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How Do Cash for Gold Stores Work?

How Do Cash for Gold Stores Work

Have you ever seen an advertisement for selling your gold and wondered what it’s all about? Maybe you’ve been interested in selling some of your gold or jewellery but are worried that you won’t be getting a good deal. Jewelry often has a sentimental value to the owner and parting with an item can be a challenge. But, if you’re looking to make some money and let go of something you no longer wear or wish to have, working with a gold buyer can be a great idea.

In this article we will discuss how cash for gold places work. Whether you are selling, buying, or simply want to have a better understanding of what cash for gold stores are, we’ve got you covered. For more information on selling your gold see our previous article “Is Selling Gold for Cash Worth It?

What Happens at a Cash for Gold Store?

So how does cash for gold work? When you come to a cash for gold store looking to sell gold there are a few things that will need to happen. First, you will need to physically have the gold you wish to sell with you. Pictures of an item will not be enough as your gold will need to be rated for purity. See our steps below for an idea of what will happen when you come to a cash for gold store.

  • Bring your gold in – when you’re ready to sell your gold, bring your gold into your preferred gold buyer store. See our previous article “Choosing the Best Place to Sell Gold in Toronto” for tips on how to find a reputable gold buyer that you can trust.
  • Have your gold assessed – in order to have the value of your gold determined it will need to be assessed for purity. The purer your gold is, the more valuable it will be in general. Sometimes your gold jewellery items will be considered for resale as is. While other times it will need to be restored, repaired or even broken down and re-purposed.
  • The buyer will make you an offer – once your gold has been assessed the gold buyer will give you a cash value for your item. Many factors will go into the offer that a gold buyer gives you. It’s a good idea to have knowledge about selling gold before you come to a store and always ask questions.
  • Choose to accept or decline the offer – it’s your choice whether or not you accept or decline the offer from the gold buyer. Consider looking for more than one quote if you aren’t happy with the offer or feel that your item is of higher value than offered.
  • Take the cash – If you’re happy with the offer your next step is to complete the transaction. Once you’ve been paid for your gold, you’re now free to do as you’d like with the money. Enjoy freeing yourself of unwanted gold and jewellery and get something you actually want.

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Tips for Selling Your Gold

In our previous article “5 Things to Know Before You Trade Gold for Cash” we outlined some important things to know before you head to a gold buyer. See some of our expanded tips below to help you feel good about your choice to sell your gold and better understand how cash for gold works.

  • Understand your emotional attachment does not increase the value – it can be difficult to part with gold or jewellery that has sentimental value. But, your own subjective opinion about your jewellery will not increase the value of an item. It can hurt when you feel that your item is of higher value to you than what was offered, but try to understand that the value is based on quality and ability to resell or re-purpose rather than how loved an item is. If you truly love an item, it may be best to hold onto it or restore it rather than sell it. You never want to regret selling an item that you won’t be able to get back.
  • The value of gold isn’t always the same – the value of gold is not something that stays the same all the time. It’s a good idea to keep an eye on the price of gold when you are looking to sell your items. It might be better to wait for a better market value if you aren’t in a rush to make money.
  • Understand you won’t be offered exact value – you want the best price when selling your gold but know that you likely won’t be offered exact value for your gold items. Gold buyers are businesses and in turn need to make a profit. It’s a great idea to know what the price of gold is the day you are selling. That way you’ll be able to better understand the offer given to you by the gold buyer.

What Can I Sell at a Gold Buyer?

Selling to a gold buyer can often go beyond scrap gold that you don’t want anymore. Most gold buyers will also buy gold coins, diamonds, watches and valuable jewellery. Just like when you sell gold, a process will be taken to determine the value of your item and an offer will be given.

Always look for a reputable gold buyer and don’t be afraid to get a second opinion. Trust your gut and do your due diligence in order to get the best value for your gold.

Should I Sell My Gold?

Selling gold that you no longer wear or want can be a great way to make some extra money. Though it can be an emotional process, it may also be very rewarding. Always take into consideration how you will feel about letting go of an item in the future.

For the best experience with selling your gold consider reaching out to Pinto Gold and Jewellery Buyers. We will walk you through the process of selling your gold and jewellery and ensure you feel good about your decision. Don’t sit on gold you won’t ever use, turn it into something you actually want today!

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