trust during such an important transaction.
Your pieces will be assayed using various testing techniques, but the industry-standard fire assay method is 20 times more accurate than other common techniques. Some refining fees will apply; a good refinery will include this in their selling price for gold.
2. Sell to a Pawn Shop
People bring gold into local pawn shops for various reasons. When they need cash quickly, selling unwanted items is an efficient way to gain extra income without incurring debt through loans or taking out additional loans.
Selling to a pawn shop may seem like the easiest option, but keep in mind that they work on commission and may offer less than current spot price for gold. Furthermore, for valuable rare coins or jewelry pieces you will want to find a dealer with a strong track record who can appraise and assess them accurately.
Selling gold online provides more buyers, providing you with more opportunities and allowing you to shop around for the best price for your items. However, be wary when dealing with peer-to-peer transactions or meeting arrangements as there can be scammers out there who take advantage of you.
3. Sell to an Online Buyer
Selling unwanted Gold can be a lucrative opportunity to make some extra cash – just be wary who you sell to!
Online buyers can be an excellent way to sell valuable pieces, although they may not pay as much than pawn shops or private individuals. Before selling to any company online, do your research thoroughly by researching their reputation on sites like Yelp, Trust Pilot and Better Business Bureau.
Another option for selling Gold is selling it to your local jeweler. Many jewelers provide cash for unwanted items; however, keep in mind they’ll likely purchase your gold at a discount from market value so they can resell it easily. Furthermore, local jewelers may require you to hold onto your item for several days before selling it directly to a refiner, further diminishing your overall return.
4. Sell to a Private Buyer
There are various places you can turn to in order to sell gold for cash, including local pawn shops, online buyers and individuals you meet through classified ads. Unfortunately, none of these methods provide sufficient safety or security; when handling such large sums of money it’s best to avoid strangers contacting you directly to purchase your items directly.
An established bullion dealer can often provide the best price when selling investment grade gold. Private dealers usually offer higher returns than pawn shops or jewelry stores, and vice versa.
Keep taxes in mind when selling physical gold, including capital gains taxes for any profits or cash you receive from its sale. Consult a tax professional before selling. It would also be prudent to weigh your items using either a kitchen scale or postal scale before doing so.
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