selling gold

Tips on Selling Your Gold


Tips For Selling Your Gold

A pawn shop refers to a business that gives loans to customers, and in return, they leave their valuables with pawnbrokers. However, other than selling to a pawn shop, APMEX provides steps and solutions on how to sell gold. They also explain some of the common products and types of gold, and the price the gold is most likely to cost. Before selling your gold, here is everything you need to know first.

1. You need to determine the time you wish to sell your gold.

This is both a personal and financial decision. Deciding to sell one’s valuables would be for certain reasons. It could be an urgent financial need such as college tuition or hospital bill or just the need to liquidate investments for ease in redistribution, the need to make a bigger purchase such as a car or a house, or wanting to venture into the purchase of other metals.

2. Make sure you understand your gold.

Before selling your types of gold, it is important to first know their fair worth. This is to prevent you from deceptive and notorious buyers who would want to negotiate even further if they realize they are dealing with a seller whose knowledge on the business is limited. It is important to know whether the gold you have is bullion vs. collectible, sovereign vs. private mint or bars vs. coins. On bars vs. coins, it is important for you to know that the value of coins is higher than that of bars. Before selling, you should also understand that the asking price is what the seller wants, and the bid price is what the buyer wants to offer.

3. Have an idea about the common categories of gold to sell.

There are a variety of gold bullion products, some of which are popular and can need to be sold for cash. They include;

• The gold American Eagles

• Gold bars

• Gram gold pieces

• European gold coins

selling gold

4. Look for a reliable buyer

Having known types of gold and decided when to sell, the next step is to know where the best place is for selling your gold. You may find a reputable dealer trusted online, such as the APMEX, or you can walk right into a pawn shop. Both choices are right as long as, in the end, you walk out with your money, having not been intimidated into accepting a price lower than what it is worth.

 

Our pawn shop can help you with selling your gold.

Selling gold to a pawn shop

Selling Gold to a Pawn Shop


Do you have some jewelry lying around, looking for some extra cash, and eager to know how much is gold worth? Selling gold is a simple process; you just have to be aware of the market that you choose to partake in. Precious metals and jewelry are always known to maintain a constant value. That is what makes them some of the best assets to acquire. Humans have been wearing, using, and trading these precious commodities for a long time.

Essential Steps to Selling Gold

First thing recommended for you to do is to look at the current market value of gold. It is very important that you understand how gold is measured so that you can determine the value of what you possess.

Grams are the smallest unit of measurement in the market currently. In most cases, you will possess less than a pound of gold, so you will be selling gold by the gram.

Prior to going to the pawn shop, you will want to find out the weight of your pieces to understand how much is gold worth in this market. A decent kitchen scale should give you are accurate reading if you have one around.

Next you have to determine the purity of what you are selling. Gold purity is read from a small stamp imprinted on the piece. Those stamps have numerical indications followed by a letter “K”. The letter “K” is an abbreviation for the word “Karat”. The purity level of the top five most common increments will be listed below:

24K – Contains 99.9% Gold.

22K – Contains 91.7% Gold.

18K – Contains 75% Gold.

14K – Contains 58.3% Gold.

12K – Contains 50% Gold.

blank

With the weight and purity of the gold you can determine a rough estimate of the possible market value of your gold. To get the most accurate price for the items you want to sell, you should have them appraised. The appraisal specialist may be able to determine if the pieces have some historical significance and exactly how much your gold is worth.

Finally take the pieces that you intend to sell to the pawn shop, and see what offers they give you based on your own analysis and the appraisal. If you want top dollar, try negotiating and other locations.

Want to know how to find out if a pawn shop is credible and trustworthy? See how to find out here.

Come check out our pawn shop here.