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When watching shows like Pawn Stars and American Pickers, we often hear about the greatness of estate sales. They seemingly offer the opportunity for big scores with little investment. In fact, this has led many adventurous souls to hunt for gold at estate sales.
Unfortunately, things aren’t always what they seem on television. For every person who strikes it big, thousands of others walk away with nothing for their efforts. Many people have even unknowingly purchased fake items or fallen for estate sale scams.
At Silver Gold Bull, we strive to inform the public about their bullion options. While it’s possible to buy gold at estate sales for a profit, there are many important things you should know. Knowledge is power when investing in precious metals, so make sure you’re prepared.
What Is an Estate Sale?
People often confuse estate and garage sales, but the two have important differences. An estate sale is an auction or sale used to liquidate a large portion of an individual’s belongings. This can happen when someone is moving, but those instances are more commonly called “moving sales.”
Most estate sales occur after the death of the person who owned the for-sale items. The surviving heirs or a professional company may host the event. In either of these situations, it’s possible to find gold at an estate sale for low prices.
Of course, there are nuances to this rule. In many situations, whether you find bullion could depend heavily on why the items are for sale. Consider the following common situations that lead to estate sales:
- Heirs want nothing that was left behind by the deceased.
- Heirs may not have space to store belongings.
- A probate judge may order all possessions sold so an inheritance is easier to split.
- A person’s will may mandate the sale of their property.
- An individual’s assets may be sold to cover the debts they left behind.
In some of these situations — such as court orders and uninterested heirs — there’s a better chance you might find gold at an estate sale. When family members are more involved, however, they may want to hold onto things like jewelry and collectible gold coins.
The great thing about an estate sale is that the goal is to liquidate everything. This means you’re unlikely to find more motivated sellers anywhere. Unfortunately, this doesn’t always mean you’ll get great prices on gold. Even when priced at normal values, folks will excitedly buy gold.
If you’re still motivated to buy gold at an estate sale, you need to start by finding them. Fortunately, they’re advertised in a variety of places. If you check the following platforms, you’ll no doubt find a variety of upcoming sales:
- Craigslist
- Neighborhood apps (e.g., Nextdoor)
- Classified section of local newspaper
- Websites dedicated to listing these sales
- Facebook Marketplace
Now that you’ve got an idea of how to find these sales, you’re probably motivated to hit the ground running. Before you try to buy gold at an estate sale, though, there are strategies you should know. These can give you the best chance of striking gold — metaphorically — while minimizing your risk.
How to Buy Gold at an Estate Sale
If you decide to try your hand at hunting gold at estate sales, there are various tips for increasing your chance at success. Some of these are purely strategic moves, but others are meant to ensure you’re getting the real deal.
There’s no way to guarantee you’ll find gold waiting for discovery at an estate sale. In fact, family members may have already pulled it out to sell themselves! If you’re to have any chance of successfully finding precious metals at these events, though, you need to follow these rules:
Show Up Early
Believe it or not, lines to get into an estate sale can form hours before it opens. Those hosting the sales may offer a number system to avoid lines, but you’ll need to check beforehand to see how the sale is going to be handled.
If you’re hoping to buy gold at an estate sale, being near the front of the line is vital. If 20 people have the opportunity to buy an American Gold Eagle coin before you arrive, what are the chances you’ll still find it available? Remember: the early bird gets the gold.
Look for the “Smalls”
When people visit estate sales, they’re often focusing on items that “jump out” to them. Will they notice a silver candelabra? Probably. Will a gold bullion bar catch their attention? Undoubtedly. Plenty of people will overlook small items, though, and that’s where opportunity comes in.
Take a moment to notice if any of the following items glitter more than you’d expect. Also take note of any tarnished items since an alloy metal can cause this to occur on gold pieces over time:
- Pendants and charms
- Class rings
- Candle sticks
- Brooches
- Figurines
- Cigarette cases
- Pens
When people tell stories of scoring big after buying gold at estate sales, it’s often because they noticed something someone else didn’t. Take care to notice small items and pieces hidden away in cluttered corners. You never know what you might find.
Know What You’re Buying
The most essential step in buying gold at estate sales is to know whether it’s actually gold. Unfortunately, it’s not as simple as looking at an item. If you’re going to invest any time in seeking bullion at these sales, you’re going to need some professional equipment.
- Gold testing kit
- Neodymium magnet
- 100-gram scale
- Jewelry loupe
If you don’t want to invest in these items, buying gold at estate sales may not be right for you. If you come across a potentially gold item, however, you should at least have a powerful magnet available. If the item is magnetic, you’ll know for certain that it’s not gold.
Know the Spot Price
Even if you find a stockpile of bullion at an estate sale, it’s important to know the spot price of gold. This can change throughout the day. Knowing the current value of gold can help you better estimate the worth of any item you stumble upon.
Make Sure You Ask!
If you’ve searched around and discovered no gold — or if you’ve already bought all you could find — don’t hesitate to ask if there’s more! Frequently when family members run estate sales, they forget to put some items out. You’ll never know unless you ask.
Should I Buy Gold at an Estate Sale?
It’s an unfortunate fact, but fake gold has become a global problem. Even if the host of an estate sale has no desire to defraud you, their deceased loved one may have owned counterfeit items. This is why being able to identify gold properly is so important.
Unfortunately, many people think they can forego the professional testing equipment discussed earlier. After all, checking for a hallmark is simple, right? Unfortunately, hallmarks can be fake as well. And since not all foreign gold has a hallmark, you may miss out on authentic bullion.
When it comes down to it, it’s typically smarter to buy gold from reputable dealers. This will ensure you get the real deal. You’ll also have the opportunity to research any item thoroughly before buying.
The appeal of saving money by purchasing gold at an estate sale is certainly high, but even when you find authentic bullion, you might not save that much.
Can I Save Money at an Estate Sale?
If you’ve ever gone to an estate sale, you know you can get great deals there. You can find items like furniture, designer clothes, tools and home decor at amazingly low prices. You might even stumble upon some unexpectedly valuable items that you can resell for a profit.
While you could strike metaphorical gold with a first edition book or retro video game, it’s difficult to get high-end items at a great price. This is why we usually only hear about people getting lucky at estate sales on television. The fact is that you’re typically dealing with professionals.
If you’re hunting for gold at an estate sale, it’s likely you’ll run into established companies. You might hear them referred to as agents or liquidators, but either way, they’ve made a career out of running these sales. If there’s something of value available, they probably know what it’s worth.
Here are some tips that still might help:
Look for Non-Professional Sales
The average estate liquidator conducts fewer than three sales every month. You’ve probably seen far more than that advertised in the local paper. That’s because many people choose to conduct these sales themselves rather than pay a company.
It’s here where you’ll have the best chance of buying gold at an estate sale for a cheap price. Individuals running these sales on their own rarely know the value of everything. Even in these situations, though, it’s important to abide by the tips mentioned in our “How To” section.
Look Out for “Garage Sales”
If you attend an estate sale, don’t make the mistake of calling it a “garage sale” in front of the liquidator. They might just take offense. What many people don’t realize is that some estate sales end up advertised as “yard sales” or “garage sales.”
This frequently happens when someone has to get rid of their loved one’s belongings on their own. They may have never even heard of an estate sale, so they might advertise it online or in the paper as a garage or yard sale.
When these events are improperly labeled, you can buy gold at estate sales affordably for a reason you already understand: you’re not dealing with professionals. You can typically recognize these sales by the description and images provided in an ad.
Buy Gold Bullion from Reputable Dealers Today!
Estate sales offer a level of excitement you can’t find in many other areas. The thrill of the hunt and the possibility of scoring big result in packed houses at many of these sales. In fact, some people make great side money or even a career out of reselling estate sale finds.
Unfortunately, buying gold at an estate sale can be a metaphorical minefield. There’s no guarantee that the prior owners of an item didn’t buy a counterfeit. Additionally, it’s easy to confuse costume jewelry with unmarked foreign pieces without a certain level of expertise.
If you want to see what you can find at an estate sale, you should definitely do so. It can be an exciting adventure! If you’re looking to buy authentic gold items, though, it’s better to stick with reputable dealers. Visit our Gold Bullion Products page and take advantage of our Best Price Guarantee!
