So you're thinking about selling your gold? The first question is: Is this a good idea? I would have to say yes. Basic financial success philosophy says to buy when prices are low and sell when prices are high. Right now, gold prices are high. Will they continue to go up? I don't speculate and try to guess the market because this will get you in trouble. But we know prices are high which means it's time to sell. So where do you go to get the most bang for your buck and the highest quality of service?
You could choose to sell to a pawn shop. My experience with pawn shops is that they are not the highest quality places and don't offer the highest prices. People usually use pawn shops when they are desperate and need money now. Also, I've never seen a pawn shop offer to do outcalls; meaning that they could come to your house to buy your gold. Also, there testing methods usually aren't my favorite. Either they just look at the imprint of your gold and weigh it, then give you a price or they scratch test it. The first option isn't good because it involves risk for the pawn shop and when a company has to have risk, it will then come out of your pocket in money. The second option I don't like because I don't like my gold scratched.
Your next option is a jeweler. Jewelers will definitely know a lot about the jewelry you are trying to sell but they probably aren't the best people to take gold coins, bars, etc to. My problem with the jewelers I have worked with is they took my gold to the "back" and tested it. When I got my gold back, it had a nice chunk of gold filed out of it. The reason they had to file my gold was because they use the acid test method. This method is accurate, but can be messy and I don't like chunks out of my gold either. I have also seen some jewelers do the weigh and price method too. With that said, for the most part, jewelers will pay you decent money for your old gold jewelry and if you have a nice piece you may even get more for it if the jeweler is going to put it back on the retail market.
The next option is a national mail-in company. A lot of people in the business bash a mail-in company but I don't want to do that. My problem is they just aren't a good option. The problems are as follows: You could lose you gold in the mail and lose money that way; you don't get to see who or how they are testing you gold, they have to pay a lot of money for overhead and marketing (which comes out of your pocket), they can low ball you on the offer since they have your gold, and it takes weeks and sometimes months just to get paid for your jewelry. Not to mention, if you want your diamonds out of your jewelry, you had better pull them out before you send them off or find a company that will mail them back to you for free.
Your final and best option is a local gold buyer. This is what gold buyers do, they specialize in the gold business. A good gold buyer should use electronic testing so they don't scratch or alter you gold in any way. A good gold buyer should also be flexible to work with and be able to fit in any schedule. A local gold buyer should also be able to do outcalls and go to your house if you need them to. That's what we call excellent customer service. Also gold buyers should test your gold in front of you and answer any questions on the spot. Lastly, you will get your money on the spot for most items you are selling and gold buyers (from my experience) pay the most for the gold content.
The best option for selling your gold is to search for a local gold buyer. Find a gold buyer that looks established and trusted. They should have an office to meet you in or be able to come to you if you need them too. You can find a local gold buyer by searching online like this: "gold buyer, your city" or "sell gold jewelry, your city" or "sell gold, your city."
Chase Turner is the owner and partner of OKC Gold Buyers.com, LLC located in Oklahoma City, OK. To learn more about local gold buying or to ask Chase questions, please visit http://www.okcgoldbuyers.com and use the contact page there.