How to Sell Gold to a Pawn Shop

If you are looking to Sell gold in Los Angeles to a pawn shop, there are some tips to follow to make sure you get the most money for your valuables. Although you typically will not get top dollar for your items compared to selling them on the classifieds, you will get the money right away, and in some situations, immediacy trumps a higher offer.

First, one of the first strategies to remember when looking to sell gold in Los Angeles to a pawn broker is to not disclose where you or how how you acquired the piece(s). It may seem like small talk, but a seasoned pawn broker is trying to determine whether or not you have any sentimental value attached to your gold items.

Second, just as you don’t need to discuss the where and the how, you don’t need to disclose the how much, either. What you paid has no bearing on the market value of the gold, but it does tell the pawn broker how much profit you stand to make when he makes an offer. He knows the likelihood of you accepting his offer if you make a tidy profit even though his offer is far below market value.

The third strategy to keep in mind during negotiations is to refrain from telling the broker too much about the items you are looking to sell. It is the responsibility of the pawn broker to find out the information regarding the gold jewelry; it is not yours to divulge it.

Those first three steps are the DON’Ts. Now, some DOs.

Before you step foot into a pawn shop in which you are looking to sell gold in Los Angeles, have your jewelry appraised by an independent appraiser. Most jewelers in Los Angeles have on-site appraisers who can give you an opinion of the item’s market value. With this information, you are better prepared to negotiate with the pawn broker.

The second item of the DOs is do let the pawn broker make the initial offer. If you are asked, “How much you want for your gold jewelry?”, respond by asking, “How much are you willing to offer?” Savvy negotiators understand that the person who makes the first offer generally is in a weaker negotiating position. You know from your appraisal what the gold jewelry is worth, and although you won’t get full market value, you should expect an offer close to the value of the jewelry.

Third, as with any negotiation, your single greatest tool is the ability to walk away from the deal. Since you do not have to sell gold in Los Angeles to a pawn shop, if the offer for your items is too low, simply pack up your items and walk away. It is important to understand that a pawn broker is in the business to earn a profit. When he or she buys your gold jewelry, there are costs associated for him or her to do so. With that in mind, the offer you receive from the broker for your gold will most likely be less than half of its’ value. Whether or not your need for quick cash is urgent will dictate if accepting the offer is worth selling your gold for less than half of its’ value.

If you want to sell gold in Los Angeles, get in touch with Pico Union Pawnshop. They buy gold, silver, platinum and diamond jewelry.

 

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