When you’re in the market to sell or buy gold, you make think that the prices will be the same no matter where you go. After all, gold has a set market value that people will use to gauge its prices. Chances are you see different places trying to buy or sell gold, but you would be surprised to know that the best deals for gold are often at your local pawn shop rather than a gold buyer who has their name plastered all over town.

A to Z Gun & Pawn has been buying and selling gold for years now and we wanted to show you where the best deal is for your gold. It may seem like gold buyers would be the best place to go, but you would be surprised at the deals you can get at a pawn shop. 

Pawn Shops and Gold Buyers: What’s the Difference?

When it comes to buying or selling gold, pawn shops and gold buyers act very similarly. There are slight differences, however, and these differences include the experience and price a customer receives. 

Pawn shops and gold buyers will both work off of the current market price for the precious metal. The live price of gold is referred to as the “spot price” and is always changing. You can find the current price of gold here. Anywhere you go in the world, a buyer will work off of this price. 

This is where the similarities between gold shops and pawn shops end. Once the spot price is determined, the buyer will then decide the percentage of the price to offer you. Some buyers will provide you with a high rate while others will try to provide as little as possible. 

There is little official data on how much of a percentage a buyer will give but they tend to offer around 40% on average. 

Where is the Better Deal?

Your local pawn shop will most likely tend to pay around 40 to 70% of the actual value. This is because pawn shops are businesses and they must make a profit on the items that they buy in order to stay in business. Unlike gold buyers, pawn shops are much more flexible and can negotiate with respectful customers.

Pawn shops will require a little more negotiation as they tend to have a larger inventory and want to make as much of a profit as possible. Pawnbrokers are used to working and negotiating with customers, so don’t be afraid to walk away if a price isn’t meeting your needs. 

How Do I Get The Best Deal Possible?

Now that you know that pawn shops are much more flexible than gold buyers, here’s what you need to know in order to get the best deal for your gold at your local pawn shop.

Do Research

Before going to the pawn shop, make sure to do your research on what type of gold you have and its weight. This can help you determine the value of it and know if you’re getting the best deal. 

Keep in mind that a pawnshop will not offer the full value as they must turn a profit. Bet on an opening offer of 40% of the value and continue to go up from there. 

Try Negotiating

Make sure to negotiate with the pawn broker. Pawn shops are used to negotiating prices and this can help you get to the price you want. 

Buy or Sell Your Gold Today

We want to help you get the best price possible for your gold. At A to Z Gun & Pawn, we are always looking to buy or sell gold and we will work to give you the best price possible. Visit our contact page today to find a location closest to you.