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Hello! I have some scrap gold from an estate that I need to sell, but I don't know how to go about it without being cheated. I took it to two pawn shops and they gave me wildly different prices! Does anyone have experience with something like this? Thank you! (link)
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Hello,
You have four sensible options:
1. Go to as many pawn shops as possible and work out what the average price is. Obviously then, go to the highest bidder.
2. If you want to be sure to get the best offer, there is an equation you can use to work out the value of your gold. But this really depends on you knowing what carat (how pure) the gold is. Here is a website that outlines it: http://www.wikihow.com/Calculate-the-Value-of-Scrap-Gold
Keep in mind with this approach that you have to leave space for the person who is buying it to make a profit. So get as close as possible to its worth when selling it.
3. Sell it directly to a refinery. They melt the gold down, removing the impurities. This cuts the middle man. But you will have to check if there is one close by.
4. If you are keen to get rid of it and need the money, sell it to the various companies that will now buy gold, you can search the internet for these companies, there are PLENTY. They often give you a low a price as possible because they are looking to make a profit, understandably. But I get from your answer that this isn't the approach you want.
I think the best option would be to calculate the golds worth, and go to as many pawn shops as possible to try and get as close as possible to that.
Good luck!
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