There’s a lot of information online about selling gold, and some of it is misleading. At Cheshire Gold Xchange we’re here to clarify a few common myths so you can make informed, straightforward choices when selling unwanted gold jewellery, scrap gold or gold coins.
Gold has widely referenced market prices (often called “spot”) that move throughout the day. Many UK buyers reference the LBMA Gold Price, administered by ICE Benchmark Administration, as a neutral market level set twice daily in London; however, individual offers will still vary by buyer, route and the items you’re selling.
In practice, different businesses specialise in different things (e.g., coins, bars, recycled jewellery) and have different cost structures and policies, so quotes can differ. Compare like-for-like written quotes and choose the route you’re comfortable with.
This couldn’t be further from the truth as professional gold buyers have built a quick and efficient selling process. They will assess the gold purity, usually via acid test or XRF scanning (non-destructive). The gold is then weighed and an offer is produced. If you have an appraisal already or any certificates verifying purity this may help with expediting the process even further, especially when it comes to selling gold jewellery. Getting multiple quotes from various buyers to encourage keen pricing. It may be worth noting that obtaining an online buyers price, and taking this into a bricks-and-mortar shop may not be a valid price comparison. You would need to obtain comparisons from other high-street gold dealers if selling in person is your preferred option.
Getting multiple written quotes from reputable buyers makes comparison easy. After you accept an offer, payment is typically made the same day or within 1–2 working days depending on the route and the buyer’s stated policy.
People sell gold for lots of everyday reasons: clearing out items they no longer wear, resolving a bill, downsizing collections, or simply preferring cash to a drawer of broken chains. Prices move over time, so focus on getting a clear, itemised quote based on tested carat and weight. If you’re considering selling gold in the context of investing, seek guidance from an FCA-authorised adviser rather than relying on headlines.
People may recommend you to sell your gold to a particular type of shop. People may suggest you sell to local pawnbroker for quick money, and sometimes the option to buy back. Or they may say head to a specialised gold buyer, who can usually provide the fair ground on speed and valuation. Some may say go directly online because of low overheads and they don’t mind the risk of sending their gold in the post, even if it’s insured.
There’s no single “best” type of outlet for everyone. Pawnbrokers, jewellers, specialist gold buyers and reputable online services each trade off convenience, speed and terms. Collect at least two written quotes, and check for any fees (e.g., optional postage/returns or bank charges) so you’re comparing on the same basis.
It’s gold, it has a global and transparent market price, and some gold buyers want to buy it; the premise is as simple as that. The only additional work is spending some time researching the details about your gold ahead of time. It’s important to note certain things, such as what a carat/purity your gold is. This is usually obtained by inspecting the hallmark stamps on your piece.
It’s important to note pricing will fluctuate daily as markets change so your quotes can change after a while so be cautious about using outdated offers for comparison. Don’t shy away from selling or buying gold because of this myth because anyone can sell gold. Consider us next time you want to sell. We’ll be happy to answer any questions and debunk any new myths you may have heard at Cheshire Gold Xchange.
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