Where's the Best Place to Sell Gold in the UK?
Where’s the best place to sell gold in the UK? At the moment, with the UK on the way out of the coronavirus lockdown for the third time, people are looking to sell their old gold and silver. There are a few reasons why so many people are looking to sell their old items. They could just be clearing out their old items and decluttering, Marie Kondo style. On the other hand, they could need the money because of the economic impact of Coronavirus. Either way, it’s important to know where the best place is to sell gold in the UK in 2021.
Shop versus Online
First of all, should you take it to a shop or a Gold Buying Day, or sell it online? We’ve written a bit about this in the past, and we think that it’s better to sell Gold and Silver online. Online buyers have fewer overheads than high street pawn shops. With no business rates, rent, utilities and so on to pay, selling gold online seems like the best way to sell gold this year.
Selling gold online – it’s secure!
Of course, you need to send your items off to a gold buyer because they don’t have a shop. But most of them use Royal Mail First Class secured postage, which is insured up to £500 or even £750. Some charge for this service, so watch out for that .
If you send gold to GoldMonkeys, your insured postage is free; we don’t charge.
How to get the best price for your gold
When you’re looking for the right place to sell your gold and silver, price is clearly an important – probably the most important – factor in your decision. And it can be difficult to work out what your gold is worth, if you aren’t an expert.
The key thing to watch out for is transparency. Many places which buy your old gold and silver don’t give you a price upfront. We believe in trust and transparency, and so you can see what you will get on our site, and even guarantee your price, protecting you from any price fluctuations while the pack gets to you.
Gold Comparison Sites
There are a few sites out there which say they offer a comparison of gold buying sites. We don’t know who is behind them but many of the companies these gold selling comparison sites refer to don’t even exist any more – which is very odd! A new comparison site might be started up but for the moment we don’t think the gold selling comparison sites are particularly reliable when looking at the best place to sell gold this year.
Third party reviews are a really useful way to see good places to sell your old gold and silver. There might well be some people who were in a similar situation to you, and you can read about their experience. GoldMonkeys has only 5 star reviews on the premier review site, Trustpilot. You can see more of them on our homepage. But beware! Some companies do ask for fake reviews – a good way to check the best places to sell is to see whether they have any poor reviews and, if so, why.
So, where is the best place to sell gold and silver? We can’t provide advice, the decision will ultimately be up to you, but we believe that selling gold online, to a trusted and transparent buyer who provides free insured postage and a calculator to lock in your price, is a good option. Take a look at what we have paid out recently. Why not ask for a pack today and see how much you can get?
How much is your gold or silver worth?
In these times of economic uncertainty, people are looking to see whether they can get some extra money for their old gold and silver. And it’s understandable! Especially if it’s not being used any more – it can be melted down, or resold, and you can get some extra money for something you really want. But often it’s difficult to tell how much your gold and silver is worth. How can you find out?
1. Is it gold or silver?
Well firstly, you need to know whether it’s actually gold or silver. We have written about this here, but the three big rules are:
Is it magnetic? If so it’s not gold or silver.
Is it tarnished? Gold doesn’t really tarnish, so it’s unlikely to be gold.
Is it hallmarked? Gold and silver is usually hallmarked, so if it has a hallmark you can be sure it’s gold or silver. If you aren’t sure about hallmarks, check out our guide here. Watch out for hallmarks like “EPNS” – that’s silver plate, not silver, and so the silver is not worth anything. Likewise with rolled gold; that contains a negligible amount of gold.
If the answer to the above is no, no and yes, then congratulations! You probably have some gold or silver to sell.
2. How much does it weigh?
Ideally you’d have a set of jewellers’ scales to weigh the gold and silver really accurately, but don’t worry if you don’t. Some kitchen scales will do. Just pop the items on the scales and see how much they weigh.
Remember to take out any stones as they won’t be counted in how much the gold or silver is worth (if you would prefer not to take them out as you don’t want to ruin the jewellery, that’s fine – just estimate how much they weigh and subtract that from the weight on the scales).
Next step done! You have some gold or silver and you know how much it weighs, not counting any stones.
3. What carat or quality gold or silver is it?
This is where it can get complicated – but never fear! Looking at the hallmarks or stamps, if you can see a number there, then that will usually correspond to a carat, or quality, of gold or silver. The highest quality, pure gold, is 999 or 24 carat (silver doesn’t have a carat, just a scale up to 999 of purity).
The most common gold carats are 9 (or 375), 14 (585) 18 (750) 22 (916) and 24 carat. If you can see that, then you know the quality. Check back here if you aren’t sure. And if you still don’t know, then don’t worry! We will test and look for you – just ask for a free Gold Selling Pack and we’ll do the hard work.
Almost there! You know the weight and the carat.
4. Locking in your price.
Now is the moment of truth. How much is it actually worth? Gold prices fluctuate daily, and some gold buyers don’t even give you a price before you send in your gold and silver! Luckily, with the Goldmonkeys, we have the best of all worlds – a calculator, where you can put in the weight and carat and get a price which we will guarantee for a week. That means it’s one less thing to worry about.
5. Costs of selling gold.
You know how much it’s worth, but can you sell it for that price? Some gold buyers charge for postage and packing, or for a bank transfer, or to return any items to you which might turn out not to be gold. So beware of that! GoldMonkeys offer free, insured postage and no hidden charges. You can trust us!
6. Still aren’t sure?
If any of this has been difficult, then don’t worry at all. Just ask for a gold selling pack, send in your items and we will value them free of charge for a no obligation quote. Who knows, you could get more than you think?