Selling gold online is a convenient way to generate extra income. Gold has a secondary market, which means it can be sold again. You do not need to own any special equipment or undergo an extensive procedure to sell your gold on the internet.
The process of selling your gold online is quite simple and fast. Depending on the type, quantity, and weight of your gold, you will be offered a quote from the seller within minutes.
This article explains how the process of selling gold works in detail so that you can make an informed decision if you are interested in doing this as a side gig.
Step 1: Weigh Your Gold
The first step is to weigh your gold. Different weights of gold have different values. For example, one troy ounce of gold is worth roughly $50.
Once you know the weight of your gold, you can determine the price you will be paid per ounce. If your gold is in a different form (such as jewelry or silverware), you have to weigh each piece individually to find out its value.
Step 2: Find a Trustworthy Website To Sell Gold
There are many websites that buy and sell gold. However, not all of them are reliable or trustworthy.
Look for the following characteristics when choosing a website to sell your gold.
- A valid SSL certificate that shows the website has been secured by an authentic third-party certificate authority. This ensures that your data and information remain private, so you don’t have to worry about your personal information getting into the wrong hands.
- A responsive design (the website should be easy to navigate regardless of the device you are using)
- A good reputation (read reviews about the website and the company that owns it)
Step 3: Provide Contact Information and the Type of Gold You Are Selling
Next, you need to provide your contact details and the type of gold you are selling. The type of gold you are selling is important because you will be offered a different price if you are selling scrap gold versus gold coins or gold bars.
Scrap gold is typically jewelry that is broken, bent, or otherwise not usable. Coins and bars are typically bought by dealers and sold to refineries that melt them and turn them into new gold bars. Bumpers are pieces of jewelry and/or broken pieces of jewelry, which are not worth very much.
Step 4: Receive an Instant Offer for Your Gold
Once you sign up on a website that you like and post the type of gold you’re selling, next is to wait for offers.
The offer price will depend on the type and amount of gold you are selling, as well as the current gold price. The website will also charge you a commission for selling your gold to other buyers.
After you receive an offer, you have the option to accept or decline it. Make sure you review and understand the terms and conditions of the offer before accepting it. You can decline the offer if the price is not what you are looking for or choose to negotiate a better offer if you are not satisfied with the one you have received.
Step 5: Accept Payment and Ship the Gold
Once you accept the offer, the website will send you an electronic payment (typically via PayPal). You can then ship your gold to the seller via the address specified by the website. It is important to ship your gold as soon as possible after accepting the offer.
The Bottom Line
Selling gold is an excellent way to generate some cash in a hurry. However, many people are hesitant about selling their gold. There are many reasons for this; after all, you’re parting with something that has sentimental value and may have been passed down through the generations.
But when it comes to financial security, it’s usually worth the sacrifice. Thankfully, gold sellers will not make you travel or meet them somewhere unusual – everything is done online these days as outlined in the column above.