Balancing Value And Convenience: 3 Ways To Sell Gold For Cash

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If you have pressing bills that need to be paid, and you also have gold jewelry or coins that are just taking up space, it only makes sense to consider selling the gold for cash to pay the bills. There are a number of different ways to sell your gold. Some are easier than others, and some offer more money than others. The key is to find the method that gives you the perfect balance of convenience and value for your gold. Take a look at a few different ways you can trade in your gold for cash.

Mail-In Gold Buyers

Mail-in buyers are the height of convenience. You don't even have to leave your house—just call a number or visit a website. The company will send you a prepaid envelope, so you don't even have to spring for a stamp. You just slip your gold pieces into the envelope, send it back, and pretty soon, you'll receive a check and a receipt for your items.

This is a great option for people who are homebound or who simply don't have the time to do the legwork to sell their gold to a dealer. On the other hand, you'll pay for that convenience in the price you get for your gold—you may get more from taking it to a jeweler in person. Luckily, most mail-in programs will give you the chance to return the check and get your gold back if you don't like the price, so you won't lose anything by trying this method first. On the other hand, if you need same-day or next-day cash, this may not be your best bet.

Hotel Gold Buys and Gold Parties

Hotel gold buys are when a gold buyer sets up shop at a hotel in your area for a day or a weekend to buy gold from people interested in selling. Gold parties are more along the line of a Tupperware party—your friend invites you and all your acquaintances to a gold party, you all bring your unwanted jewelry, and there's a dealer there ready to make you an offer. For either hotel gold buys or gold parties, you have a relatively short amount of time to decide whether you want to take the deal. If you change your mind later, you don't have much recourse.

Either a hotel gold buy or a gold party is convenient if they happen to occur when you need to make a little extra cash. It's a one-stop shop—show up with your gold and leave with cash. These events can also be fun social events. However, they're usually not the best way to get a great price for your gold. Not only is the gold buyer getting a commission from the jewelry they buy, but the hotel or the party host is probably getting a slice of the profits too, and all of that comes out of the price you're getting paid for your gold. If you're looking for a fun way to make some mad money on jewelry that you know you won't miss, one of these options might be for you. However, if you need serious cash, there are better ways to get it.

Local Jewelers

If you need money today, your best bet is to take your gold to a local jeweler. Usually, this is also the way to get the best price but not always. A lot depends on the particular jeweler you visit. Your best bet is to visit at least a few different shops in the area to compare prices. The good news is that you can always go back to whichever jeweler made you the best offer; they aren't going anywhere.

For some people, it's no inconvenience to visit a few jewelry stores to compare offers. However, if you don't live in a city where you can find several jewelry buyers in close proximity, or if you have difficulty with transportation, trying to sell your jewelry directly to a dealer can be a pain, especially if you want to compare prices at several stores before you make a deal. However, if you can make the effort, this is likely to net you the most cash for your jewelry, and if you have an immediate need, this is the easiest way to get cash in one day with no waiting.

Before You Sell

The best thing that you can do before you sell your gold to anyone is to figure out for yourself what it's worth. If you don't know what your jewelry is worth, how will you know if you're getting a good offer or not? Consider having your jewelry independently appraised if you can, but if not, you can use an online calculator to get an idea of what your jewelry is worth based on its weight and purity.

Remember that almost no gold buyer is going to offer you the full worth of your gold—they wouldn't make a profit on that deal. Still, knowing the worth of your gold can help you negotiate and shop around for the highest price you can get. For more information, check out a site like