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How to Sell Your Gold & Gold Jewelry for Cash

Over time, you might have accumulated gold in some way or another. You might have a nice collection of gold jewelry, or you might have purchased gold bars as an investment at some point. Now that you’re ready to get rid of it, you could be wondering how to sell gold. At Hilltop Pawn Shop & Jewelry, we can help you with getting rid of your unwanted gold. We have years of experience in the industry, and we’ll make the process easy for you and help you get a fair price. Even though we’ll help you with each step of the process, these are some of the things you may want to know about selling gold.

Why Sell Gold or Gold Jewelry?

People sell gold for many different reasons. You might be cleaning out your jewelry box, and you might have found a few gold bracelets, gold necklaces, and other jewelry that you don’t wear often. Of course, you don’t want to just throw those items away, so instead, you can sell them. Then, you’ll have money in your pocket, or you can put the proceeds toward buying new jewelry that might better suit your tastes. Plus, you’ll have more space in your jewelry box for pieces that you actually like.

 

If you’re short on cash or dealing with a financial emergency, selling unwanted gold is an easy way to get quick cash. This is a great way to get the money you need quickly, all without the need to take out a loan.

 

Of course, some people buy and sell gold as an investment. If you purchased gold bullion or other gold at a cheap price in the past, you might be able to get your money back and make a tidy profit by selling your gold at the right time.

 

What Kind of Gold Can You Sell?

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Gold buyers will generally purchase all sorts of gold items. Old, broken jewelry, gold bars or gold bullion, dental gold, gold coins, and more can all be sold.

 

Physical gold of different purity levels can be sold, too. If you’re familiar with gold at all, you probably know that you can purchase gold of varying purities, from 10 karat gold to 24 karat gold, which is 100% pure. Gold of a lower purity level is mixed with other metals to make more durable pieces, since pure gold is very soft and therefore isn’t a good choice for rings or other jewelry. Naturally, you’ll get paid more for pure gold. However, even gold of lower purity levels will be purchased by most gold buyers. Here at Hilltop Pawn we buy any and all gold, no matter what form it’s in.

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When Should You Sell Your Gold?

If you want to make the most money off of your gold, you should sell it at the right time. The spot price of gold is the price at which it can be exchanged or sold right now, rather than in the future. This price is based off of supply and demand and is based off of a troy ounce. This is the unit of measurement that precious metals and gems -- including gold -- are sold by.

 

A gold buyer will not be able to pay you the spot price for your gold. After all, they have to make a profit, too. However, they will typically give you a considerable percentage of the spot price. Typically, you will get a higher percentage if you sell bulk gold, such as if you have gold bullion.

 

You can check the current spot price for gold online. If you know that you’ll be selling your gold sometime soon, it’s not a bad idea to start monitoring the prices of gold. Then, you can get an idea of what is and isn’t a good price. When you notice that the current market prices are high, it’s a good time for you to sell your gold.

 

If you aren’t sure of how to check the spot price, you can call your local gold buyer or check their website; they should be willing to give you this info. This is a good time to ask what percentage of the spot price you’ll be paid for your gold, too.

 

Of course, you might find yourself in a bind and in need of money even when market prices for gold aren’t very high. If this happens, you may choose to sell your gold even when the timing isn’t ideal. As long as you work with the right gold buyer, you should get paid as much as possible for your gold, though.

 

How Much Money Can You Make for Your Gold?

As is the case with other precious metals, the value of gold fluctuates and varies. Therefore, the amount you’ll get paid for your gold can vary quite a bit, depending on when you sell. Additionally, since some gold buyers will pay you a higher percentage of the spot price, the buyer that you work with will impact how much you get paid, too.

 

The amount of gold that you have matters; if you bring in more weight, you’ll obviously get paid more. The purity of your gold impacts pricing, too. If you have 24 karat gold, you’ll get more for it than you will for 10 karat gold.

 

If you want to get as much money for your gold as possible, you should bring as much unwanted gold as you can find around your home. Selling at the right time and choosing the right dealer to sell to will make a big difference, too.

 

What is the Gold Selling Process Like?

How it works

If you have decided that now is the time that you want to sell gold, you could be wondering about the process. When you come into Hilltop Pawn Shop with your gold items, one of our customer service experts will take a look at them. 

 

First, they will determine if your items should be sold as scrap gold or valuable jewelry. If you have high-end pieces that are still in good shape and that might even feature diamonds or other valuable stones, then we might not pay you based off the weight of your jewelry. Instead, you might get paid more.

 

If this isn’t the case, then we will determine the purity of your gold. We will also weigh your gold. Then, we’ll make an offer, and you can determine whether or not you want to sell. If you choose not to sell for the price that we offer, you can take your gold items with you, and we won’t charge you for the service. Otherwise, we will give you cash on the spot.

 

Of course, the process of selling gold does vary from buyer to buyer. Some buyers operate through the mail, for example, and you have to send your gold items to them. Then, you’ll have to wait for an offer. You may not be able to get your gold back if you don’t like the offer, or you might have to pay for shipping to get your items back. If you choose to sell your items, you may have to wait for a check in the mail or a bank draft or other form of payment. It’s always a good idea to ask the gold buyer what the process is like so you’ll know what to expect.

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Helpful Tips and Tricks for Selling Your Gold

Selling Gold Jewelry

If you’ve decided that you are interested in selling your gold, you could be looking for advice. 

  • Avoid selling valuable gold jewelry by weight. Fine jewelry that is still in good condition can generally be sold for a higher price. If you have gold jewelry, diamond jewelry, engagement rings, wedding rings, gold bracelets, or other nice jewelry, bring them in to Hilltop Pawn Shop. Unlike an online gold buyer or coin dealer, we will pay you what your nice jewelry is worth, since we’re your local jeweler.

  • Check gold prices before you sell. The value of gold has been at historic highs recently, so this could be the best time for you to sell.

  • Bring along all of your unwanted gold. Remember, your gold doesn’t have to look good or be in good condition for you to sell it. Your local pawn shop will generally purchase different types of gold regardless of its condition.

  • Don’t be afraid to do your research. Compare offers from different gold buyers to make sure you get as much for your unwanted gold as possible.

  • Consider selling to a local store instead of working with online buyers. Although it might seem convenient to use an online gold buyer, you have to watch out for scams. You will also get paid more quickly if you use a local professional gold buyer, which is a good thing if you’re selling your gold because you’re short on cash.

  • Bring along other items of value. Many gold buyers will also purchase other types of precious metals, such as silver bullion, silver coins, or titanium. Plus, at our pawn shop, we will also purchase Rolex watches, jewelry, and various other items of value.

  • If you don’t want to sell your gold jewelry but would still like to put some cash in your pocket, you can visit a pawn shop like Hilltop Pawn Shop for a pawn loan. You can use your gold as collateral for one of our loans, and you’ll get your gold back when you repay the loan in full.

 

How Can You Avoid Getting Scammed When Selling Gold?

In any financial transaction, it’s important to avoid getting scammed or taken advantage of. This is true when you’re selling gold, too. One of the best ways to avoid getting scammed when selling gold is to work with a local gold buyer instead of one that operates online. If you visit a local shop that has a good reputation, you can help increase your chances of a smooth and trouble-free transaction. At Hilltop Pawn Shop, we have decades of experience and a solid reputation in the Virginia Beach area, so you can always count on us when selling gold, buying jewelry, taking out a pawn loan, and more.

Helpful Tips for Buying Gold

You could be interested in buying gold instead of selling it. If so, these tips and tricks should help you out:

  • Consider why you’re buying gold so you can buy it in the proper form. If you like gold jewelry, then you could buy a gold bracelet or a couple of gold watches. If you are a fan of coins, you can purchase gold coins from a coin dealer. If you are purchasing gold as an investment, then you might want to look for options with a higher gold content, such as gold bars or bullion.

  • If you’re buying gold jewelry, you should definitely consider buying it used. If you buy from a regular jewelry store, you’ll often pay much more than you would pay if you purchased from a pawn shop. At Hilltop Pawn Shop, we have a great selection of gold jewelry for you to choose from. You’ll pay a fraction of what you would pay at a jewelry store, so you’re sure to be happy with your purchase. Plus, we have decades of experience with gold jewelry, and one of our friendly associates will be more than happy to help you pick out the right pieces for you.

  • Compare pricing, particularly if you’re buying in bulk. This can help you find the best deal and can help you get more out of your investment in the long run.

  • Set a budget before you buy. It’s easy to be dazzled by stunning gold necklaces and diamond rings. You can basically spend as little or as much as you want on gold, however, so there’s nothing wrong with setting a budget beforehand. At Hilltop Pawn Shop, we have options to suit every budget, from simple yet beautiful pieces to much more stunning and over-the-top jewelry.

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Glenda Craddock or Hilltop Pawn Shop & Jewelry

Work with us and you're working with family. Our Son Dane runs Hilltop Pawn and our Daughter Nina runs all three stores out of Greenbrier Pawn. We do well When you do well.

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