Should you pawn or sell your gold?  How to decide

.When you’re looking for some extra cash, you might consider selling or pawning your gold.  But which route should you go down?  Pawning and selling gold are distinct experiences, and it’s essential to do your research before you decide which one is right for you.  Here is everything you need to know before you pawn or sell gold.

Pawning Gold

Pros:

A pawn shop will give you money immediately, and you can get your jewelry back.  If you pay the money back fairly quickly, the pawn shop will return your jewelry to you.  If you’re in a pinch and just need some cash temporarily, this might be the best move for you!

Cons:

When visiting a pawn shop, you’ll see everything from televisions to used to phones.  They don’t specialize in any one category, so don’t expect them to have much expertise when appraising your gold. If your gold jewelry features ornate craftsmanship or precious and semi-precious stones, you might not get an accurate appraisal at a pawn shop. But don’t lose hope: if you get your gold jewelry appraised at a jeweler prior to taking it to a pawn shop, you’ll know how much to expect for it.  Whether you decide to pawn or sell your gold, it’s crucial to understand how much your gold is worth!

Selling Gold:

Pros:

Most gold buyers have quite a bit of expertise when it comes to appraising gold.  A gold buyer like The Gold ATM will explain everything you need to know about the value of your gold, so you can understand the price they offer you.  Additionally, most gold buyers will have a gemologist or certified appraiser on staff so that they can take craftsmanship and precious stones into account.

Cons:

Unlike pawnshops, gold buyers will not return your gold to you after they buy it.  Once you sell it, it’s gone for good.  Additionally, gold buyers are always looking to resell the gold you sell them, and they want to make a profit.  This means they won’t offer you retail value for your gold—probably closer to wholesale.  One last thing to consider is that gold buyers follow the market, and the market price of gold fluctuates.  Your gold could be worth more today than it will be worth a couple of weeks from now.  However, you can avoid selling at a low price by following the market yourself before visiting a gold buyer!

The Gold ATM not only buys gold, but will also offer you a pawn loan.  Whether you’re looking to pawn or sell gold, we have you covered.  Call us at 770-843-4653 to make an appointment!