Where are the Best Places to Sell your Unwanted Gold
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You may have seen television adverts asking you to consider selling your unwanted gold; while being flooded with these ads might have put you off the idea, there are several more attractive different avenues that you can explore for selling jewellery, scrap gold, and any other types of gold that you no longer want to hang onto. Some of the best places for selling gold include pawnbrokers, where you also have the chance to exchange your gold for cash, and then buy it back later, as well as jewellers and trading websites. It’s also worth not ruling out some of the more reputable gold exchange companies advertised on television. Make sure, though, that you always compare the market for companies buying gold.
Pawnbrokers
One of the best traditional ways to sell gold, pawnbrokers offer competitive prices for everything from scrap to broken gold, as well as specific items of jewellery. Pawnbrokers will offer you a price, which you can then either accept in exchange for cash, or use towards receiving a short-term loan – by pawning your gold, you have the option of buying it back after a fixed period.
Some of the main advantages of buying and selling gold with pawnbrokers involve being able to compare different high street companies, which should be regulated by the BBCA and the Office of Fair Trading. Pawning your gold also means that you don’t just have to get rid of a valuable item if you’re not sure about doing so.
Jewellers
There are many different types of jewellers that buy gold, and that will be competitive over what kinds of valuations they’ll give you. You may find that jewellers can provide a specialist valuation of your gold, and that they’ll be able to break down large amounts of different types of gold to give you a bulk price. There’s no obligation to sell your gold with a jeweller, and you may just want to use them to give you a detailed valuation. If you do want to sell your gold to a jeweller, and there’s not enough shops in your local area to get a competitive price, consider visiting Hatton Garden in London or the Jewellery Quarter in Birmingham, as these represent specialist areas for the trade.
Trading Websites
When selling gold online, you have the relative luxury of being able to use different platforms – it’s possible to sell gold through eBay and other sites, and to create a bidding war for unusual items, something that’s not always possible when you go to a shop. However, you’ll have to build up your seller reputation, while assuming you’ll get payments on time, and that you won’t have to drop your selling price due to having competition on a site.
Television Gold Exchanges
Sending your gold to the exchanges that advertise on television isn’t a complete bust, although you have to remember that you may end up paying large amounts in post and packaging without necessarily getting a good deal on your gold. Always check the terms and conditions for a gold exchange before making a decision, and seek out recommendations. Some gold exchange companies with positive feedback can be found online.
Author Bio
Cathy John has looked at the different companies buying gold in the UK, and has had the most success using pawnbrokers. She writes articles about personal finance, consumer protection, and managing your debts.
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Category: Family Finances
