Gold is one of the most valuable commodities in the world and one of the best items to invest in. Investors often turn to gold to place their money during difficult financial times such as an extreme downfall in the stock market. If you have invested in or have come across gold in another manner (e.g. inheritance) and want to cash in, here’s everything you need to know about selling gold in NYC.
Where to Sell the Gold
There are hundreds of pawn shops in New York and they all accept gold items. Selling gold in the city has never been easier than it is today. But it’s a risky process too; there are a lot of unscrupulous dealers whose sole intention is to rip you off. Therefore, you have to be careful when dealing with any NYC gold buyer.
Sell or Get a Loan?
There two options when it comes to raising money from your gold items. You can choose to sell the item at the pawn shop or use it as collateral to get a fast cash loan. Does the item have some sentimental value attached to it? If so, then you are better off getting a pawn lawn than selling the gold. Most pawn shops offer both options.
The Right Time to Sell
The best time to sell gold is when the financial markets take a downturn. But the market itself is a constant flux that is hard to predict. Therefore, if you are not a gold trader, the best time to sell your gold is when you need the money. If that coincides with a down market, then you are in luck. You will get a better price for this valued commodity.
Finding a Reputable Gold Buyer
Finding a gold buyer in NYC is not a problem, you’ll find a pawn shop on nearly every street. Getting a reputable buyer is a challenge. So, how do you make sure that you aren’t dealing with a con? Check their credentials. Make sure that the buyer is licensed by the state of New York to deal in gold. Look at the buyer’s ratings and reviews on sites such as Better Business Bureau (BBB) and Yelp.
Safest Way to Sell Gold for Cash in New York
The safest way to sell gold for cash in the city is via a licensed gold buyer. Just check to make sure they specialize in gold and are equipped with necessary certifications. Try to complete the transaction during daylight hours.
Selling gold in New York needn’t be a tedious process. All you have to do is make sure that you find a reputable NYC gold buyer, have the gold item with you, and carry valid identification. However, don’t make it obvious that you are carrying gold when walking around the city for safety reasons.