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Where To Sell Gold In NYC

This is complete guide of Where to sell gold in New York City, don’t miss any step.

Top places to sell gold

There are 3 best places to sell gold

  1. Well reputed online gold buyers.
  2. Bullion pawn shops.
  3. Local jewelers.

We will prefer selling online if you want best highest price for gold. And each place of selling gold has its own kind of pros and cons, below we are going to discuss detailed advantages and disadvantages of selling mediums.

Online gold selling

If you got gold jewelry, gold coins, bullions or any other form of gold and you want it to sell immediately for cash; the online selling is the best option with best highest selling price. 

Main reason behind this is running the business online is less expensive than large shop with workers in it, electricity bills, rents, and large physical network. These factors like lower operating costs, online gold buyers can take lowest margins. 

Selling gold online is not a difficult process. Mostly the steps are:

  • You will make contact by filling a form available on the website of the buyers.
  • The buyer you select will give you options for shipment and method of providing and secured medium to transfer of your gold to the team for further process.
  • The company will check the quality of gold you provide them, after this company will provide you the offer.
  • If you like their offer your money will be sent within a day or two, with the bank transfer or your merchant give options for methods of payment.
  • Incase if you don’t like their offer, your items will be sent back to you after cutting small amount of money spent on the handling, appraisal, and shipment fee.

Pros of selling online

  • Highest price. Due to less expenses in online business, reason is business is running on smaller scale. This means you will always get the best price if you want to sell gold in NYC or from anywhere doesn’t matter.
  • Easy steps. You will get a personal guide form mailing medium, to guide and educate you through all the steps involved in selling your gold at best price. Most buyers give you insurance for your parcel. We prefer you mail through reputed mailing service providers like UPS, FedEx, DHL etc. 
  • Fast and Secure payment methods. Most buyers will pay via PayPal, bank transfer, bank check which take less than a day to receive money. These are quick and convenient ways to transfer money.

Cons of selling online

  • 24 to 48 hrs wait for money. Online buyers transfer money in a day or two but still it’s very slow medium. If you want payment urgently than going to market will be a good option.

Pawn shops that buy gold

Selling at pawn shop is easy method and you can get cash quickly too. However you will be giving less money as compared to online buyers.

Pros of pawn shops

  • Instant payment
  • No need to ship your gold

Cons of pawn shops

  • Low prices 
  • High pressure sales process
  • Staff not gold expert

Local jewelry shops

Another option to sell gold is local jewelry shops. Not all jewelry shops will buy gold. And disadvantages and advantages of pawn shops and jewelry shops are almost same.

How actually prices work

Gold is actually measured accordingly to its weight and prices in market are provided for one kilogram, one ounce and one gram of the pure gold. 

For better understanding we can take a example that, current price (06 march 2021) is $54.66 per gram, $1700.07 per ounce and $54667.73 per kilogram. Now the most important thing you need to focus on while selling/buying gold is latest prices.

You have to notice the price of 24k gold, the letter “k” is known as karat and letter “24” is degree of gold which tell us that gold is 99.99% pure. If you know what karat gold you have. Normally the values of karat are 10k, 14k, 18k, 22k which tell us that how much pure the gold is. 

24k gold is soft and shinny with shade of orange in it. Due to its softness it is not used to make jewelry. It is used for coins and gold bars. Instead of 24k, less pure forms are used for making rings, watches, gold jewelry, earrings etc. 

It does not mean that you will not be able to sell 10k, 14k, 18k, and 22k of gold. If you want to sell less pure form of gold you will get in exchange will be measured according to what amount of gold will be extracted later it is refined and melted. 

What is best time to sell gold?

The best time to sell gold is when spot price of gold is high. Now we will see what is the meaning of term spot price?

  • What is spot price?
    If you ever visited gold shop you will be thrown a term of “spot price of gold”. This term mean the price of gold at that moment you visited the shop, to buy or sell pure gold. The spot price of gold can differ from the price of next contracts. In short spot price means market’s current rate of gold at the moment. 

Gold price is not constant, its price keep changing every minute. Exactly like stock market we cannot guess the price will increase or decrease. If you have sufficient amount of gold and want to sell it, you have to notice the ups and downs of market. You should have to walk with the market trends, this step can offer useful information about value of gold and can give forecasts about gold price. 

You will not get exact spot price

All shops that buy gold from seller will not give exact spot price. This is simple, every shop owner need to make profit in order to meet expenses of melting gold, refining so that your jewelry can be reused. 

So, you will not receive exact spot price of that gold, instead you spot price will be minus from buyer fees. The most important thing that amount you will be deducted will depend upon the purity/type of gold you are selling secondly it also depend on kind of buyer you are selling to. 


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