When it comes to raising money, people naturally turn to all their assets to see if they can liquidate anything. Gold and silver jewelry, coins, and bullion are some of the most common valuable items people frequently use to generate funds instantly.
As the price of precious metals is on the higher side, many people are looking for the best ways to convert gold to cash. Depending on how much you need to raise, what you have, and how soon you need the funds, you’ve got two options.
If you’re not yet ready to part with your gold jewelry but want to make quick cash, pawnshops may be a good fit. Meanwhile, if you want the most value for your investment, Gold to Cash may be the best place to sell your gold jewelry online. Let’s weigh both options to get the most value when you convert gold to cash.
Factors to Consider
#1- Emotional Value
Pawning or selling an item always involves giving up some amount of emotional value people often attach to it. Consider the emotional attachment level before deciding. But make sure you get a fair evaluation so you can make an informed decision.
#2- Finances
Always think about the current financial situation and the amount of money you need upfront. If you can wait for a bit, selling is always a better option than pawning in terms of the value you get for your items. Meanwhile, if you need quick cash and are willing to commit to a loan for a longer term, pawning may be a more feasible option.
#3- Future Plans
Contemplate how you plan to use the money received. If you’re okay with taking out a loan, consider all potential outcomes of your choice. After all, you would want to ensure your hard-earned investment is being put to good use.
Pawning Your Gold Jewelry
The concept of pawning dates back centuries and varies from the traditional selling models. Pawn shops are based on the idea of collateral loans, meaning you hand over valuables in exchange for a loan.
Thousands use pawnbrokers to make ends meet, especially during tough economic times. Valuables are kept securely in the pawnbroker’s possession to be returned when the loan is fully paid with interest. If you don’t repay the loan within the set timeframe, you lose the item to the pawnbroker.
Is Pawning Worth It?
Pawning items isn’t worth it in most cases, especially when you compare pawning vs selling. Although failing to pay back the loan only makes you lose the collateral item, people tend to get less money for the item than the value they would’ve gotten if they would’ve sold it.
Most pawnbrokers offer less value for the item than prospective buyers, as they need to account for the resale value ahead of time in case they’re unable to get the loaned money back.
Moreover, they need to make profits as they’re a business, after all. People prefer buying things from pawnshops that sell for less than the market prices. They can only make profits if they pawn the item from you for cheap, so they can resell it at a cheaper price than the market.
Why Is Selling Better Than Pawning?
Selling isn’t only a much simpler process, especially when you sell gold online to Gold to Cash, but the transaction is also likely to produce better returns compared to pawning.
When you sell your gold jewelry online to the right gold and silver buyers, they assess it based on weight, purity, condition, and many other factors. Unlike pawning, there’s no debt involved when you’re selling it for the entire second-hand value of the jewelry to keep.
You’re likely to receive more cash with clean and quick transactions that can be completed swiftly and transparently without any financial risk involved at your end.
As the premier online gold buyer in the United States, we’re extremely transparent about how we assess your gold when you send it our way to get it appraised for free from our team of master gemologists.
We buy gold through offers based on established criteria that we’ve been following ever since Gold to Cash was established as a gold and silver buyer about a decade ago. It all starts with an application for your free appraisal kit.
You send us the coins, bullion, or jewelry in an insured shipment through FedEx, and we get back with an offer detailing the reasons behind our quoted price. Our in-house master jewelers provide accurate appraisals of your pieces along with the best price!
Why Sell Your Gold Online to Gold to Cash?
Research is key when it comes to choosing gold and silver buyers online. Many companies will offer to buy your gold jewelry, but not all are the same. Always look for credibility and past customer experiences through reviews.
Check the company’s accreditation and, ideally, choose a professional gemologist with the proper knowledge and skills for examining the items. It shouldn’t cost you anything to receive a quote!
At Gold to Cash, our in-house appraisers are dedicated to giving fair appraisals and top dollars for all your precious items. We strive to offer a smooth and professional process from start to end.
Reach out to us to learn more about the free valuations we offer for a range of gold and silver items. With such high prices of precious metals, now is the perfect time to check what your gold and silver jewelry is worth.
At Gold to Cash, we’re dedicated to providing the best prices in town while ensuring the entire process is painless and easy. We offer up to 95% of the market price of the underlying metals in the jewelry pieces sent our way.
No hidden charges, hassles, or commission fees are ever added to the transaction. In fact, if you don’t like the terms in our detailed offer, get your items back free of cost. You’ll be in control of the whole transaction from start to end at no cost to you.
Get Paid in 24
Hours
Free & Insured
FedEx Shipping
Get the
Highest Offer
Price Match
Guarantee*
