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📂 Category: Gold,Commodities,Investing,Alternative Investments
✅ Main takeaway:
Key takeaways
- Gold prices have reached record highs above $4,000 an ounce this fall, tempting many to take advantage.
- While selling may bring you quick money, gold’s long-term safe-haven status during economic turmoil may mean that deferral may be the better deal.
- Compare written offers before handing over your gold items – you will likely only get an average of 60% to 80% of the current market price for typical gold jewelry when selling to a dealer.
The price of gold exceeds $4,000 per ounce, and cash-for-gold signs are appearing online and in storefronts across the country. So you’re probably wondering: Are those old earrings, coins, or broken chains sitting in your drawer actually worth anything?
Before you rush to the nearest buyer, it’s worth asking: Should you really sell your gold items, or will waiting pay off more? And will you even get top dollar?
Gold Prices Surge – Should You Hold On?
People often treat gold as a safe haven investment, as it is a commodity that often retains its value even in the worst times. In fact, gold often shines brightest when the economy looks uncertain, as investors flock to it when inflation rises or markets are volatile, which is why it has risen so much this year.
So, if economic anxiety persists, the value of gold may remain strong or even rise. If you need extra money right now, selling some gold might make sense. However, if your money is stable, holding on to it may be wiser in the long run.
How to sell your gold
Before you sell, you’ll need to decide whether you want to deal with someone face-to-face or take the risk online.
Sell your gold valuables to local retailers
Start by visiting a local jeweler or gold appraiser who can tell you the value of the items you have purchased. The vintage necklace in your closet could be 24k, 14k, 10k gold, or just gold plated – all of which are very important. It may also be of a completely different quality than the person who gave it to you or the stamp on the back suggests.
The jeweler can tell you exactly what grade you are dealing with and its value. For antique dinnerware, picture frames or heirlooms, try an antique store. If you have gold coins, go to a bank or professional coin collecting service.
Jewelers usually pay more than pawn shops, especially for finer pieces, so get at least three quotes before committing to anything. Search your area for jewelry stores, banks, and merchants that buy gold, then compare offers.
While you’re there, ask to see the test or weighing being performed in front of you, and make sure you get a written offer before agreeing to anything.
advice
You should expect to get about 60% to 80% of the current market price for typical gold jewelry when you sell it to a dealer – less if the item is not solid gold, more if it is antique or brand name adds value.
Try selling online to get more offers
Going to an online gold dealer gives you more options, which can be especially helpful if your local options have a lot more neon in their windows than professional experience. Working with an authorized dealer or distributor can help you get a fair price, although they will take a cut of your sales. Most online dealers, like JM Bullion and Alloy Market, pay through direct deposit or digital transfer — just remember they’ll get a cut for handling the transaction.
If you’d rather skip the dealers, plenty of websites and apps let you sell directly to buyers. You will still pay platform fees, but you determine the price you ask for.
Before you ship anything or hand over your gold, check online reviews and the Better Business Bureau. You can ask people you trust for recommendations. And don’t be shy about asking any buyer to prove their legitimacy – at the very least, they should be able to provide proof of their licensing at the location they’re purchasing.
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