With gold prices hitting more than $1,300 per ounce, more people want to sell gold than ever before. Whether it’s the tacky gold chain Uncle Alfie wore in the 70’s or the gold coins you’ve collected over the years, you probably have something to sell, but how do you get the most cash for your gold?
First, make sure you know what you have…
You don’t need in-depth technical knowledge to get a good price, but knowing some details can help you evaluate what you have and what you want to sell. Gold jewelry usually comes in 24, 22, 18, 14 and 10 karat purity. Most modern gold jewelry 14-karats and above will have a stamp somewhere that lists the karat weight. Check clasps on necklaces and bracelets as well as the insides of rings and backs of earrings. Most gold is not pure gold. To figure out what you have you need to go back to 5th grade math and use your fractions: 10 karat gold is 10/24th’s pure gold or 0.417%, 14k is 14/24th’s or 0.583% pure gold and so on.
According to MSN Money, gold prices are based on a troy ounce of 24-karat gold which is 20 pennyweights of gold or 31.1 grams of gold. Some gold buyers buy in pennyweights and some in grams, so be sure that you are comparing accurately. On the surface, $20 per pennyweight sounds like a much higher offer than $15 per gram, but it is actually much less because 1 pennyweight is equal to 1.555 grams (15 x 1.555 = $23.32.) So you need to shop around. Keep in mind that no one is going to pay you 100% of the value of the gold. They are in business and as such they must make a profit in order to pay their overhead.
Second, find a reputable buyer for your gold.
Since gold prices rose to more than $1,300 per ounce in 2016, many companies have jumped on the gold-buying bandwagon. Businesses offer mail-in services, massive gold-buying events are held in hotel ballrooms every weekend and even the in-home party crowd has switched from selling Tupperware to buying gold. Unfortunately, there are many unscrupulous or inexperienced vendors out there, and you can lose hundreds of dollars if you sell your gold to them.
How do you find a reputable gold buyer?
As we have already mentioned, it can be challenging to decide where to sell your gold, especially with so many options available to you. This is a commodity that is ever gaining value and becoming scarcer, yet its demand is rising. There is therefore always a ready market for the gold that you have regardless of its form and there are numerous great places where you can sell your gold.
Online dealers: they are the most reputable nowadays, especially because of the convenience they bring about. You will comfortably manage to find the best market for the gold that you have from the comfort of your home and enjoy safe and secure transactions. The online option can be one of the best that you can settle for.
Jewelry stores: they buy all sorts of gold including old and damaged gold jewelry pieces and even coins and gold bars. They basically melt them down to create other jewelry pieces and hence they are always open to buying and selling the same. You can find such reputable stores in your locality or even online and still enjoy great value for your gold.
Pawn shops: Pawnbrokers have provided money in return for jewelry and precious items for years. In fact, history tells us that lending money for portable goods is one of the oldest professions in the world. In the old days, these shops may not have shared the limelight of the History Channel’s “Pawn Stars” but they were an integral part of society and business.
Today, shops in this category provide much the same services. The short term loans are used by individuals and families to bridge the financial gap and meet many immediate needs including paying utility, rent and hospital bills as well as buying food and gas. On some occasions, they have even helped small business owners meet their payroll expenses.
Benefits and Drawbacks of Pawnshops
They are more than just trade-in shops- Some shops go beyond lending money for your jewelry and coins. They also buy and sell precious metals, collectibles and other items of value, including your electronics. If you have unused jewelry or old coins sitting in your drawer, get them valued at an established broker in your area. You could be sitting on a small fortune and not know it. Some stores even provide jewelry repair services and could restore your broken items to look like new again, after which you could sell them for a fair price.
They have a Code of Ethics- Not many are aware that pawnbrokers have a code of ethics which requires them to serve customers with honesty, integrity and professionalism. They must also obey laws enacted by the local, state and federal governments. Below are some points of interest shared by the National Pawnbrokers Association (NPA).
- According to the 2010 U.S. Economic Census, there were approximately 8,600 pawn establishments
- 81% of these stores are independently owned small businesses or small regional chains
- Pawnbrokers and their transactions are governed by more than 13 federal statutes and regulations, including consumer protection
- Other aspects of transactions, including the interest rate, loan duration and grace period, redemption method, record-keeping, etc. are governed by state and local laws
Possible drawbacks to selling gold at a pawn shop
Commuting – Most pawn shops don’t have websites, where you can pawn your gold online, so you will most likely have to make the trek to your local pawn shop to sell your gold.
Face-to-Face Negotiations- Let’s face it, not everyone is great at negotiating face-to-face. You may be able to talk a mean talk in the car on the ride over, but once you are inside the store, you may find it difficult to hammer down a great price.
Long Lines – Unless you just happen to stop by at the right time, you will most likely end up waiting in line to sell gold.
Robberies – While it may seem far-fetched, pawn shops can be, and often are, the targets of thieves. You may go into town believing you will sell your gold, but your gold may instead be taken. Then you will be left with no money and no gold.
Conditions – Pawn shops resell all the gold items they buy. This means, if your gold jewelry isn’t in perfect condition, they may not pay you as much for it. If it is broken or badly damaged, they may not accept it at all.
Finding the right pawn shop in Las Vegas
Given the number of establishments in Las Vegas, how do you decide which shop to go to? It’s not that hard. Find out how long they have been around and what their customers say about them. Established brokers are more likely to provide a fair price and quality service. They want their customers to keep coming back to them. NPA membership might be another way to determine how they conduct their business as it reflects their commitment to ethical standards.
To give you a head start, we have compiled a list of the some of the best Gold Pawn shops in Las Vegas, NV (Included Phone numbers and addresses).
Gold & Silver Pawn Shop
713 Las Vegas Blvd S
Las Vegas, NV 89101
Phone number (702) 385-7912
Nevada Coin Mart Inc.
4065 South Jones
Las Vegas, NV 89103
Phone number (702) 776-7061
Big Shawn’s Buy & Sell
9620 Las Vegas Blvd S
Las Vegas, NV 89123
Phone number (702) 355-9445
Golden Trade – Cash for Gold
1750 N Buffalo
Las Vegas, NV 89128
Phone number (702) 545-0088
Nevada Coin & Jewelry
2675 E. Flamingo Road
Las Vegas, NV 89121
Phone number (702) 255-2646