Where To Sell Your Gold Nuggets and Flakes

Selling Gold For MoneyOne of the most common questions I get asked by new prospectors is "where am I supposed to sell my gold nuggets and flakes?" After all, it's not like there are precious metal stores lining the banks of your favorite prospecting stream or river. The fact is that there are several different places and outlets that are eager to buy any gold you've prospecting. While some of them will pay you top dollar, others will only pay you a fraction of its true value. To ensure you get the most money possible for you prospected gold, you should familiarize yourself on some of the top merchants willing to buy your gold. Only then can you rest assured knowing that you're getting the most money for all of those long days spent panning.

Because of the continually rising prices of gold, more and more companies have launched advertising campaigns offering to buy your gold for top dollar. They "claim" to offer you top dollar for your gold jewelry, bullion and nuggets. While some of these companies may give you a decent price for your gold, most of them simply aren't worth your time. So the next time you pass one of those guys twirling a "we buy your gold" sign around on the corner of a busy intersection, keep going and don't fall for their trap.

How Much Gold Do I Have?

The first step in selling your gold nuggets and flakes is to determine exactly how much you have. Don't make the mistake of using some cheap scale that gives an incorrect reading, but instead invest in a high-quality digital scale that's guaranteed to give accurate readings. You can find these scales available for sale at places like Wal-Mart and Target, as well as prospecting and hobby stores. Once you have one, place a one-ounce weight on it to determine whether or not it's accurate. Depending on the model and type, you may be able to adjust it accordingly.

Measuring your gold is fairly easy once you have a digital scale you can trust. Remember, gold is usually purchased and sold based on it's weight in ounces and grams; therefore, you'll need to get this measurement after placing your gold on a scale. Also, it's important to only place gold on the scale and not anything else. It's far too common for beginners to leave their gold in vials or other containers when it's being weighed. As a result, the total weight is oftentimes incorrectly inflated.

What's My Gold Worth?

Gold FlakesIn addition to determining how much gold you have, you'll also need to find out what it's worth. Unlike national currencies, gold continues to rise in value after each passing year. Of course there are some downward slumps here and there, but investing in gold is a solid, long-term investment that's sure to pay off down the road. So, how are supposed to determine the current price for your prospected gold nuggets and flakes?

There are several different places where you can find out how much your gold is worth. Here are some of the most reliable sources:

Places To Sell Your Gold

When you're ready to part with your prospected gold, you'll need to find someone willing to buy it from you. If you've been panning or prospecting in an area that's known for it's gold, chances are there are some merchants around. Take a minute to drive through the nearest town to see if there are any gold stores or shops set up. If you find any, take a few minutes to walk inside and get a price quote. Remember, though, you should never accept the first offer you come across, but instead write down the prices from each store to compare. Gold buying and selling is a competitive business and merchants will oftentimes battle with one another until the prices reach rock-bottom.

Jewelry shops are another place there you can openly sell your prospected gold. They typically smelt the gold down and then use to construct jewelry for their shop. Of course some of the smaller "mom and pop" shops might now offer as much as the larger shops do, which is why it's important to compare prices. If you're interested in selling your gold to a jewelry shop, pull out the phone book or do an internet search for shops near you and give them a call. Tell them you're a prospector who's looking to sell their gold, and that you want to know how much they will buy it for.

Possibly the best place to sell your gold is on the online auction site eBay. Whether you're selling a couple grams or over an ounce, you're almost certain to get top price selling your gold here. The reason for this is because of the nature of the auction site where buyers set the price. Even if you place your gold at a starting bid of .01, it will rise to what's arguably the best price possible before it ends.