Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
Recent economic and geopolitical instability in the world has led many to look for more stable investments. While the value of stocks and bonds can be volatile, the values of gold and silver have remained relatively steady, causing the precious metals to be quite sought-after. At the same time, economic factors have driven many to sell, resulting in a dynamic and competitive market. If you’re wondering where to sell gold and silver in Scottsdale, AZ, this article will offer you some guidelines for getting the best offer.
Suggestions for Selling Gold and Silver in Scottsdale AZ
1. Determine the Value of Your Gold or Silver
Before speaking to a Scottsdale gold and silver broker, you’ll want to determine the value of your gold or silver so you have a price range in mind when you go to negotiate the sale. In some cases, little investigation is necessary. For example, if you’re selling gold or silver coins, simply examine the coin for where the government has printed the exact weight and then reference a coin guide or spot market pricing report for the value.
If you’re selling jewelry or other items that aren’t pure gold, the karat weight will indicate the percentage of gold: 10K is about 42 percent gold; 14K is about 58 percent gold; and 18K is about 75 percent gold. Always separate jewelry by the karat before weighing it.
In some cases a trusted guide or appraiser may be necessary to determine the true market value of a piece of gold or silver. Moreover, if jewelry can be traced back to a well-known designer, it may be worth more as is than melted down.
2. Research to Find Reputable Gold and Silver Dealers in Scottsdale AZ
Whether you’re selling gold or silver, you’ll want to do some research to find dealers you can trust. Scottsdale gold and silver dealers who have been established in the area for several years have strong ties to the community—cheating their customers would compromise their business. Reputable Scottsdale dealers will give you a fair price, and if their inventory is too high to buy your gold or silver, they’ll refer you to another honest dealer.
One way to learn more about gold brokers before doing business with them is to check for complaints on websites like Yelp or the Better Business Bureau for the Scottsdale AZ area. Numerous or serious complaints could be a red flag to stay away from these dealers. If you’re selling gold or silver coins, you’ll also want to find a broker who is associated with the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC).
3. Avoid Scams When Selling Your Gold or Silver
When looking for where to sell gold and silver in Scottsdale AZ, there are some options you should definitely avoid:
“Cash for Gold” or “We Buy Gold” Shops
Pop-up gold and silver shops are common in both big cities like Los Angeles and small towns like Scottsdale. They often lure in inexperienced sellers with advertisements like “Cash for Gold” or “We Buy Gold” and then take their gold for 40 to 60 percent less than a reputable broker would offer. One way they trick sellers is by taking advantage of their limited knowledge of how gold is weighed. Gold is measured in Troy ounces; while standard scales will measure 28 grams per ounce, specialized gold scales will measure 31.1 grams per Troy ounce. Gold is also measured in pennyweight, with one pennyweight equivalent to 1.555 grams. Tricky dealers may weigh gold by pennyweight but pay by the gram. They may also use rigged scales. This is why it pays to know the weight and value of your gold.
Pawn Shops
Unlike legitimate dealers who regularly buy gold or silver, pawn shop owners typically have superficial knowledge of the value of these precious metals. Given that people tend to turn to pawn shops during difficult times, these establishments can low ball customers. You’re likely to end up selling your goods for scrap value or worse at one of these shops.
4. Consider Scottsdale Bullion and Coin
If you’ve done your research, you likely came across Scottsdale Bullion and Coin. Locally owned and operated and excellently rated, this Scottsdale gold and silver broker offers everyone who walks through its doors expert advice and assistance. With a staff boasting a combined 65 years of experience and state-of-the-art equipment to evaluate your precious metals, Scottsdale Bullion and Coin will ensure you receive the best offer in town for your gold and silver.