Finance

Where To Sell Gold And Tips To Get The Most Cash

Photo by Osman Rana on Unsplash

Knowing where to sell gold can be a challenge for most people. Sometimes you might have an idea but not sure whether you will get a better deal or get ripped off.

There are many local dealers in Melbourne that will try to convince you. If you don’t have experience in selling or buying gold, it would be better to seek professional advice.

Nonetheless, there are a lot of credible places where you can sell your gold and get maximum profits. If you are want to fetch the highest price, it is advisable to sell online.

Below are various options through which you can sell your gold in Melbourne, Australia:

1. Selling through the internet

If you have bullion, gold jewelry, coins, or any other form of gold material that you want to dispose of, then selling it via the internet is one of the best options. Besides being convenient, selling gold online guarantees a fair price compared to other options.

Selling online also eliminates intermediaries. You will be able to reduce operating costs such as setting up an office and paying rent. The process of selling gold online is simple and straightforward.

Although the process might change a little bit, in most cases this is how it goes:

  • Start by contacting a credible gold buyer
  • The buyer will give you options of how the gold will be shipped
  • The company purchasing your gold will have it appraised and give an offer depending on the quality of gold
  • You are paid within 48 hours upon accepting the offer
  • In case you reject the offer, the merchant or buyer will ship back your gold

Benefits of selling via the internet

  • Best prices: Selling online usually fetch the best prices because merchants operate on a small margin compared to a physical office or store.
  • Easy process: the buyer takes care of the shipping charges and process
  • Fast payment – payments are made within 24 or 48 hours

2. Pawn shops near you

There are many pawn shops that buy coins, hold jewelry, and bullion. This is the best option if you want to get quick cash from your gold. However, be assured that the price won’t be as good as selling online.

Gold buyers in Melbourne operating pawn shops are always keen on offering lower prices. This is because they want to maximize their profits. The only advantage of selling gold through this method is that you will get your cash immediately.

Besides that, you will run into various challenges while selling your gold through pawn shops. First of all, not all of them are gold experts. Secondly, some of the prices they quote are very low.

3. Selling gold bars or coins online

In case you have gold bullion or bars – usually sold for investment purposes, then selling it to a pawn shop or jewelry isn’t advisable. This is because you won’t receive as much money as you would if you were to sell it to a person who deals with gold bullion.

4. Local jewelry stores

If you are not satisfied with the above selling options, then you can also try selling your gold to local jewelry shops in Melbourne. However, you should note that not all jewelry stores purchase gold. Even those that accept, operate almost similar to pawn shops.

If you choose this option, then be ready to sell your gold at a lower price. You will however get your money instantly, when you sell gold to a local jewelry store. This means that you won’t suffer the cost of shipping your gold to the buyer.

Tips of getting higher prices for your gold

Sell your gold at the right time

The best time to sell your gold is when the stock market is on the rocks. This means, when the economy is not doing well, that’s the time to start looking for buyers.

Always negotiate

It doesn’t matter whether you are selling your gold to a jewelry shop in Melbourne or through the internet, try to negotiate for a reasonable price with the buyer. If you think the amount being offered is low, quote what you a fair price.

Choose the right channel

As discussed above, where you sell your gold will largely determine the price. If you sell to a local pawn shop, you are likely to get a lower price compared to selling to a credible online gold dealer.

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