When you start by thinking “where to sell gold near me” you’re almost certainly immediately costing yourself money.
Before you do that I want to explain why and warn you in advance that all gold dealers that buy gold in Penrith will simply offer you the scrap gold value for the gold you want to sell, they might not even offer you the true gold price per gram.
You might imagine that your gold jewellery, gold watches, Gold Sovereigns, Gold Krugerrands, or other gold coins will be valued at more than the scrap gold rate, but the reality is that gold dealers will generally offer you nothing more than the scrap value of the gold itself.
You might expect they will look up a gold coin, or piece of gold jewellery to see whether it’s worth more than the scrap gold price – be aware – they will not.
They will weigh it, guestimate the weight of any stones (which they may over-estimate, to reduce the total weight of the gold you are selling), and then offer you their going rate for gold.
And their gold rate may be much lower than the price of gold UK that you will be able to sell your gold for somewhere else (more on how to get the most money when you sell gold later – even when you need the money FAST!).
Sell Gold Jewellery Penrith
Although you might be selling gold jewellery that has a sentimental value to you, and may even be in pristine condition or contain gem stones, most dealers will not want to hold them in stock hoping they can sell them later, because it may take years to sell them, if they ever sell at all.
Part of this is because fashions change and choosing jewellery, for example, is a very personal and subjective thing.
What they will do is look at the gold carat (the purity of the gold – 24K is pure gold and worth the most, 9K is the lowest purity of gold and worth the least), weigh it, subtract what they think any non-gold parts might weigh (like gem stones, in settings), and then work out the value of what they estimate the gold alone is worth.
So should I choose a local dealer so I can sell gold near me, or sell jewellery near me, or choose a national gold buying company?
You need to be wary of three things here:
- Make sure they are valuing your gold based on its true purity. That is to say, don’t sell your gold based on a 9-carat gold valuation when it’s really 18-carat gold, or you’ll be seriously out of pocket;
- Ask them how they are working out the value of the stones so they aren’t over-estimating their weight (to reduce the weight of gold you’re selling), so they can pay you less. Make sure you know the price of 9ct gold per gram, and the price of gold per gram (UK) for other grades or karats;
- Make sure that the gem stone isn’t a giant diamond, ruby, or some other valuable precious gem because they will pay you literally nothing for your gem stones!
When you add onto this their overheads, staff costs, shop costs, rates (especially with large places like Cash Converters), more expensive refinery fees, advertising costs, shipping costs, etc, you can easily see that when you only look locally to sell gold jewellery in Penrith you will always get much less money than if you sell gold jewellery to a reputable online gold dealer.
If you need to sell gold jewellery for the best price and get the most money and want a FREE, no obligation quote from an online gold dealer:
Sell Gold Coins Penrith
If you want to sell gold coins in Penrith then you’ll probably look for a gold dealer in Penrith since they are “near to me,” but will this get you the most money?
The answer is almost certainly NO, you’ll get much less money when you sell gold coins to a local Penrith gold dealer.
Why is this?
A local gold coin dealer has all of the overheads of a small shop in a small area and all of the costs that come with it, whereas a big, national gold specialist who deals online has a central hub where they can handle huge volumes of gold coins, with the minimum staff, consolidated costs and overheads, and get better deals from refiners.
These cost savings can be given to you when you sell your gold coin or coins, putting more money in your pocket.
And because they pay out more, they get more and more business, from more and more happy customers.
It’s exactly the same if you’re looking to buy gold in Penrith.
One thing to bear in mind is that any company that you sell gold coins to will simply give you the gold weight value of your coins.
Even if a gold coin is a rare one, or has more value than the gold alone, local dealers don’t consider that, and online volume gold coin buyers don’t have time to check every gold coin – they are receiving thousands per day.
In honesty, most gold coins are “bullion coins” meaning they are unlikely to be rare, but on the chance that you might have a rare gold coin, you really need to spend a few minutes to check for yourself.
The difference could be you getting a few hundred for your gold coin, compared to a few thousand (see this tiny rare gold coin here, and how much it went for).
So how can you check if your gold coin is rare?
- You can search online for the type of gold coin (sovereign, etc) and the date and see if any of that era are collectable and worth more than the gold content alone;
- You can reach out to auction houses, or specialist dealers and ask them for their opinion.
Assuming your gold coin isn’t a rare one, then you can work out its rough gold value by weighing it, and multiplying it by today’s gold price.
Remember that some gold coins are 22-carat gold, and some are 24-carat (pure) gold, so make sure you use the right gold price to work out the value. Many online gold buyers have calculators on their websites to help you work out the exact value, at the current gold price.
To work out if your gold coin is 22K or 24K, we have a number of helpful articles that cover all denominations of each coin:
- Gold Sovereigns (including rare years)
- Gold Britannias
- Gold Maples
- Gold Krugerrands
- Gold Pandas
- Gold Eagles
- Gold Buffalos
You can see all of the specifications of the most common gold coins in the table below. A fineness of 0.9999 is 24ct gold, the other is 22ct gold:
Gold Coin Specifications & Dimensions
|Years||Coin Type||Weight/Gms||Diameter (mm)||Thickness (mm)||Fineness|
|1987-2012||Britannia Half Ounce||17.05||27.00||2.08||.9167|
|1987-2012||Britannia Quarter Ounce||7.775||22.00||1.63||.9167|
|1987-2012||Britannia Tenth Ounce||3.1103||16.50||1.17||.9167|
|2013+||Britannia Half Ounce||15.60||27||.9999|
|2013+||Britannia Quarter Ounce||7.86||22||.9999|
|2013+||Britannia Tenth Ounce||3.13||16.50||.9999|
|2013+||Britannia Twentieth Ounce||1.58||12||.9999|
|1982+||Maple Leaf 1oz||31.104||30||2.80||.9999|
|1982+||Maple Half Ounce||15.55||25||2.23||.9999|
|1982+||Maple Leaf Quarter Ounce||7.7757||20||1.7||.9999|
|1982+||Maple Leaf Tenth Ounce||3.11||16||1.22||.9999|
|1982+||Maple Leaf Twentieth Ounce||1.555||14.15||0.92||.9999|
|1982-2015||Panda Half Ounce||15.5515||27||1.85||.9999|
|1982-2015||Panda Quarter Ounce||7.7758||21.95||1.53||.9999|
|1982-2015||Panda Tenth Ounce||3.1103||17.95||1.05||.9999|
|1982-2015||Panda Twentieth Ounce||1.5552||13.92||0.83||.9999|
|2016+||Panda 30 grams||30||32||2.70||.9999|
|2016+||Panda 15 grams||15||27||1.85||.9999|
|2016+||Panda 8 grams||8||22||1.53||.9999|
|2016+||Panda 3 grams||3||18||1.05||.9999|
|2016+||Panda 1 gram||1||10||0.83||.9999|
|2006+||Buffalo Half Ounce||15.552||27||2.24||.9999|
|2006+||Buffalo Quarter Ounce||7.776||22||1.83||.9999|
|2006+||Buffalo Tenth Ounce||3.11||16.50||1.19||.9999|
|1967+||Krugerrand Half Ounce||16.96||27.07||2.24||.9167|
|1967+||Krugerrand Quarter Ounce||8.48||22.06||1.52||.9167|
|1967+||Krugerrand Tenth Ounce||3.412||16.55||1.19||.9167|
|1986+||American Eagle 1oz||33.931||32.7||2.87||.9167|
|1986+||American Eagle Half Ounce||16.966||27||2.15||.9167|
|1986+||American Eagle Quarter Ounce||7.775||22||1.78||.9167|
|1986+||American Eagle Tenth Ounce||3.39||16.5||1.26||.9167|
In our opinion, to get the most possible money for your gold coins, you can’t beat a reputable online gold dealer.
If you need to sell gold coinage for the best price and get the most money and want a FREE, no obligation quote from an online gold buyer:
Sell Gold Bars Penrith
Gold bars can come from a number of different brands like Metalor, PAMP Suiss, Umicore, Emirates, etc, and can be all kinds of shapes, sizes and weights, from 1 Gram to several Kilograms (a 12.5Kg bar would be worth over Half a Million Pounds – if you have one, can I be your new best friend – please?)
The smaller bars are usually in a special pack with authenticity holograms, labels, or certificates, but it’s important to realise that a lot of fakes are out there, especially when they are bought on online auction sites.
The way most people would gauge whether an item of gold is genuine or not would be to measure it and calculate whether the weight matches what they’d expect from gold bars of those measurements, but when it’s in a sealed pack it’s not so easy to measure it or to weigh the gold itself.
Assuming your gold bar is real, the same rules apply as with the examples above – local gold buyers in Penrith will pay you less than an online gold dealer when you’re selling gold bars.
In the case of a local “near to me” gold dealer, they will probably send the gold bar for melting down.
An online dealer might do the same, but since they have a huge database of people who want to invest in gold bars, they might well keep it and sell it on at a premium, meaning that either way, the online gold dealer will pretty much without question give you more money when you sell your gold bars to them.
If you need to sell a gold bar or bars for the best price and get the most money and want a FREE, no obligation quote from an online gold buyer:
Selling Gold in Penrith
So, as you have seen, most dealers, whether a pawn brokers, gold jewellers, or gold dealers, will send your gold to be melted down into gold bullion.
There is a cost or fee that the refiner will charge the company you deal with, and the dealer will also want to make a profit, so the price you get will always be less than your gold’s value.
How much you will get when you sell your gold will vary, and some dealers offer better prices than others (of course some are rather dishonest as well), so make sure you work out how much your gold is worth before you sell it.
Before you approach a gold dealer in Penrith:
- Work out how much your gold is worth
- Get prices from a few gold dealers before you sell
- Seriously consider selling your gold to an online gold company
You might also find our article “Do Pawn Brokers Pay Well For Gold useful.
Online gold dealers often pay you a much higher amount when you sell gold to them than local dealers will offer you. Recap on why below:
Selling Gold to Online Gold Dealers vs When You Sell Gold in Penrith
Why do online gold dealers give you more money when you sell gold to them than local “near to me in Penrith” gold dealers?
- Online gold dealers are set up to handle huge volumes of gold and dealing in gold is their only business.
- They don’t have small shops in small towns, with staff to pay, rates, overheads, costs of holding stock, and all of the other money-sucking costs.
- They operate from a central location, with minimal staff, and have a very efficient system of taking the gold you sold them and refining it as quickly as possible.
To give you an idea, one of the biggest UK online gold buying companies turns over more than £200 million per year – which is a lot of gold!
It’s over £4 million per week.
Because of the quantities of gold people sell to them, they get better rates from the refiners. They also can sell gold in volume to the gold trade.
Your local “near to me Penrith” gold dealer on the other hand has a premises that cost money to operate, they are probably mainly a jeweller or pawn broker, so people selling their gold to them is almost certainly a tiny part of their overall business.
They will pay more in refinery fees, will have to pay the postage to securely ship the gold you sell them (lots of small packages with high costs, rather than 1 big shipment per day for the online gold buyers), and on top of that they need to make a good profit on the gold you sell them.
For these reasons, online gold buyers will almost always pay you much more money when you sell your gold to them, over locally selling gold in Penrith.
It all comes down to economies of scale, and if you would like to get a FREE, no obligation quote from an online gold dealer:
Pros and Cons of Selling Gold to an Online Dealer vs Selling Your Gold to a Local Gold Buyer in Penrith
Many people who want to sell gold are selling because they find themselves needing cash urgently and going to a local Penrith gold dealer seems like the easiest and fastest way to get cash.
This is true, but as explained above if you end up selling gold to a local jeweller, pawn shop, or a Cash Convertors type gold dealer, then you’re going to get your money a bit faster, but A LOT less of it.
On one hand, you can get money today, and if you use a broker or cash converter then you can redeem your gold later, but you pay a hefty price for this.
It’s generally not a good idea to pawn gold with the intention of redeeming it later, you can end up paying 20%+ in fees every time you do it, and this can end up becoming a monthly cycle.
You are in effect throwing away A LOT of money every month – at a cost of 20%, in 6 months you’ve paid more in fees than your gold is worth.
The pros and cons of selling gold to an online or high street gold dealer are in the table below:
Pros & Cons of Scrap Gold Dealers
|Local vs Online||Pros||Cons|
|Local Scrap Gold Dealers||
|Online Scrap Gold Dealers||
If you haven’t read it already you might find the following article useful:
What If I NEED to SELL GOLD to GET MONEY FAST?
If, like a great many other people, you need to sell gold to get money fast, then really there are 2 important questions you need to ask yourself:
- How fast do I need the money? Right now, this minute, or can it be in a couple of days?
- Am I happy to get maybe a half of the money or less that I could have got if I’d waited a couple of days?
If you absolutely need the money right now, this second, and it’s a matter of life or death, then you might have no choice but to take half or less of the money you might get if you can pick a better option to sell your gold to.
Remember that if you walk into a local gold shop in Penrith and they can tell that you are desperate – do you think they will offer you more or even less money for your gold than their usual low prices?
On the other hand, if you can agree a little more time, and then use an online dealer to sell your gold to, then you could end up with double or more money to pay your bills or debts, and have money left over for other essentials.
If you have the time or can agree more time, then it’s always better to GET AS MUCH MONEY AS YOU CAN for your gold.
Aim to get the best deal for you.
Is Now A Good Time To Sell Gold?
This is a GREAT question, but it’s not an easy one to answer. The truth is no one knows, but I’ll do my best to give you an answer.
Only a few short weeks ago (this is in May 2022) gold was trading at $2100 per ounce, it’s since dropped down to about $1800 per ounce (a more than 14% drop in value), and is moving around between $1800 and $1850.
At the moment inflation is going crazy, and the cost of gas, electricity, petrol, food, etc is going through the roof.
At the same time the stock market, gold and silver have been going down.
A lot of experts think that gold prices are going to go down – a lot. Some others think it will go up.
Even at $1800 per ounce, it’s much higher than a few years ago (it was $1200 per ounce then, so it’s gone up 50% since then!).
If you have gold to sell now and it’s worth £1500 when gold is $1800 per ounce, and it drops to $1200 per ounce, your gold will only be worth about £990 at that point.
If it drops back to $900 per ounce then it will only be worth £750.
It is impossible to time selling gold for the best possible price, even professionals who do this for a living get it wrong.
So, the simple answer is if you want to sell gold because you want money in your hand, then there probably is no better time to do it than now.
Gold might possibly go up, but on the other hand, it could very likely go down.
Who knows, but cash in your hand is real money, gold, on the other hand, could be worth £100 today, and £50 tomorrow.
It’s entirely up to you if you want to gamble and take the risk.
If you’d like to get a FREE, no obligation quote from an online gold buyer to see what your gold is worth, right now:
Other Ways To Sell Gold In Penrith
Another way that you could sell your gold is to use an online auction service like eBay, or local auctioneers.
The disadvantage of a local auction house or eBay is similar to the disadvantage of a local gold dealer.
Auctioneers have premises and staff to pay for, they also charge a seller’s commission (which could be 20%+), and they might only reach a small audience of potential buyers, who could all be the trade who want to pay the minimum possible.
Using a local auctioneer is likely to result in you getting much less than your gold is worth, and of course, they may only hold suitable auctions once a month.
It also might be a few weeks until a suitable auction and might be a month or more before you get your pay out.
With eBay there are listing fees, final value fees, and Paypal fees, your auction will normally take a week, plus of course there is a lot of fraud, so you might end up with nothing for when you sell gold at an online auction.
When you sell gold to a reputable, established online gold dealer, you can post it today, and have the money in your account tomorrow – and at the same time make sure you got the maximum money possible, which might be double or treble the money you get if you sell it locally in Penrith.
In summary, the cons of eBay and auctions are:
- Listing and/or sellers fees (can be 10% to 20%)
- PayPal or other payment processor fees
- Can take time to sell
- Can take time to be paid (local auctions could be weeks)
- Online auction frauds / non-payers (there’s nothing worse than waiting a week for your auction to end, and then… the buyer doesn’t pay and disappears)
- Buyer-Seller disputes
On the other hand, if your item is high quality or rare jewellery or coins (sadly it’s highly unlikely), then the people bidding on it will possibly pay more than the gold content alone.
Although this is not going to be a common occurrence, especially with standard gold coins, it might happen, so if you believe your item to be rare then an online auction may be a good idea.
The pros of eBay and online auctions are:
- Your item gets exposure to a large audience of buyers
- You will receive a good price (before fees)
- If your item is rare, you could get a lot more than the gold content value
If you need to Sell Gold for the Best Price and Get the Most Money as Quickly as Possible and you want a FREE, no obligation quote from an online gold buyer:
Conclusion Of Selling Gold in Penrith
Generally speaking, the best option to get the maximum value for your gold is to use a specialist online gold dealer.
It usually only takes a couple of days (excluding weekends) for the money to appear in your bank account.
If you need money today and don’t mind getting maybe half or less of what your gold is worth, then you probably might sell to a local Penrith gold trader or pawn broker rather than wait a couple of days.
The advantage is that you might be able to redeem your items later if they have a sentimental value for you, but you will pay a hefty fee for this luxury.
- If you need cash today, then you probably might consider selling your gold to a dealer in Penrith
- If you want to redeem your item/s later then you’ll need to use a pawn shop type service, but it will cost you a fortune
- If you want the Most Money possible a specialist online dealer is almost certainly best for you
- If you sell gold to an online dealer, you can’t redeem your items later
- If you believe your item is rare then an auction might get you a lot more money
- Gold dealers who buy gold Penrith will pay you less than online companies that specialise in gold
We hope that is helpful to you, please take a look at the other useful articles we have on scrapgold.org.uk