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Before You Sell Gold for Cash: Do's and Don'ts

Updated on October 14, 2014

Cash for Gold: The Lure of Easy Money!

What to Know About Cash for Gold

Getting cash for gold has become a popular way to get fast money. As it has become easier to sell jewelry to gold dealers, pawn shops, and buyers, scams have also become more prevalent. If you are not careful when selling old gold jewelry, you will get ripped off by unscrupulous scammers who are just looking to make money off of innocent people.

If you want to sell old gold it can be a good source of quick cash, but you must be careful. Use these do's and don'ts to avoid getting ripped off when selling your unwanted gold for cash.

Selling Gold Jewelry DO's

DO check with the Better Business Bureau before selling to any local shop.

To do this, visit BBB.org and enter your zip code. Then type the business name into the search box to find matching businesses. Businesses that are BBB-accredited will have a letter-grade rating. A low rating indicates that customers have filed complaints with the Better Business Bureau and suggests that you should take your business elsewhere.

DO have each item appraised locally.

Pawn shops and jewelry stores offer free appraisals as part of their business. Do take any item to at least one shop, and ideally 2-3, for a free appraisal. This will provide you with a baseline idea of the item's worth. You can then evaluate offers by this appraisal value, and discard any lowball offers. As part of the appraisal, ask the item's weight. Any buyer will offer you money based on item weight, and unscrupulous buyers will try to tell you items weigh less than they do.

DO weigh all the options.

Gold buyers pay for the weight of gold in the item. They don't care if it's old or unusual. For some items -- especially those that are low in gold but are interesting, heirloom, or contain precious stones -- an antiques dealer may offer a higher price. Want to know how much your gold weighs so you can evaluate an offer? For under $15, you can purchase a digital scale online and measure items yourself.

Cash for Gold DON'TS

DON'T go with the first offer.

If you're serious about earning the most from your old gold, take the time to solicit multiple offers. Then select the highest bidder.

DON'T rely on hotel buyers.

Hotel buyers breeze into town and put up signs promising a lot of cash for gold. Unfortunately, they often undervalue items and may skip town without paying you. Use caution in this instance.

DON'T do the gold party scene.

It may feel right to sell your items at a friend's gold party. After all, you're with people you trust. However, these parties are glorified scams. Learn more about why to just say no to gold parties here. Your friend who invited you is earning a commission on bodies. And the companies who host these parties offer very low prices. You're much better off selling to a gold buyer, even if it takes more legwork.

Watch out for hotel gold buyers!

Source

Final Thoughts

Keep these tips in mind when preparing to sell gold, then track the value of gold on the commodities market. You'll receive more money through any option if you sell when gold is at a high value. Good luck getting cash for your old gold!

Where have you sold old gold?

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    • Sherry Hewins profile image

      Sherry Hewins 

      4 years ago from Sierra Foothills, CA

      I have not sold any gold, but if I decide to I will keep this advice in mind.

    • eltondunn profile imageAUTHOR

      Lindsey D. 

      4 years ago

      Thanks, glad you enjoyed!

    • LindaSarhan profile image

      L Sarhan 

      4 years ago

      I haven't sold or had a need to sell gold, but this Hub is filled with helpful information for anyone interested in selling gold. I definitely learned something.

    • eltondunn profile imageAUTHOR

      Lindsey D. 

      4 years ago

      Thanks for your tips! I'm sure others will find them useful. I do a lot of estate sale-ing as well.

    • profile image

      Suzanna 

      4 years ago from Maine

      Very informative Hub! I agree 100% and especially with the part about the BBB as well as avoiding gold parties. I have sold gold on several occasions... I find deals at garage sales and flea markets and then sell my finds that are real gold. The best luck I have had selling so far has been at the Silver and Gold Exchange. I especially like that they have a live price chart on their website at http://www.SilverAndGoldExchange.com so I can compare prices and also so I know how much to offer someone if I am buying gold from them so I still can make a profit. They are A+ rated with the BBB and have no complaints at all, which really added a lot as far as a comfort level.

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