Selling gold can give you a quick infusion of much-needed cash. You can use it to pay off debt, cover an emergency expense, invest in your retirement, or treat yourself to a luxury purchase you’ve always had your eye on.
Instead of letting gold jewellery sit in a box in your bedroom, you can put it to good use. But before you sell, you should know how to make the most of it.
If you’re asking, “Where can I sell gold near me for the best price?” keep reading to find out where you can sell gold jewellery and coins and the pros and cons of each option.
Head to the City
The bigger the market, the better your chances of finding the right buyer and the right price. If you live in a small town, taking your gold jewellery or coins to the local pawn shop may not result in the kinds of prices you were expecting.
Gold bullion is best sold to specialists in precious metals who can resell it for top dollar themselves. That way, they’ll be more willing to give you a fair price.
Even living in a city like Ottawa, you may want to sell gold in Toronto, especially if you’re selling gold jewellery from a high-end designer brand or that you think will have collectible value. The antiques and collectibles market is a fickle and complicated one. You want to take these items to an expert who can connect with the right buyers, or else you’re not going to get what you may have hoped for.
Coin & Jewellery Shops
Among the best places to sell gold are coin and jewellery shops. These are the experts who will buy the widest range of gold and silver products, and they’re usually more willing to pay top dollar for the right product because they know the resale market.
Look for a business that will buy designer brand jewellery, jewellery in all states and conditions, bullion coins, ancient coins, and collectible coins, as well as gold-plated and filled items. Many of these businesses will also buy silver and diamond jewellery.
These are also places that will examine your gold to confirm its purity. While there are several ways to determine whether or not an object is gold, an XRF machine is the best way to determine the purity of gold, and that has big implications for the price.
What to Avoid When You’re Selling Gold
If coin and jewellery shops tend to offer the best prices, what places are best avoided?
- Pawnshops offer quick cash, but they’re buying at a steep discount. You can also expect high-pressure and intimidating tactics to get you to sell low.
- Online marketplaces where buyers are looking for a bargain. If you’re selling to a random person, there is also the risk to your personal safety to consider.
- Gold parties, where gold jewellery is often sold at volume and prices based on the lowest purity, rather than piece-by-piece.
Earn more when you sell your gold jewellery or coins. Take it to an expert in the market.
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