Beginner’s Guide to Selling Gold (Part 1)

How to sell Gold Bars - Part 1Prices of various precious metals are blasting off records on a regular basis and a great number of gold buyers would be very happy to pay a huge sum for any gold coins, bars, or jewelry that you want to say goodbye to.

If you’re considering pawning gold instead of selling it, it might be better to do otherwise. It seems September is the best time to buy gold, which means those who have gold in their jewelry boxes and vaults would have an easier time selling their pieces to their nearest pawn shop or jewelry store. According to, as of September 15, 2014, the price of gold per ounce is at $1,236.50. Selling gold clearly remains lucrative for the average person.

September is a Golden Month

Over the past twenty years, the price of gold shines brighter during the month of September. Enthusiasts say there is a reason for this trend, that this month marks the beginning of India’s gold gifting tradition. In this particular season, Indians buy gold jewelry and give them as present to their family members during the Diwali festival. This is important to consider because India is next in line to China as the biggest gold buyers, so when India enters the market and buys in, the industry can expect a boost that lasts around a month.

Indian gold buying, for many precious metal buyers, has become a seasonal trend where gold prices get higher and a time for buyers to get more gold. This has made September a month where people get the best gold price gains.

Tips on Pawning or Selling Gold

For those people who are bent to sell their gold, there are so many choices on where they can sell and how to go about the process of selling. In Texas, you can treat yourself to a nice, juicy steak for your dinner while simultaneously unloading a tiara you have no intention of using anymore. Gold and Silver Buyers, which is the state’s largest buyer of gold, silver, and other precious metals, has its stores strategically situated inside or near supermarkets.

Even eBay has offered a feature on its website called the Bullion Center. eBay spokesperson Johnna Hoff shared that the idea is to create a one-stop destination for consolidating trade in all types of gold and bullion, primarily coins and bars. The same terms and conditions that apply to general merchandise apply to the sale of any bullion. Non-professional sellers still pay eBay around 9 percent of total price their buyer paid for the bullion. Listing is free of charge. It is the small sellers that accounts for a sizable percentage of bullion sold on eBay.

Whether you decide to sell your gold online, at your local jeweler, or through a newly opened pawn shop, there is a possibility to end up getting less that its full value. To avoid being in this scenario, try to keep these seven points in mind:

Point #1: Shop Local, Ask Around

No matter how urgent your need is to sell gold, or where you ultimately end up selling your piece, it would be best to start locally. Take your gold or silver coin or jewelry to a respected jeweler in your town and ask for an estimate. It would be great to have a base price before you try online bids or other similar offers.

If you’re worried about abusing local businesses and their hospitality and good nature, do not worry. According to Dave Crume, who is a past president of the National Pawnbrokers Association, it is part of the service of local businesses to give estimates, so they will be more than happy to provide them for free. Visit at least three to four stores and compare the prices they give you for your piece. Find a pawnbroker near you by visiting the National Pawnbrokers Association website.

Point #2: Steer Clear of ‘Rogue’ Buyers

Dave Crume also warns small, independent sellers with regards to engaging in business transactions with “rogue” buyers, also as hotel or pop-up buyers. These transient gold dealers just go to a town, place ads that promise high prices for jewelry and coins, and establish a shop. These “shops” can be located anywhere convenient, such as in a hotel ballroom. After siphoning a town’s or city’s coins and jewelry, they disappear without notice. Clients are left underpaid or even unpaid.

In one random test, a gold chain that has been legitimately appraised at around $250 was offered to a number of hotel buyers. None of these buyers were willing to pay more than $130. This is why, when thinking of selling gold, whether it is a hotel buyer or an online buyer, you have to always check with the Better Business Bureau to determine whether there are complaints against the buyer you are planning to sell your gold or silver to.

Tune in for the continuation of our guide. Discover points three to seven, so you can ensure that you get the best value out of your prized piece.

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