Should You Sell Gold Online

You can sell anything online in the digital world because it is convenient. For example, you can sell your gold bullion, gold coins, and gold jewellery. In addition, the e-commerce market keeps growing, making it simpler for you to sell your things on Craigslist, eBay, and Facebook Marketplace.

Yet, when selling gold items, more meets the eye. You find loads of gold buying websites offering to pay for your gold or jewellery. All you must do is post your gold. But how do you know the price provided is accurate?

The answer is you do not know. That is why it’s better these days not to sell your gold jewellery online. The truth is there are many gold buyers in Melbourne more than happy to buy your gold from you at their shop.

The problem is that many things can go wrong when you sell gold jewellery online such as your gold items can get lost in the mail. But it does not end here.

The Cons of Selling Gold Online

One of the biggest cons is to find a trustworthy gold dealer not to end up scammed. The problem is that you don’t know who you are shipping your gold to, unlike a brick-and-mortar shop. You don’t even know how the person on the receiving side valuates your jewellery.

You may still get a better price selling your gold online than going to a pawnshop, as most pawn shops only pay 60 – 80% of the market value. But there are other disadvantages of selling your gold online when mailing your gold.

Sure you must pay insurance to send your parcel in case it gets lost. However, you will get more out of the insurance than the scrap gold buyer. Still, if you only want to sell a gold ring or two, it is not worth sending it by mail, even if the rates you get are better than the pawnshop.

So sending your gold rings by post, the costs outweighs this. Yet, our personal take is it is more profitable to send at least 20 grams of gold jewellery by mail. The other problem is it can take longer for you to get money.

The reason is you need to take the time to consider sending your package to a scrap gold dealer. This can take a few days, and once received, the gold buyer still needs to evaluate the content to make an offer.

But, it does not end here. The gold dealer usually does the evaluation on the day received. Still, they can be flooded with work, and you do not know. So, the assessment will only take place the next day and is time-consuming.

If you accept the offer, it can take another 48-hours for your payment to be received in your bank account. Thus, the whole process can take a few days to weeks. Then if you do not accept the offer, you need to wait another week and pay fees for returning your gold items.

Therefore, if you urgently need money, going the online route is not the best solution.

Sell Your Gold In Person

Yes, selling your gold jewellery to one of the gold buyers in Melbourneis a safe, fun way to get the best price for your gold jewellery or coins. Ask one of your friends if they know any excellent dealers or do some research online before visiting a shop or two.

An advantage of going to gold buyers in person is seeing how your gold jewellery is valued. Also, you are dealing with a real person in front of you. Likewise, you don’t have to wait days to be paid, as most gold buyers pay in cash.