Gold Buying Days - Are they a good place to sell gold?

gold buying days

With the price of gold at a record high, and given the economic uncertainty at the moment, people are looking for a good place to sell gold near them. So we thought we’d write a quick guide to Gold Buying Days in the U.K.

What is a Gold Buying Day?

Gold buying days are when a gold buyer rents out a space (like a local hall) and sets up so you can sell them your old gold and silver. They will have their testing machines with them, as well as staff, and will often pay you cash there and then. You may even get a free cup of tea or coffee while you wait for them to test your gold!

Is there a Gold Buying Day near you?

Unfortunately there is no overall directory of Gold buying Days in the UK, but often, Gold Buying days are advertised locally, in high street shops, local papers, and on the sides of the road. They will be advertised a few weeks before the gold buying day, as well as on the day itself.

How much can you get for your Gold at a Gold Buying Day?

It’s difficult to answer that question as there will likely be a big difference between gold buyers. It also depends what you are looking to sell. However the company hosting the Gold Buying Day has to hire the venue, provide staff who are there all day (whether anyone comes to the gold buying day or not) and pay to advertise it. It will have to recoup those costs somehow, and logically that is going to be through a lower price offered for your old gold and silver. If you’re at a Gold Buying Day, you can check the price you are offered against our online calculator – we have a Best Price Guarantee, so we’re confident in giving you the best price for your old gold and silver.

What are the advantages and disadvantages of Gold Buying Days?

The obvious advantage of a Gold Buying Day is that you usually get paid there and then, on the day, either by cash or cheque (or sometimes, bank transfer).

But there are several disadvantages:

  • Firstly, with COVID-19, do you really want to be mixing in a room with people you don’t know as you sell your gold? Of course, all precautions will be followed, but given you can sell your gold online quickly and easily, it is a risk that might not be worth taking.
  • Secondly, will you be getting the best price for your gold? As we said, it’s difficult to give a general guide on how much you can get for your gold at a gold buying day, but with the costs we outlined above, it might not be the best price for your gold.
  • Lastly, you have to go and perhaps queue for a long time to sell your gold. In the long winter months, this might be something that you’d like to avoid!

Do GoldMonkeys offer Gold Buying Days?

At GoldMonkeys we would like our customers to sell gold to us from the comfort of their own homes. That keeps our costs down and enables us to offer the best price for your gold. So we don’t plan to offer any Gold Buying Days.

Rather than going and waiting in the cold with other people you don’t know, why don’t you sell gold to us from the comfort of your own home?

You can check how much you could get and order a pack here.

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