Things to know about selling your gold

Remember: when you sell gold, you are being paid the scrap value of your piece and not the market price. Plenty of people are disheartened by their initial offers as the jeweler’s appraisal they got suggested a much higher price. Another thing to remember is that the purity of gold can vary per piece.  With that in mind, here are three more ways you can sell gold in Manhattan.

Pawnshops:

Very easy to find and lots of people in Manhattan choose to sell gold in these kinds of shops.

Pros: They usually offer to buy your piece on the spot. You also have the option of getting your piece back should you suffer from seller’s remorse; be prepared to pay more than you got though.

Cons: Prices can vary depending on the pawnshop but they generally have the lowest offers compared to other methods. They’re only good if you’re in a rush but it is advised to sell gold elsewhere.

Pawnshops are quick and convenient but if you aren’t in any particular rush, you could probably get a better price when you sell gold elsewhere.

Hotel Gold Buyers:

Another common way to sell gold, you usually see plenty of ads like this in Manhattan.

Pros: They are easy to find and you can sell gold as well as other valuable things to them.

Cons: They don’t usually stay in one place for very long so they have a tendency to pressure you to sell gold to them. Their high overheads also mean that you can expect around 40% to 60% of your gold piece.

When you sell gold to these types, it would be best to have it appraised by another jeweler so that you or to get a different offer so you have a point of comparison.

Gold Parties:

A twist on the concept of a Tupperware party -- you sell gold with other people in Manhattan instead of buying Tupperware.

Pros: It’s definitely the most fun way to sell gold in Manhattan. You have fun with friends and you go home with more money.

Cons: How much you get depends on who the host is. Gold party hosts sometimes have a reputable jeweler but they usually buy a gold appraisal kit – Not all gold party hosts will get a fair estimate.

While gold parties are fun, it isn’t the ideal place to sell gold to in Manhattan; unless of course you trust the host of the gold party.