Know Where to Sell Gold for Cash

When you try to make a profit, be aware of small and cheap “cash for gold” offices who set up shop in temporary locations, such as hotel rooms, or in lobby some other building. They often won’t give you the accurate and current price, more likely you can be ripped off. Make sure you only deal with a reputable buyer and not a fly-by-night operation when you sell your coins and bars.

When selling coins or other types of gold, you can find a dealer at a coin store, a jewelry shop, or a gold-only business. Call around to several dealers and ask them what they would pay you per gram, and go for the dealer that gets you the highest percentage of the “melt value.” It’s possible that a larger business might be able to offer more, since they deal in large volumes of gold, but that’s no guarantee. The best approach is to make a few phone calls ahead of time.

Selling online has become popular in recent years. Online dealers and auction sites like eBay are a popular option. You may get a better price. Follow the usual precautions when you buy and sell gold online: Don’t ship it until you have the money in hand, and check the buyer’s record. In this case you must think about shipping cost, which can be significant in a case you have great amount of gold.

Dealers won’t give you the full price of gold today—they’ve got to make a profit, after all. How close you get to the piece’s full value depends on what type of piece you have, how much you have to sell, and which dealer you decide to work with. Different dealers offer different percentages, which is why it’s important to do your research first. Jewelry doesn’t get much better than 70 percent, but if you sell bars or coins it gets closer to 90 percent.