When you get into a financial bind, one of the best solutions is to sell something valuable that you own and then use the cash generated to pay off the money you owe. If you have gold, then you are in luck, as there is always a demand for gold and it can fetch a decent amount of money. But from gold earrings to necklaces to coins, you need to spend some time thinking about the best way to sell your gold before you actually take the plunge. Here's a look at a few common options for getting cash for gold -- and the pros and cons of each one.
Sell It to a Pawn Shop
If you need cash immediately -- such as on this very day -- then your best option may be to sell the gold to a pawn shop. They will typically accept a gold item as soon as you walk in since gold always has value. You'll walk out with actual cash in your hand, and if you come into some more money and decide that you want your gold items back, you can typically go reclaim them within a certain period, such as a month or two months.
The downside to selling to a pawn shop is that you won't typically get as much for the gold as you could with some of the other options on this page. The pawn shop has to buy "low" to make a profit on the gold.
List It Online
If you can afford to wait a few days for the cash, then consider listing the gold item for sale on an online auction site. Most let you set up one or three-day auctions, so you can sell the gold quite rapidly, though not usually instantly as you could in a pawn shop. The upside to this strategy is that you can typically earn a bit more, and you have access to buyers across the nation, so it should be pretty easy to find an interested buyer.
One downside to auctioning off your gold online is that there is a chance it won't sell. You'll then have to relist it or sell it elsewhere, which can mean you're waiting a while for the cash.
Sell It On Consignment
If you don't need the money urgently -- such as if it is to pay a bill that's due in 30 days -- consider selling your gold on consignment at a local shop. Usually, you will pay a small fee to the shop when the gold sells, but you do not have to arrange for shipping as you do when you list items online.