When buying and selling gold and gold jewelry, you might expect all places to be the same, right? After all, it seems like every television and billboard ad is for a company that buys gold—you name it. But should gold buyers be the first place to call when making the best deal? You may be surprised to learn that the better deal is often found at your local pawnshop and not the gold buyers plastering their company names all over town!

Pawn Shop vs. Gold Buyer: What's the Difference?

The first thing that you have to know is that a gold buyer and a pawn shop are not the same things. They are not competitors, in fact; they are, in fact, often one in the same place. Most gold buyers, who you know as pawn shops, may be pawn shops. Some places that buy gold are actual pawn shops with gold buying services.

Why would a pawn shop sell gold? Simply put, they make more money selling gold than they loan it. That doesn't mean they'll cheat you out of every penny you get. A pawn shop knows the value of the gold they're dealing with, and they know how to deal with people who walk in the door offering their gold. We'll get into maximizing your return with both pawn shops and gold buyers, but first, let's talk about why you might want to seek out a gold buyer over a pawn shop.

What Gold Buyers Can Do That Pawn Shops Can't

The most significant difference between a pawn shop and a gold buyer is their services. While most pawn shops do buy gold, they aren't as specialized as a gold buyer. A pawn shop can't offer the same premium as a gold buyer. A gold buyer has to be more careful to examine the gold and determine its value, so they can't offer such high prices. You may have to settle for about half of the amount you'd get from an actual gold buyer.

What They Can Do the Same

The biggest thing that both pawn shops and gold buyers offer is a quick sale. Both places can provide you with cash for your gold in a hurry—sometimes from when you walk in the door. They both have the means to deal with someone offering up a gold watch or bracelet quickly and easily. A pawn shop and a gold buyer will both be able to take care of you in the shortest amount of time.

Now that you know the difference between a pawn shop and a gold buyer, how do you make the most of it? We'll walk you through how to get the biggest bang for your buck, whether you're selling gold to a pawn shop or a gold buyer.

Pawn Shop vs Gold Buyer: Some Pawn Shops are Better

Some distinct advantages to taking your gold to pawn shops converted to gold buyers. You might be able to get a better deal than you would at a regular gold buyer who doesn't have the same kind of room to play with you.

Conclusion

If you need cash for your gold fast, a pawn shop or gold buyer may be able to take care of you. You'll be able to walk out the door with cash in hand, and you may even be able to sell your gold for more than you thought. Your choice depends on what you want, but you can get the best deal with both pawn shops and gold buyers. 

River City Pawn helps customers find merchandise at the best price. In our pawn shop, pawnbrokers specialize in buying pre-owned merchandise from jewelry, diamonds, watches, sporting goods, electronics, tools, musical instruments, and more! If you want to sell gold in Owensboro, KY, we can help! Visit our location nearest to you!