How to Get the Most Out of Selling Gold

January 21, 2020 - Jewelry & Luxury Items

 Gold consumption in the United States was 170 metric tons just in the year of 2017.

You can sell, recycle, and reuse gold because it doesn’t wear away over time.

If you’re looking to sell your gold, there are a few things you should know before approaching potential pawn shops or buyers.

Here’s how to get the most when you sell unwanted gold.

Start With Some Research

It’ll be to your advantage to do some research before contacting any potential sellers. This way, you can make sure you have a base of knowledge to lean on in case anyone wants to mislead you in any way.

Start by weighing your gold on a reliable scale. Take this weight and look up what the current going rate for gold is. This will help get you to get a good idea of how much your gold should be worth.

Keep in mind though that pawn shops are resellers, so you will get less than market price.

Understand The Karat of Your Gold

Knowing the karat, or purity, of your gold is important to getting you the best price.

Jewelry makers mix gold with different types of metals to create a stronger piece of metal. This is because pure gold is 24 karats and is very soft and malleable which isn’t sturdy enough to wear regularly.

If the gold you want to sell is in the form of jewelry, most of the time there is an engraving that indicates how many karats of gold is in that piece. Unfortunately, there isn’t always this marking so you might need to figure out your karats another way.

Look into getting a gold testing kit that can help you determine how many karats your jewelry is worth.

Check Out All Of Your Options

One of the biggest mistakes you could make while selling or pawning gold is to go with your first option and not shop around. This is because the gold market is currently competitive and it’s possible that you can get the best rate if you shop around.

Remember that you have the opportunity to wait until the price fluctuates in your favor. You don’t have to sell as soon as you start this journey.

Know Your Buyer When You Sell Unwanted Gold

Make sure that your buyer has the appropriate buying credentials for their home state. This will ensure that they are legally allowed to purchase and sell gold in that state.

Some buyers come from out of state and consistently stay on the move. They might promise you the highest rate, but you’ll want to stay away from these types of buying situations. They’re most likely a scam and will rip you off. Pawn shops have usually been in the community for years. They have investment in the community.

Explore Your Options

Doing your research before you sell unwanted gold can help get you the best price possible. Make sure to shop around and explore all of your options before making your final decision on the buyer or pawn shop.

PawnGuru can point you in the right direction if you’re looking for trusted pawnshops and deals in the United States.

Continue reading our blog for more information and tips on how best to sell or pawn different objects.

David Stiebel

David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.

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