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Jenny Edited by Martin. Updated 29 Jan TV ads yell "sell gold for cash! This MSE undercover investigation finds the best places to sell your gold for the maximum cash.
This step-by-step guide takes you through the top postal selling gold sites, what to sell even old tooth crownsspecialist gold hubs, what to watch out for and more. We've made every effort to ensure this guide's accuracy, yet it doesn't constitute legal advice tailored to your circumstances.
If you act on it, you do so at your own risk. Top tips for selling gold, including Why selling gold pays How gold selling works How much can you get? Gold selling - the dos and don'ts MSE undercover gold investigation The top postal gold websites Established player: Hatton Garden Metals Decent player: Lois Jewellery Top payer but less feedback: Gerrards How to sell to jewellers Why selling gold pays In times of crisis, gold is often seen as a safe investment. While the price is no longer at the highs it reached during the downturn, even scrap gold can still be worth a mint when melted down and turned into bullion.
Remember, as with other commodities, gold prices fluctuate.
If you cash in now, you may lose out or gain more later, but no-one knows for sure. See the current gold price. Gold-buying companies' business models are simple: This means you can get cold hard cash for broken and unloved bling. Pop into a few jewellers to get a rough idea of what price you should expect. Competition's hot in certain areas - such as central London and Birmingham - which means top prices.
See more on selling gold to jewellers. The top postal gold websites. If you go down this route, you'll first be given a quote online, then you'll need to post in the gold for verification and only then will you be given an offer.
Many gold sites are unreliable or poor players, but we've picked some shining examples. See top postal 'cash for gold' sites. Payouts shift each day, according to the price of gold.
A little inspiration from forumites' successes using this guide may help. Please add yours to the Gold Selling forum discussion. I raided the loft and dug out some old gold jewellery that had been up there since the early '90s. The weight was slightly out, as I only had kitchen scales to weigh it on. A couple of items weren't gold, which I suspected anyway. All three transactions were conducted with great speed. Read these dos and don'ts carefully before parting with your precious bling.
The majority of this guide is about selling old gold for scrap. Most gold-buying firms buy up gold so they can melt it down. So this is for old and broken gold, not priceless top carat gear. The gold-buying industry is unregulated, and some big-name players rarely to live up to their promises.
Back inthe OFT took action against a number of companies that offer cash for gold. Two firms voluntarily shut down, while three others pledged to radically alter their business model. See the OFT takes action against gold-buying firms MSE news story.A look inside the Kaloti gold refinery
To test how much cash you can truly get for your gold, in January we sent gold off to 10 websites. See our gold investigation below. Have a rummage through the house for abandoned bling.
Empty old jewellery boxes, hunt under the sofa and rifle through drawers. Dig out old broken chains, scratched rings, snapped brooches or dodgy bling from dodgy exes. This is brilliant for odd earrings or cufflinks. Though for smaller amounts, sell to a jewellers, so postage doesn't dwarf the gain. So if a ring has a rock, never, ever just send it off to a postal gold site, unless you're sure it's tiny chips of faux diamond.
Ask a jeweller instead. First, find out the carat, which indicates purity, then weight. The easiest way is to ask a local jeweller or pawnbroker to do it for you and ask for a price while there. Go to a few to corroborate the info. Alternatively, try assessing the hallmark yourself. To value gold, you need to know two things: For a thorough evaluation, you need to be in the business, but it is possible to have a crack at it and find a guide price.
To weigh your gold, you need to be in possession of some minutely-accurate electronic weighing scales, as used by jewellers. A great tip if you don't have scales is to use the franking scales at work. The first thing to note is that very little jewellery is pure, carat gold. Pure gold is too soft for everyday use, so it's alloyed with other metals. The majority of British jewellery is nine-carat, which is only In Britain there are standard marks indicating that a piece is made from gold, proving its purity.
The system's complicated, and even the most learned gold experts carry a hallmark identification book. But here's how to roughly estimate the price.
For very detailed hallmarking how-to, including other metals, read the Assay Office's hallmarking guide. If you're serious about getting to grips with gold, a copy of Jackson's Silver and Gold Marks of England, Scotland and Ireland will identify other marks. Gold items will have additional initials before the hallmark, representing the maker.
Depending on the maker's importance, these marks can often add value. This mark shows the gold's purity. As an example, a 9-carat piece contains British gold should carry the stamp of the assay office that hallmarked it. There are four marks; one for each of the offices pictured right. While this is optional, it's still included on many hallmarks. Since it bears no obvious relationship to the date signified the K pictured means and varies by assay office, you'd be best off confirming with a jeweller.
One of the biggest issues is that hallmarks differ the world over. If your jewellery's from overseas, chances are it will have a different hallmark, so it can be difficult to verify.
Plus under UK law, gold weighing less than one gram, such as earring butterflies, doesn't need to have a stamp. Just because it has no hallmark, it doesn't mean it's not valuable. In this case, get a valuation from a jeweller, who will have special equipment to check gold content. If you post it to a gold site with no idea of its value, the company could say what it likes about the gold - it may tell you it is a lower carat than it really is.
If you've some Wag-style jewels, take them to a jeweller for a valuation or search on eBay to see how much they go for see the eBay Selling Tricks guide for more. If you have gold coins or medals stashed away, such as a Krugerrand, these are likely to be worth way more than their scrap value. The best place to flog 'em to is a bullion dealer. Find one through the London Bullion Market Association or British Numismatic Trade Association BNTA. Then call them up, check if they buy from private investors and ask for a quote.
As always, it pays to try several dealers, as offers will vary. One of the top paying postal gold sites, Hatton Garden Metalsalso buys gold bars and coins whole, so get a quote from it too. As an aside, under the Coinage Act it's illegal to melt down sovereign and Britannia coins, as these are legal tender in the UK.
Not that you'd want to, as they're worth more intact. If posting to a gold site, always send via Special Delivery. Take photos and keep records of carat and weight before sending, in case of loss or problems. Much vintage costume jewellery is usually silver-cast or lesser metals. Again, go to a jeweller to get a valuation. Certain costume jewellery brands fetch tidy sums on eBay. Some companies organise "gold parties", which often mean making financial decisions while plied with drink.
Horror stories in this unregulated industry include people receiving cheques for far less than originally quoted and then being refused their gold back. So if you're sending to a site that's not listed in our picks, don't assume you'll get anything like the amount promised.
There's a brisk trade in scrap gold on there too, as many postal gold traders buy up gold from eBay. Just search for "scrap gold" to see examples. The closing prices aren't bad and are similar to the best postal gold sites or jewellers.
If you have a low feedback score, you might not get its full value, as people will be suspicious. Buy a few small items you need anyway first to build your score. But if you do want to sell it that way, here are some top tips. You'll need a decent feedback score. To quickly estimate what you'll get for your scrap, simply go to eBay and do a 'completed items' search.
Just type in what you've got, eg, ' Then click 'completed items' on the left-hand bar. It'll come up with a list of prices similar auctions have already fetched. Most eBay sellers photograph their loot on electronic scales, so buyers can be sure of its weight.
To sell on eBay, you must have a very clear idea of the jewellery's weight and carat. It's illegal to advertise it using the word 'gold' unless it has a hallmark. If it doesn't, you will have to list it as 'gold-coloured metal'. Flog the family silver and you'll get a fraction of gold's price.
Top gold site pick Hatton Garden Metals does take silver, but your Special Delivery postage costs can wipe out the gain. If you're already paying postage to send gold to a buyer, adding a few silver bits can be worth it. Some traders do make cash by doing the car boot sale rounds, buying piles of silver plates and cutlery and flogging them on. Certainly, if you have some silver, then take it to jewellers and haggle for the best price.
For all the latest deals, guides and loopholes - join the 10m who get it. Fancy using the office credit card to buy jewellery? She bought 10 identical gold bracelets from Amazon, all 9ct gold and weighing 4. To test how much you could get for selling gold, she went undercover to see where she could get amazon instaforex binary options best price.
She posed as a gold seller on postal gold sites and pawnbrokers, as well as jewellers in London's famous Hatton Garden jewellery district. The man plonked my gold on the scales, declared it 4. Most pawn shops buy gold permanently, not just for pawning, but have fat profit margins.
I headed to Hatton Garden, London's hyper-competitive jewellery quarter. When I did the same experiment a few years ago, I pushed the price what causes swings in the stock market by haggling. So if you live near London or Birmingham's specialist gold quarters or can get a local jeweller to match a postal gold site's priceconsider doing it in person.
Finally, how does truecar make money to the postal gold buyers.
But we've found some gems. I used a different name when sending my gold. Some gold firms offered far less than they originally promised. Yet when it called to give her its "evaluation", it said: We found this to weigh four grams, and we have to take a deduction for the non precious metal in the clasp.
Others, such as Postalgold. Payments were similar to the amount quoted too. This means no matter how light the gold, you'll profit - earring butterfly anyone?
Before currency exchange rates yahoo uk any gold, read our top gold site picks for a full how-to and users' feedback.
We know some people will be intrigued by this. But that's the cost of good journalism. We asked the gold sites that paid the least or less than promised for their comments. We also asked Cash4MyGold and PostalGold to comment, but have not heard at date of publication. This is clarified via the text under the gold calculator on our homepage.
But all our customers can rest assured, that regardless of the offer made, they can always decide to have jupiter stock broker items returned to them for free.
Scrap Gold UK sent us a cheque with the wrong year on it, so we could not cash it. When we complained, it quickly paid the correct amount into our bank account. As we already had three sites paying slightly more, we did not include it in our top picks.
Even though Tesco Gold Exchange paid slightly less, it has the advantage of free postage. Cash4MyGold told us it couldn't give a valuation. This is the a course on binary option brokers we got from the calculator on British Gold Refinery's website.
A small disclaimer below read: To find the top bling-buying sites, as well doing our own investigation, we analysed hundreds of pages of feedback from this site's forum. We've focused on nationwide buyers. Always check local jewellers first, especially for unhallmarked gold. Found a top gold site we're missing?
Add it to the Gold Selling discussion. Please note we last carried out a full gold investigation in Janthough we continue to monitor forum feedback to ensure people are still happy with our top picks. Pop into a couple of jewellers to get a price, noting down the carat and weight.
The price depends on the day the company receives it, as gold's value fluctuates daily. But the price shouldn't be too different, unless the market goes bonkers. Fill out the form if there is one and print the results to include in your parcel. You sometimes need to pick whether you want to be paid by cheque or directly into your bank account. Before you post your gold, photograph it and note down the carat and weight. This is for two reasons: Package up your gold in a padded envelope and double-check the address, enclosing any relevant forms or emails.
You MUST use Royal Mail Special Delivery. Keep the receipt to have any hope of claiming compensation if gold goes astray. Bear in mind that posting valuables is risky.
While it's rare that Special Delivery items get lost, you're not guaranteed to get compensation if you've no proof of the gold's value.
Make Money Buying and Selling Gold
If the parcel goes missing in the post, you'll need to fill in a Royal Mail compensation form online. If you've how to get lots of money on virtual families 2 ipad receipts or certificates showing how does a gold refinery make money value, it can be tricky to get full compensation.
Royal Mail requires proof of the item's value, such as receipts, bank or credit card statements, invoices, valuations, and repair costs in the case of damage claims. Read Royal Mail's full compensation policy.
The official line from the Royal Mail is: If a customer is unable to produce any of the documentation we have requested, we would know the weight of the item as this is printed on the certificate of posting. With this information we will look further into the claim and may well request further details. Depending on how you asked to be paid, you'll get cash in your forexlive usdjpy account or a cheque through the post in the next few days.
Beware, there's no protection if things go wrong - if a site goes bust, you may not get your gold back. We don't check companies' solvency.
5 Ways to Make Money in Commodities - wikiHow
Not to be confused with the Hatton Garden jewellers' area in London, this is a web-only postal gold nasdaq stock market fee schedule. In the past, Hatton Garden Metals has always been a top payer and it's still near the very top.
We've had almost heaps of positive feedback over the past three years, and felt this was more important than a few extra pence. Do read our gift vouchers warning guide first. Also worth a look is Lois Jewellery. We don't have so much feedback on it, but what we do have is positive.
It paid a smidgen more than Hatton Garden Metals in our test. While it paid the most in our gold investigation, on the downside, we don't have any feedback from users on Gerrards yet. It performed well in our test with the top price and speedy service. But as we've very little feedback from MoneySavers yet, you may feel safer picking one of the sites above. The simplest option is to flog your haul to a jeweller in person. Even if you don't want to sell it, it's a great way to get it valued.
Of course, you're under no obligation to sell. Go door to door, haggle and hand over the goods there and then.
The good thing is that the gold is with you at all times. But, apart from in specialist jewellery quarters, prices are usually beatable.
Jewellers are the best option if jewellery's unhallmarked, as they can do a test in front of you. And if trinklets have stones, they'll tell you if they're worth owt. Here are our top 10 tips:. Don't target jewellers in isolation. As a rule of thumb, always try at least three and play them off against each other. This gives you a solid foundation and prods sellers' competitive instincts in your favour to give you a better price.
If you have a huge stash, try more shops to max the cash. Londoners and Brummies can take advantage of precious metal dealers on their doorsteps. The UK has two world-famous jewellery districts: Hatton Garden in London and Birmingham's Jewellery Quarter.
These are full of hyper-competitive specialist merchants, which deal in bulk and pay more cash than normal high street shops. So if you've got more gold than The A-Team 's Mr T, consider making a special trip. This is a decent option even if you're offered a few quid less than the top postal gold sites, as you'll avoid postage charges usually about a fiver and as well as the small risk that the gold is lost in the post.
Chutzpah's a powerful weapon when hawking your gold. If you're charming and treat the whole process with humour, you'll get further. For more tips, see the High Street Haggling guide.
Printouts of quotes from the top gold sites can be a useful haggling tool. Some jewellers will price-match postal gold prices if you push them. If they do come within a few bob, take it, as you'll save on the hassle and risk of posting. As one MoneySaver says, "I felt like the jeweller was appraising me, and not the jewellery. Ask the jeweller to weigh your gold, verify the carat and test everything that isn't hallmarked.
Plus if there are any clear stones, ask them for their clarity. If you want to sell it to a postal gold company later, note all these down so you'll know how much you can expect. Several MoneySavers have been offered excellent deals when part-exchanging gold against another purchase. Look for membership bodies such as National Association of Jewellers.
If you get friendly with the jeweller, ask them who they sell their scrap gold to. There's likely to be one big trader in town, who, if it deals with the public, will pay you the most. Better prices are often available for bulk-selling.
If you're going to hand over a lot more gold, you're more likely to secure a deal - they're not going to haggle all day over an earring butterfly. Selling gold for max cash. NOT YET A FORUM MEMBER? If you go through it, it can sometimes result in a payment or benefit to the site. It's worth noting this means the third party used may be named on any credit agreements.
Plus the editorial line the things we write is NEVER impacted by these links. We aim to look at all available products. If it isn't possible to get an affiliate link for the top deal, it is still included in exactly the same way, just with a non-paying link. For more details, read How This Site Is Financed.
How Gold Refining Companies Earn BIG Profits | brokentelephonez
Hatton Garden Metals FREE MoneySaving email Week from 21 June We think it's important you understand the strengths and limitations of the site.
We're a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong. Its stance of putting consumers first is protected and enshrined in the legally-binding MSE Editorial Code. Your browser isn't supported. It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now.
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Gold selling - the dos and don'ts MSE undercover gold investigation. The top postal gold websites Established player: Gerrards How to sell to jewellers. Why selling gold pays In times of crisis, gold is often seen as a safe investment.
How gold selling works Gold-buying companies' business models are simple: How much can you get? Prices change daily - last updated Jan DO remember this is about selling scrap gold The majority of this guide is about selling old gold for scrap. DON'T just send to any old TV gold site The gold-buying industry is unregulated, and some big-name players rarely to live up to their promises.
DO send unloved leftovers and teeth Have a rummage through the house for abandoned bling. Read a step-by-step DIY gold valuation guide To value gold, you need to know two things: Weigh it To weigh your gold, you need to be in possession of some minutely-accurate electronic weighing scales, as used by jewellers.
Find out the carat The first thing to note is that very little jewellery is pure, carat gold. Check your hallmarks In Britain there are standard marks indicating that a piece is made from gold, proving its purity. The metal This optional mark shows the metal. The crown pictured means gold. The Assay Office British gold should carry the stamp of the assay office that hallmarked it.
Of course, there's no need for international gold to carry these marks. The date mark While this is optional, it's still included on many hallmarks. So, put them all together, and the standard mark for 18ct gold hallmarked in London is: What if it doesn't have a hallmark?
DON'T send gold coins or medals If you have gold coins or medals stashed away, such as a Krugerrand, these are likely to be worth way more than their scrap value. DO send via Special Delivery If posting to a gold site, always send via Special Delivery. DON'T send costume jewellery Much vintage costume jewellery is usually silver-cast or lesser metals. DO stay sober Some companies organise "gold parties", which often mean making financial decisions while plied with drink. DON'T think the quoted price is the price Horror stories in this unregulated industry include people receiving cheques for far less than originally quoted and then being refused their gold back.
DO check the going rate on eBay eBay isn't just for posh jewellery. Check for completed items To quickly estimate what you'll get for your scrap, simply go to eBay and do a 'completed items' search. List the weight Most eBay sellers photograph their loot on electronic scales, so buyers can be sure of its weight. Ensure it's got a hallmark To sell on eBay, you must have a very clear idea of the jewellery's weight and carat.
DON'T assume it's the same for silver Flog the family silver and you'll get a fraction of gold's price. FAQs Unsubscribe Past Emails Privacy. MSE undercover investigation Fancy using the office credit card to buy jewellery? Investigation last carried out Jan What did the postal gold sites have to say?
We checked two pawnbrokers.
This price was from The Money Shop in west London. How to sell to a postal gold site Step 1. Get a valuation Pop into a couple of jewellers to get a price, noting down the carat and weight. Make an inventory Before you post your gold, photograph it and note down the carat and weight.
Post your gold Package up your gold in a padded envelope and double-check the address, enclosing any relevant forms or emails. Show me the money Depending on how you asked to be paid, you'll get cash in your bank account or a cheque through the post in the next few days.
Another good payer, with less feedback Lois Jewellery Also worth a look is Lois Jewellery. Lois was the only site where the amount promised was identical to the amount received. Top payer with potential Gerrards While it paid the most in our gold investigation, on the downside, we don't have any feedback from users on Gerrards yet.
Unlike other gold buying sites, there's no online calculator - you must phone for a quote. How to sell to jewellers The simplest option is to flog your haul to a jeweller in person. Here are our top 10 tips: Take it to three jewellers Don't target jewellers in isolation. Check out London and Birmingham's jewellery quarters Londoners and Brummies can take advantage of precious metal dealers on their doorsteps. Do it with chutzpah Chutzpah's a powerful weapon when hawking your gold.
Get postal gold prices on the high street Printouts of quotes from the top gold sites can be a useful haggling tool. Act like you know what you're doing As one MoneySaver says, "I felt like the jeweller was appraising me, and not the jewellery. Note down prices, making it clear you're going door-to-door, not taking the first offer. Make an inventory Ask the jeweller to weigh your gold, verify the carat and test everything that isn't hallmarked. Get them to do a trade-in A top tip: Find a registered jeweller Look for membership bodies such as National Association of Jewellers.
Ask where they sell to If you get friendly with the jeweller, ask them who they sell their scrap gold to. Sell gold in bulk Better prices are often available for bulk-selling. Join in the MSE Forum Discussion: Selling gold for max cash NOT YET A FORUM MEMBER? By Jenny Edited by Martin.
FREE MoneySaving email Week from 21 June MSE News Martin's Blog Deals Hunters. How this site works We think it's important you understand the strengths and limitations of the site. This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first.
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Figures from an investigation in Jan Read full footnotes We sent 4.