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Gold Parties Explained Selling Your Unwanted Gold Jewelry

Gold Parties Explained Selling Your Unwanted Gold Jewelry

Gold parties have existed for several years, but the current bull market has caused their popularity to soar. More people than ever are deciding to sell their gold jewelry at these events. Some want to lock in the current high price per ounce; others are motivated by the chance to recycle their old, broken bracelets, chains, and mismatched earrings; and still others have adopted a minimalist lifestyle, and are taking the opportunity to clear away useless jewelry.

Most people simply want to raise money. They need funds to pay bills, have their vehicles repaired, or pay for long-awaited vacations with their families. A gold party gives them a chance to sell their gold jewelry, and fulfill these and other goals. Below, we’ll describe how they work, so you’ll know exactly what to expect when you arrive. We’ll also compare selling your jewelry pieces at these events versus selling them to an online buyer (you may be surprised by the differences).

What To Expect At Gold Parties

Unlike Tupperware and candle parties, where attendees are pressured to buy items, gold parties are organized so you can sell your gold jewelry for cash. Typically, the events are organized by a friend or family member. You’ll find food and drinks available when you arrive, and will have an opportunity to mingle with other attendees, many of whom you’ll likely know.

There will also be a jeweler or broker in attendance. This person will have brought a few tools, such as a scale on which to weigh your unwanted brooches, rings, and watches.

Every person at the party will have been encouraged beforehand to bring any gold jewelry they would like to sell. The broker sits in a separate room to ensure a private transaction. One by one, attendees are invited to bring their bracelets, watches, and other pieces to the broker, who weighs and calculates their value. He or she will make an offer on the spot, which you can accept or decline. If you accept the offer, you’ll be paid immediately in cash.

A lot of people find these events enticing since they can often leave with hundreds of dollars in their pockets. But it’s worth comparing gold parties to the experience of selling your gold jewelry online.

Gold Parties Versus Selling Your Gold Jewelry Online

One of the drawbacks to these parties is that most brokers will only buy jewelry (with a few exceptions). This means you will rarely be able to sell old gold dental work, gold alloys, or other scrap pieces that contain gold content. By contrast, many online buyers are willing to purchase these items, as well as any others that contain the precious metal.

Another key difference involves the offers extended by both types of buyers. The brokers who attend gold parties will typically sell your unwanted gold chains, wedding bands, and other items to refiners. They must offer a low enough price for your jewelry to make a profit when they sell it. Online, however, you can work directly with a refiner. By doing so, you can essentially remove the broker from the transaction, and sell your pieces for a much higher price. The result is that you’ll make more money.

Also, keep in mind that the person who is organizing the party usually receives a portion of the combined sales. This means the broker needs to lower his or her offer even further to compensate for the “commission.”

Yet another problem is that brokers who help organize gold parties will avoid purchasing jewelry pieces that contain a high level of non-gold content. In fact, many will bring a magnet to the parties to test each piece (gold is not magnetic). If a watch, ring, or bracelet sticks to the magnet, the piece is usually rejected.

Are gold parties worth attending in order to sell your old, broken gold jewelry? Maybe. The answer depends largely on whether you are willing to forfeit a much higher offer from an online refiner.

Tags: Gold Parties, Gold Party, Sell Gold

The How To Guide For Turning Your Unwanted Scrap Gold Into Cash

The “How To” Guide For Turning Your Unwanted Scrap Gold Into Cash

Selling your scrap gold may be easier than you think. Most pawnshops and jewelry dealers will refuse to buy such items since they are difficult to sell to their customers. But suppose you have collected a small box of scrap gold, and would like to convert it into cash. What are your options?

An increasing number of people are discovering they can sell these items to an online buyer. Online companies that purchase scrap gold are less concerned about the aesthetic appeal of the pieces, and more interested in their precious metal content. The key is finding a buyer you can trust. There are hundreds, even thousands, of gold buyers online, and not all of them are worth contacting.

To save you time, and ensure you enjoy the experience of selling your scrap gold, we’ll provide a how-to guide for doing so online. The following will all but guarantee you will receive a competitive offer, and a quick check in the mail.

Assess The Value Of Your Gold Items

Don’t neglect this step. Too many people sell their gold jewelry and scrap gold online without taking the time to determine the value of their collections. This is an expensive mistake. There are many buyers who hope sellers are unaware of the true value of their pieces. This gives them a chance to make a “low-ball” offer.

Find out how much your gold necklaces, earrings, dental work, and other pieces are worth, according to the current spot price per ounce. That way, you’ll know whether an offer is reasonable.

“Investigate” The Buyer

This is a matter of conducting due diligence before selling your scrap gold to a buyer with whom you have never worked. Explore their website; look for a phone number, and call it; find out how long they have been in business; and look for signs they offer insurance to protect your items while they are in transit via the mail. Also, check whether the buyer’s website clearly explains the process of selling your gold. They should explain the steps involved, and detail how soon you can expect your check to be placed in the mail.

Don’t simply assume every buyer is reputable. Many are not, and prey upon those who are unsuspecting.

Mail Your Gold Items

Once you have identified a trustworthy buyer, ask them to send you a postage-paid kit in which you can mail your pieces to them. When you receive the kit, fill out an inventory form that includes a detailed list of each item you are including in the package. Print a copy for your records, and include a copy in the kit.

Many buyers will also let you create an account through their websites. This is an important benefit since buyers can communicate their offers almost immediately following their assessment of your scrap gold’s value.

Accept Or Decline The Buyer’s Offer

The buyer will carefully evaluate each gold item you include in the mailing kit. They will examine the individual hallmarks, and weigh each piece to determine its value according to the current market rate. While all gold buyers use a different process, the most reputable will perform their analysis under security cameras to ensure the safety of your gold jewelry and scrap gold items. Then, they will make a formal offer via email.

If you decline the buyer’s offer, they will repackage your gold pieces, and promptly return them to you. If, on the other hand, you accept their offer, they will mail a check to you. The best buyers will normally do so within a single business day.

Millions of people have useless, broken, or otherwise unwanted scrap gold pieces sitting in their homes. Given that the current price per ounce has recently climbed to historic levels, now may be the time to sell. Follow the guide above to make sure you receive a fair, competitive offer.

Tags: Gold, How to Sell Gold, How to Sell Scrap Gold, Sell Gold

Gold Soaring Price Makes Now the Time to Sell

Gold Soaring Price Makes Now the Time to Sell

Gold is riding at an all-time high due to the state of the world’s economy.  Governments at home and abroad, rush to buy gold bullion to shore up the value of their currency and demonstrate stability and faith in their home economies to continue to encourage international trade and inward investment as well as controlling confidence and inflation at home.

The technicalities of the economics behind why gold prices increase when the rest of the economy takes a dive is not important; what is important is that this is how gold prices behave and right now, the price is as high as it has ever been.
While the economy is as dire as it has been, people are struggling to make payments, reduce their credit cards, looking to find the extra money to pay for a vacation, repair the car, maintain the house or simply meet every day bills.

So what you have is a combination of two factors – the very high price of gold combined with the desperate need to raise extra cash.  This makes it the right time not just to consider selling your old jewelry and unused gold items, but to actually do your research and sell the pieces for cold, hard cash now!
There are some tips to follow when selling your old gold, and remember that all the adverts you see glistening with “top dollar” offers may not necessarily be gold!

Deal with Refiners not Middlemen

Refiners will actually melt the gold down and refine it to produce pure gold in bullion form.  The ingots will then be sold on for use in making more jewelry, in industry, in medicine or simply to be bought as a bullion investment.

Middlemen include jewelers, pawn brokers and many of the companies behind the advertizing you see in the newspapers, on TV and on the internet.  The middlemen will simply pay you a reduced price and sell on to the refiners themselves which means you end up with a lower price as they take a cut.

Gems Not Included

Make sure you remove all the precious stones from the pieces you are looking to sell.  The price you will be offered will be for the gold, not the diamonds or precious stones in your old ring for instance.
You can always find other sources to buy your precious stones, particularly jewelers who make their own pieces.  This way you will maximize the full value from your old jewelry.

A Reputable Company Will Be Fast

Giving gold to a stranger is like giving them your cash!  You must ensure you are dealing with a reputable company, because this is where you will get paid fast, get paid a fair price and receive the best and lest-stressful service.

Reputable companies will prominently display the price of gold, either on their website or by letting you call them and asking for the “spot price”.  They will also have in place an efficient system to collect your gold pieces, using an insured courier (they will pay for it, not you).  They will appraise the gold items you send them within a set period of time, typically giving you a firm offer within 72 hours, which if you accept, will result in a check or bank transfer to you within a week.
If you have any questions, they should be promptly and fully answered, and for this to happen, they should have clearly noted means of contact by telephone and frequently using email.

Tags: Gold, Gold Buyer, Sell Gold