Even as some state and local governments reopen businesses and attempt to return to a sense of normality, many Americans are still reeling from the effects of COVID-19. In the past week, unemployment claims have soared above 30 million and some estimates show that an unemployment rate of 16% will remain constant through the coming months.
However, those that have an investment in gold may be able to weather the storm. But don’t give away your investments to pawn shops and disreputable gold dealers out of convenience. To make the most out of your investment and get the best value for your gold, use these tips to cash in your gold coins, bullion, bars, and scrap.
Understand the Type of Gold You Have
Before you decide to sell your gold, you need to understand what type you have as it can greatly affect the price. Collectible gold, such as gold coins, can often fetch a higher price than bullion and scrap. Bars have the exact weight, the manufacturer (if privately minted), and a serial number which is often coveted by buyers and collectors. Essentially, the value of gold goes like this:
- Gold coins – most valuable.
- Gold bars.
- Gold scrap – least valuable.
In a general sense, these are all known as gold bullion, which is a collective term for gold bars or ingots and coins. Scrap doesn’t necessarily fit this definition, but it’s still a valuable source of income when you need it. However, gold scrap is often an alloy, or mix of metals, that isn’t pure like most gold bars or gold coins.
At London Coin Galleries of Newport Beach, we are experienced in precious metals and numismatic value. We give you a fair market value if you want to turn gold to cash based on the type of item you’re liquidating.
We’ve helped thousands of customers buy, sell and trade precious metals, coins, and much more.
Where to Sell Your Gold
As mentioned before, you should avoid selling your gold at pawn shops. Most often, these businesses will give you about 50% of the value, as they must resell it to earn a profit.
Online gold buyers have become popular in recent years, but they have varying degrees of reputation and prices for gold purchases. Auction sites such as eBay may also have a market for certain types of gold bullion, but the market and the desirability of the item will play a massive role in the amount of money you get for your gold.
That said, the best bet to sell your gold is at a licensed bullion dealer. We are an Orange County Coin dealer that gives you high value for your precious metals and based on the market at the moment.
Getting the most for your gold may require some effort, but it’s worth the trouble. With the extra cash in your pocket, you can make financial decisions that are best for your family and yourself. Hopefully, it’s enough to get you through these difficult times until the economy goes through a resurgence.
We are open for business but ask you to book an appointment with us. Based on the ever-changing landscape of the Covid-19 pandemic, many transactions can be handled electronically.