Thinking about selling some of your gold but unsure whether it’s worth it? The good news is that there are plenty of gold buyers out there who would be interested in taking gold jewellery, coins, platinum, diamond jewellery or even bullion bars (if you have any lying about!) off your hands, but you want to make sure you get the best deal possible.
The last thing you want is to go through the effort of selling your gold only to discover that you were dealt an unfair hand. There are a lot of considerations to make before you sell gold to ensure you get a fair price and there are also factors which contribute to gold prices you should be aware of (don’t worry, we’ll cover these later).
Keep reading for tips on how to go about selling your precious metals and the pros and cons of cashing in on your gold.
Pros of selling gold for cash
- You can get money quickly – you have a few options when it comes to selling your gold, but if you want quick cash, you could look into selling online. Many online gold buyers such as Postgoldforcash.com aim to send you payment for your gold within 24 hours of them receiving it.
- There is always a demand for it – gold is the type of valuable commodity that is always being bought and sold (although, the demand can fluctuate depending on the supply of gold and any economical changes which can affect the gold’s value).
- Many different types of gold can be sold – whether you’ve got gold coins, bullion bars, watches or other gold jewellery, all sorts of scrap gold can be sold for a decent profit.
Cons of selling gold for cash
- You may not always receive a fair offer – at the end of the day, companies want to make a profit and there are buyers out there who may take advantage of those who don’t know the real worth of their gold or are desperate for quick cash; this means that doing your research into gold buyers first is important. We’ll share some tips for selling gold for the best price later.
- Gold can be a great investment – as gold has historically been seen as a valuable asset, it could be worth hanging onto your scrap gold in case it increases in value over time.
- Gold jewellery may have sentimental value – sometimes gold items will have more value to us in terms of sentiment rather than something more tangible; unfortunately, scrap gold buyers won’t pay extra for any special background stories surrounding your gold. If you have an item of gold jewellery that means something to you, it may not be a good idea to sell it.
How to sell gold for the best price
Here’s our top tips on how to sell gold for the best price:
1. Understand the worth of your gold
Check the hallmarks of your gold and weigh it to get an idea of how much your gold items could be worth based on what the current price of gold is. Gold is weighed using the Troy measurement system.
Alternatively, you could go to some of your local jewellers and ask if they could value your gold items (it is likely that they will have more accurate weighing scales and can give you a clearer idea of what it’s worth with their expert eye). That said, remember that they may not give you the full value if they’re interested in buying your gold themselves! It’s therefore a good idea to get your gold valued by more than one jeweller.
Remember, the price of your gold can be affected by a number of factors, including the current price of gold (based on supply and demand), the weight and purity of the gold, and any changes in the economy.
2. Sell at the right time
You may not know this, but the price of gold changes daily depending on the supply and demand. The price of gold in the UK per gram is determined by the London Bullion Market Association (LBMA) and is changed twice each day depending on the amount of gold being traded on online auctions. Essentially, when there is a low supply but a high demand, the price of gold increases; when there is a high supply but a lower demand, the price of gold drops – so make sure you sell when gold prices are high! You can see live gold prices here.
3. Compare gold buyers
When you’re looking for quick cash, it can be tempting to sell to one of the first gold buyers you come across…but you risk not getting the best deal for your gold. Try and do some research into a few different jewellers and online gold buyers, noting down any other benefits of their services. Here are a few things to ask yourself when looking at gold buyers:
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How much experience do they have?
Everyone has to start somewhere, but if you’re anxious to sell to a relatively new company it could be worth selling to reputable gold buyers who have years of experience in valuing and buying gold.
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Do they offer a price match guarantee?
Companies who offer a price match guarantee promise to match the price of offers you’ve received from other gold buyers.
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Do they have positive reviews?
Definitely check the customer reviews of a company before you decide to sell gold to them. Most companies will showcase their reviews and customer testimonials on their websites but you can also check Trustpilot for a deeper insight.
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For online gold buyers, what is their postal service and are you obligated to sell to them once you’ve sent your gold?
The last thing you want to do is lose valuable items or spend your own money on secure postage. Read up on how their gold selling process works and check if they will send your gold items back if you are not happy with their offer.
Alternatively, you could save some time by checking out a comparison site to see somebody else’s experience with various online gold buyers.
4. Know who you’re selling to
Even if you do receive a rather handsome offer, make sure that you can trust the gold buyer. Take a look at their online customer reviews to see what others are saying about their services before you decide to send any of your gold jewellery or other precious metal items off.
5. Don’t be afraid to haggle for the best price
If you receive an offer that you’re not completely happy with, why not try your luck in haggling to drive the price up? Whether you’re looking to sell gold online or through local jewellers, try and get quotes from a number of gold buyers so that you’re ready to negotiate. After all…there’s no harm in trying!
But remember, if you want to successfully haggle you should remain friendly and ask for a realistic price, pitting the company against competitor gold buyers who have sent you offers if you can – bear in mind that these should be genuine offers you have received as it is likely they’ll ask for evidence of this.
So, there you have it – gold can be worth selling for cash if you find the right buyer and sell gold at the right time for the best price.
Why not take a look at some of our other articles on how to make quick money and sell your stuff for more ideas?
*This is not financial or investment advice. Remember to do your own research and speak to a professional advisor before parting with any money or items.
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