Selling Gold: Top Tips For First-Timers

19 July 2023
 Categories: , Blog


Gold is valuable; that is no secret. So, if you have some gold sitting around, selling it can be a great way to gain a little extra cash. There are people willing to buy gold everywhere you look, from pawn shops to auction websites. However, if you are new to selling gold for cash, there are a few tips you will want to follow before you get started.

Have large amounts of gold appraised before you sell.

If you are selling more than a piece or two of jewelry, it is a good idea to take the gold items to a separate appraiser before you sell them. The appraiser can tell you what they are worth so you know how much to ask for when you sell. Look for an appraiser who offers services in person. They really do need to see, touch, and inspect the gold in order to give you an accurate value. An online appraisal is simply not as effective or accurate.

Clean it up.

This is especially important if you are selling gold jewelry or other decor pieces. While you might assume someone would buy the gold and melt it down, this is not always the case. Some investors like to buy pieces and keep them as decor, or even wear them. So, you may get more for your gold if it is nice and clean. Purchase a small bottle of gold cleaner. You can buy it at most home improvement stores. 

Do note that if you are selling gold coins, it is best not to clean them. Coin collectors often like to see the original tarnish on the coin as it gives them insight into its age and state of wear.

Don't be afraid to negotiate.

Whether you take your gold to a pawn shop, a jewelry store, or a specialized gold buyer, don't just accept their first offer and walk away. You can negotiate the price offered to you. For instance, if they offer you $100 for your gold, you can say you were looking for $110. Buyers often give their first price with the assumption that you're going to negotiate, so you're leaving money on the table by not doing so.

If you follow the tips above, you will have an easier time selling old gold for cash. Do this a few times, and it will become far more routine for you. For more information on selling gold for cash, contact a professional near you.