Some ways to sell gold and silver include mail-away operations, hotel gold buys and jewelry stores. These methods all work to get rid of gold and silver, but each has its advantages and disadvantages.
Mail-away gold services are the most convenient method to sell gold and silver. These companies frequently advertise on television and online, offering high prices for old jewelry and other items. Sellers must simply sign up to receive prepaid envelopes, which they send back to the companies with gold and silver inside. The convenience comes at a price, however. Consumer Reports found that these companies typically offer between 11 and 29 percent of the items’ value, which is less than most other buyers.
Hotel gold buy companies are another frequent television advertiser. These companies set up temporary operations at local hotels, encouraging consumers to bring in jewelry for quick cash. While they usually pay more than mail-in operations, hotel buys often utilize high-pressure sales pitches, which may convince sellers to give up their items at lower prices.
Jewelry shops are another common avenue to sell gold and silver, and they typically offer some of the best prices. These stores are often interested in the value of the jewelry itself, not just its scrap value after it’s melted down. While jewelry shops may offer better prices, not all of them are reputable. It’s usually a smart idea to visit multiple shops to compare selling prices.