When it comes to selling your gold, it is essential to find a place that will offer a fair price. Perhaps you have invested in gold for several years, and you now want to offload your collection. Or maybe you inherited gold pieces from a family member or are getting rid of unwanted jewelry. Regardless of the case, it is important to know where to sell your gold to ensure you are offered the best price possible.
How Much And What Type Of Gold Are You Selling?
The best way to work out an approximate value for your jewelry or bullion is to multiply the weight in ounces by the spot price (current). This will provide you with an idea of the upper limit on what to expect when you try and sell your gold.
Many of the bullion dealers offer around 95% of the current “spot” price. However, this can vary according to the current market conditions.
If, for example, the amount of gold that you have is large and the dealer that you are doing business with has a limited supply, you may secure a higher resale premium. When deciding on where to sell your gold, it is important to know that pawnshops offer a low return that is, in some cases, 50% less than what the gold is worth.
The transaction size is also an important factor when it comes to how to sell your gold. Visiting one of the pawnshops when you are carrying a large amount of gold could make you susceptible to assault or burglary.
This is not too concerning if you only have a small amount of gold to sell, but it should be a serious consideration for those with more than $100,000 worth of gold. It would be extremely unwise to carry around large amounts of gold. When it comes to a more significant amount, security and privacy should be given careful consideration.
Below is a list of important points to keep in mind before choosing the best place to sell your gold.
- Keep in mind that any gold that you plan to sell will be broken down and melted. The gold is then separated from the scrap, and the amount you are paid is according to scrap value rather than market value. The style and artisanship are often not of importance or taken into consideration. Some dealers also pay smelters as well as keeping their overall profit margins as high as possible. Many of the uncertified gold dealers may retain as much as 40 to 50% of the profit margin. Be aware. Find the stores that don’t have a middleman cost or the ones that offer lower smelter margins. Such a place where you can sell gold and you are paid out a market value is the best option.
- Reputed gold buyers such as Luriya always request proof of your identity, unlike the uncertified stores or those that are not legally recognized. This practice is in place to protect the seller (you) and ensure you are not a thief or fraudster trying to launder valuables or sell stolen items. Any of the gold buyers that do not request proof of identity are committing a crime. Be on guard and select a dealer with care.
- Find out what a gold store or dealer specializes in. Many of the stores are more well-known as sellers. It is rare to find a store that is a “buyer.” Look for the stores that match up to your considerations when it comes to price and that the method of selling is convenient and easy for you.
- The standard pawn shops and gold shops are known for resorting to dramatic haggling. This is one of the tested and tried practices. Despite this standard practice, it is possible to find gold stores that have fixed guidelines and rules. This will save you a lot of hassle and make sure you receive a fair price for your gold.
- Look for the gold stores that provide transparency when it comes to its transactions and appraisals. The store you choose to work with should guide and inform you of the processes involved in selling your gold.
- Friendly assurance, sincerity, and honesty in dealings are also very important in dealing with gold. Customer satisfaction should not be a novelty when selling your gold. Getting a fair price serves your purpose as well as enhancing the credibility and reputation of the dealer.
Regardless of where or how you have chosen to sell your gold in NYC, start locally. Use a reputable pawn shop or Jeweler to provide you with an estimate on the value. This will give you a “base price” before you start soliciting offers or online bids.