In this page we list all the businesses, like pawn shops, pawnbrokers, gold exchange stores, coin collectors, jewelry stores and other merchants in ELKO, MINNESOTA that may buy your precious metals, diamonds or other jewelry.
Gold Buyers & Pawnbrokers in ELKO, MINNESOTA
Sunset Coins & Collectibles200 Western Ave N
Tel: (507) 334-3399
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Shiny Penny Inc12808 Nicollet Ave
Tel: (952) 303-5391
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Barber Coins & Collectibles17305 Cedar Ave S
Tel: (952) 997-6410
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Investment Rarities Inc7850 Metro Pkwy #
Tel: (952) 853-0700
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Aztec Coin & Precious Metals8170 Old Carriage Ct
Tel: (952) 233-5151
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Cash for Gold in ELKO, MINNESOTA
www.USAcashGold.com can help you locate all the gold and other precious metals and stones buyers near you, and possibly help you determine what price gold, silver, diamonds and other precious commodities can command from a “cash for gold” buyer. You can navigate through our site by either selecting your USA state and then your area (city, village, etc) or by keyword searching.
As you can see in ELKO area of MINNESOTA there are 5 businesses that are known to buy gold and silver. Always contact the available merchants in your area (ELKO and the surrounding areas in MINNESOTA in our case) before visiting their stores and ask them if they accept your valuable commodities. Many merchants also acquire Tiffany, Harry Winston, Rolex, David Yurman, Cartier and others, watches and Jewelry.
Basics of Selling Gold/Silver/Diamonds/Jewelry
Selling gold, silver or diamonds is a project that can be divided into two separate “homework assignments” that would be wise for a prudent seller to complete. The first is to establish what is being sold. Distinguish between jewelry, collectible coins, bullion, diamond rings, pearl necklaces or some other form of precious commodity. Once the item's nature is established, it's time to find a buyer. Here, reputation and reliability are key. Some cash for gold establishments may underestimate the value of your commodities, occasionally doing so on purpose. Even a low price offered feels good at first since it is still “hot money in the pocket,” but could very well be a substantially unfair transaction.
Upon deciding on a qualified and trustworthy buyer, the gold/jewelry owner should go through the appraisal process. Even a rough understanding with appraisal methodology will make the buyer's assessment more familiar and will allow the seller to verify a buyer's honesty and competence in valuing the jewelry, bullion or coins in question.
There are too many factors affecting the prices of these commodities and they are too difficult to anticipate, even statistically. Tastes and local demand are whimsical and subject to change without much rhyme, reason nor a time-frame that would necessarily match a seller's best interests.
General Information About Gold, Silver and Diamonds Selling
Precious metals and stones come in several forms. Gold, silver and platinum coins are a perpetual draw. Jewelry, often involving a combination of metals, diamonds and other precious commodities, comes in a multitude of forms, shapes and worth. Silver and gold plates allow for substantial value to be stored compactly, but lacks the “premium” of substantial decorative or ceremonial use present in engagement rings and the like. Lastly, fillings and entire teeth can be made from precious metals, offering a very unique combination of utility and store of value.
Different Types of Buyers
- pawn shops,
- coin collectors,
- metal recycling companies and
- gold/silver exchange stores.
Jewelers specialize in appraising the value of jewelry pieces. Pawn shops are especially focused on resale value and secondary markets for a variety of gold, diamond and other similar items. Coin collectors focus on coins and collectibles. Metal recycling companies and "cash for gold" exchange stores focus on metal purity and how much value could be extracted from a purchase through recycling and resale. A seller has to expect slightly less than “fair value” for their items since the buyer needs a reasonable profit margin to justify business operations.
Research, Appraisal and Other Aspects of Selling
Let's look in more detail as to how precious metals behave and why they're pertinent to this topic. Precious metals are more expensive per unit of mass than base metals. Also, precious metals have a substantial use as stores of value, with gold being the most famous example of this phenomenon. Precious metals do have industrial application, with silver and platinum being sometimes considered as much of an industrial metal as a precious metal.
Precious metals are bought as hedges in the face of declining currency value or general political/economic risk. Alternatively, precious metals are used as vehicles for speculation. It should be noted that, unlike industrial metals, precious metals are not as heavily traded in anticipation of sector-specific growth trends such as electronics manufacturing or building construction.
A seller has to be careful to check and verify with a buyer as to whether or not an item will give substantially more money to the seller for its face value vs its melt value. Be sure to segregate gold item(s) by karat and have each category of items appraised separately. Don't mix low-karat items with higher-karat items. The buyer may offer a price based on lowest-karat value, effectively ignoring the worth of higher-karat items.
Selling Your Gold Online
Regarding "cash for gold" sites: if a physical presence is not visible and open for business, it is advisable to steer clear of buyers that appear to have a public presence exclusively online. Additionally, checking for reputation never hurts. After all, gold, diamonds and other precious metals are traded for steep prices. Even a cheat of “a few percent” translate into a significant dollar amount.
Additional Tips: Factors Affecting Price and Over-Successful Buyers
Coin, jewelry and bullion appraisal depends only partly on current market price of the raw commodities in question. Intricate designs, decorations or special alterations, its price will be significantly different from what its gold, silver or diamond content might imply. Other details such as diamond treatments, color alterations, gold karat rating, damage or scratches will affect appraisal value. Lastly, remember that diamonds and gold have a cultural history. If a piece of jewelry or gold coin has an especially spicy past, it can fetch a handsome premium.
Pick a brick-and-mortar buyer in your vicinity. If possible, research profitability of this business in the recent past. High profitability may be virtuous from the entrepreneur's perspective, but a gold seller should know that a buyer who logs consistently high profit means that the items are bought at a low enough price to bring in substantial margin even though the “cash for gold” buyer is also at whim of the market. Timing of buy/sell decisions will of course affect margins, but a vanishingly few could consistently time the commodity market to such a large extent without an illegal “edge” or dishonest buying.
Selling Gold for Cash in ELKO, MINNESOTA
Make sure to do your research for the best possible price in all the places listed in this page that serve the area of ELKO, or if possible in the entire MINNESOTA state, when trying to sell your gold, silver or diamonds. Try to avoid making any decision under pressure. Always bear in mind that there is a huge difference between retail prices and the second hand market. You can check the current gold and silver spot prices on the charts located at the sidebar of this page, or take a look at the precious metals price charts, if you are looking for a more detailed interactive diagram.