Gold is often bought for the purpose of reselling later on. People will invest in a gold IRA so that they have some form of wealth to fall back on during their retirement, or in case of emergencies.

Usually, selling gold bullion can get you great returns on your investment if you sell it at the right place. Your options include selling it to reputable online buyers, pawn shops, and local jewelers. Each of these options has its pros and cons, which we’ll discuss in today’s blog.

Online Buyers

There are more advantages than disadvantages of selling to online buyers. Firstly, they are bound to give you a much better deal than a pawnshop or a local jeweler. This is because often, local jewelers and pawnshops buy with the intention of reselling, so they are normally uninterested in scrap pieces of gold that isn’t jewelry.

Secondly, since online transactions are now the norm, this is a completely safe process. A third benefit is you do not have to go from shop to shop trying to find the best deal, and instead can do everything from the comfort of your home.

Local Jewelers

An advantage of selling to local jewelers is that they will buy broken jewelry from you, while others (online buyers and pawn shops) may not. Since they deal in jewelry, they are able to fix the broken jewelry for close to no additional costs before reselling.

However, one of the biggest disadvantages is that they won’t give you as much cash as an online buyer might. For those who are not tech savvy and intimidated by the idea of online buying and selling, local jewelers are a good option for selling gold.

Pawn Shops

The greatest advantage of selling to a pawn shop is that you get your money in cash immediately. There’s no wait involved and you get your payment over the counter as soon as the transaction is done. However, in this option, the disadvantages outweigh the advantages. Out of the three options, pawn shops are likely to give you the least money in exchange for your gold.

Also, since the employees are not gold experts, they may value your gold for less than what it’s actually worth. If you can help it, we’d suggest staying away from pawn shops when trying to sell gold.

For the top gold IRA companies, and private vault storage facilities, Orion Metal Exchange can help you out. To learn more about precious metals, visit the FAQ section on our website.

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