Do you have some gold jewelry sitting around that you never wear? How about some gold coins or gold dental scraps?
Have you wondered, “Can you sell gold?”
Yes! You can turn it into cash.
Today’s gold price is $1,744.30 per ounce but that fluctuates with the market.
Looking for a way to get rid of gold that you have hanging around and make money on the side?
Have you heard about people selling gold for cash?
Keep reading to learn how to sell gold and how to get started.
Follow The Spot Price
If you’re not in immediate need of cash, it’s a great idea to study the market to find the right time to sell your gold for the right price.
Watch the spot price. This is the current price of one ounce of gold on any given day. It’s the price at which gold can be bought and sold at that moment.
This price changes daily so listen to the experts in the gold market and futures to find the best time to sell.
Find a Reputable Place to Sell
When learning gold-selling tips, one important one to follow is to find a legitimate buyer so you’ll get as much cash as possible for your gold.
If you like the idea of dealing with a buyer in person, you can consider a local pawn shop, coin dealer, or jewelry store. You will talk to a real person and walk away with the cash in your hand.
Remember that these places have overhead costs so they’re not as flexible with their offerings. They also tend to lowball because they know you want the cash right away.
If you prefer to sell your gold online, look for a reputable online buyer. Try to find one that will lock in your price to guarantee that’s the price you’ll get even if the price of gold goes down.
The only drawback with using an online buyer is the time it takes to get your money. You have to mail your gold to them unless they have a local shop or dropoff location.
Many buyers have streamlined this process making it faster. Usually, you’ll have your money a few days after mailing your gold.
You Won’t Get The Spot Price
Remember that there is a cost to doing business. Even though your gold is worth a certain amount of money, you’ll have to subtract buyers’ fees. They have to make the transaction advantageous to themselves as well.
Did you know you can buy gold at a ByteFederal Bitcoin ATM? Click to learn more here.
Selling Gold for Cash
Now that you know how to handle the job of selling gold for cash, are you ready to get started? If you are considering an online gold buyer, make sure they’re reputable and legitimate.
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