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How can I get Money for Gold?

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  • Written By: Cassie L. Damewood
  • Edited By: C. Wilborn
  • Last Modified Date: 21 August 2016
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Selling gold can be an intimidating experience. There are a lot of unscrupulous companies and individuals that prey upon the desperation and ignorance of others and some who offer money for gold fall into this category. Getting money for gold should be carefully researched and done with caution.

Gold sold by most consumers is usually in the form of coins or jewelry. Before selling these items, written appraisals from reputable sources should be obtained. It is not advised to rely on an appraisal from a pawn shop; authorized appraisers can be found in most cities.

The value of gold normally fluctuates less than that of other precious metals, but it is not impervious to market changes. Mining and related activities can affect the value of gold, making its worth volatile. Successfully getting money for gold entails closely watching the market and exploring options like precious metal mutual funds and gold company stock investments.

On a smaller scale, gold can be sold to individuals, jewelry and coin dealers, and pawn shops. Like the larger scale options, these alternatives should be approached with caution. Beware of dealings that involve the exchange of money online, by mail, or through electronic or wire transfers. Face-to-face sales usually involve less risk.

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Many people find that getting money for gold on auction sites like eBay® is easy, exciting, and profitable. Unique jewelry pieces and rare coins often pique the interest of collectors, and sellers can always set a minimum price to make sure they do not end up selling goods at less than market value. Caution should be exercised during the payment process, and the percentages taken by eBay® and PayPal® for handling fees have to be considered when calculating profit margins.

Gold buyers have proliferated over the past few years. There are infomercials, print ads, and online offers that promise top dollar for gold jewelry and coins. Offers from these sources are likely to vary substantially and should be closely scrutinized. Be sure the prices offered are based on purity and weight, and look for hidden handling and shipping fees.

If gold coins and fine jewelry are the items for sale, a private buyer might be a good option. Private buyers do not normally purchase dental gold or broken jewelry. If a seller happens to have a piece of jewelry the buyer has been seeking, this could be a lucrative sales outlet. A reputable jeweler with experience in appraising, buying, and selling is also a good place to sell gold jewelry.

Pawn shops sometimes conjure up visions of dark and dusty back alley establishments full of shady customers, but these outlets are often a great place to sell gold. The proprietors are sometimes retired jewelers with a good knowledge of the value of gold jewelry, or former coin collectors. They also often have connections to experts in gold appraisal and sales. This can the best option to quickly sell gold, but if time permits, it is best to compare pawn shop offers with other available sales options.

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