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subject: How To Sell Gold For The Most Cash In San Diego [print this page]

At the time of this writing, gold has reached $1,400 per troy

ounce. When selling gold at these extremely high gold prices,

its important to pick the gold buyers who pay the most; it could mean

thousands of extra dollars in your favor.

There are several different types of gold

buyers to consider: coin shops, gold parties, pawn shops,

jewelry stores, and gold refineries. Depending what type of

gold you have for sale, you have to choose the best gold buyer for your

items.

In general, numismatic coins are best sold to coin shops.

Numismatic coins are old coins, rare coins, desired by collectors who

are willing to pay more than a bullion price. When these

coins are in mint state condition, and extremely rare, they can be

worth exceptional values. For example, a gold coin can be

worth 20 times its value in gold. Numismatic coins are

typically dated in the early 1900's or prior. Most newer

coins are considered modern day bullion. These coins

(American Eagles, Krugerrands, Maple Leafs, 50 pesos, 20 Francs, and

Coronas, etc.) are bought and sold by coin shops as well as

refineries. The bigger the operation, the lower their

overhead, the less they spend on advertising, the better deal you are

likely to receive.

Gold parties are a new phenomenon. In many cases, parties are being thrown and organized by gold buyers who are new to the gold business.

Their inexperience can result in costly mistakes. As amateurs

in the gold business, they often do not have the knowledge,

connections, or the financial backing to pay the higher prices you can

get from one of the more classic options. As for the gold

parties held at someone's home, the homeowner ("host") will typically

receive 10% of the proceeds. The person who referred the

"host" receives 5%. That's 15% that comes off the gold

buyer's payouts. If you want that 15%, do not go to a gold

party. Further, at home gold parties are illegal in San

Diego, where the police department regulates gold buyers and only

allows gold buying at properly licensed and permitted commercial

locations. There are rules and regulations in place to

prevent people from selling stolen property. At

home gold parties circumvent these laws.

As for pawn shops, these are your best option when you need a

loan. Only pawnbrokers are licensed to make collateral loans.

Sometimes the best place to sell gold is to a jewelry store.

If there is immediate demand for your gold jewelry, at a price above

the gold market price, then a jewelry store will be in the best

position to resell your item. Examples of these items are

Rolex watches and diamond rings featuring large diamonds. Due

to the high-end brand names or valuable gem stones, some items are

worth much more than their "gold weight." The biggest

obstacle you face when selling gold jewelry to a jewelry store is the

mindset of the jeweler. Jewelers typically sell new jewelry

for at least triple the wholesale price. By nature, they are

greedy and they demand the huge profit margins they are accustomed

to. Jewelers also have huge expenses for security, insurance,

and they pay massive amounts of interests to the bank to sustain their

expensive inventories. Jewelers do not typically own all the

jewelry they have on display, they basically borrow it and they have to

pay interest.

But what about your gold jewelry that does not have large diamonds, and

is not from a high-end designer like Tiffany and Company. If

you sell regular 10k, 14k, 18k, 21k, 22k, 23k, 24k, white gold, yellow

gold, rose gold, Thai baht gold, Chinese gold, Japanese gold, gold

bracelets, necklaces, earrings, rings, watches, etc, any gold buyer

will gladly take it off your hands. What they might not tell

you is that they will resell the gold to a refinery. Although

most gold refineries are wholesale only, there are some that

are open to the public (like Gold Refinery of San Diego).

If you want to skip the middle-man, and sell gold like a Pro, find a

refinery that is open to the public and sell the gold directly to the

refinery, thereby guaranteeing yourself the most cash for gold.

by: Carlo Moreno

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