Q:

How do you sell your gold for cash?

A:

Quick Answer

Many jewelry stores, pawn shops, gold-buying kiosks and online dealers offer gold for cash, explains ABC News. Gold parties are also popular ways for participants to meet and sell gold to their neighbors.

Continue Reading
How do you sell your gold for cash?
Credit: Anthony Bradshaw Getty Images

Full Answer

Opportunities to sell gold are vast so you should exercise caution, warns ABC News. Sellers should beware of "rogue" buyers, also known as "pop-up" or "hotel" buyers, who advertise high prices for gold, setup a temporary location to buy it and then disappear before they have completed paying sellers. You should check with the Better Business Bureau to see if there are complaints against the buyer.

Begin the process of selling gold by taking pieces to a local jeweler or pawn shop to get an estimate on its value, recommends ABC News. These appraisals are typically free, and give the seller an understanding of the lowest price to accept if he goes on to solicit online or from other buyers. The National Pawnbrokers Association website helps locate local pawnbrokers.

While you can usually trust the accuracy of scales that jewelers and pawnshops use, they must be leery of those used in hotel or house party buyers, according to ABC News. Also ensure that you are paid more for high-karat items.

Learn more about Currency & Conversions
Sources:

Related Questions

Explore