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Getting The Best Price When Selling Your Gold Jewelry

Getting The Best Price When Selling Your Gold Jewelry

People throughout the country are in desperate need of funds. Some have lost their jobs after decades of loyal service. Others were barely making ends meet before having their hours reduced or bonuses cut. Even as the recession continues to devastate hard-working families, the price of gold keeps rising. This is good news is you have gold jewelry that is collecting dust in the deep recesses of your garage or attic.

Maybe your pieces are broken and you’re unable to wear them. Maybe they’ve gone out of style or are a reminder of a past relationship you’d rather forget. Whatever the case, now may be a good opportunity to sell them. Below, we’ll provide a few tips for selling your gold jewelry and enjoying fair offers from motivated buyers.

Educate Yourself On Price

There are many buyers who will offer you less than 50% of your gold’s value. They’re hoping that you don’t realize how much gold is actually selling for on the open market.

Take the time to find out what the current spot price is for a troy ounce. You should also categorize your bracelets, earrings, pendants, and other gold pieces by karatage. That’s the only way to accurately determine the value of your collection. When you finally approach a buyer, you’ll be better prepared to decline unfair offers.

Avoid The Temptation Of A Quick Sell

The thought of driving to your local jeweler or pawnshop to sell your gold jewelry is seductive. After all, you can receive cash for your items almost immediately. The problem is, jewelers and pawnshops will normally offer an extremely low price. They hope you’re desperate enough to accept their offer because they can make a quick profit by selling your jewelry to someone else.

You’ll enjoy far more attractive offers by selling your gold necklaces, watches, studs, and earrings to an online refiner. The transaction is usually smooth and quick. Once you accept the refiner’s offer, they can usually mail your check within a few days.

Do Your Research When Selling Online

One of the most common mistakes people make when selling their gold online is to work with a dealer rather than a buyer who operates their own refinery. A dealer will almost always offer a lower price because they will sell your items to the refiner for a profit. Eliminate the middleman. By working directly with the refiner, you’ll enjoy a bigger windfall for your gold cuff links, rings, chains, and other pieces. If you’re uncertain whether a buyer operates their own refinery, ask them.

It’s also worth noting that refiners are usually receptive to buying scrap gold. For example, they’ll buy your gold dental fillings and bridgework, coin collections, spare watch parts, and even shavings. If times are tough and you’re struggling to stretch your monthly budget, consider turning your gold belongings into cash. Sell your pieces to an online refiner to get a fair price and raise needed funds.

Tags: Gold, Gold Jewelry, Sell Gold

Should You Sell Your Old Jewelry At A Gold Party?

Should You Sell Your Old Jewelry At A Gold Party?

Gold parties have been popular for years. Today, with the economy uncertain and the price of gold flirting with its historic peak, more people than ever are becoming receptive to attending. If you own old gold jewelry that is collecting dust in storage, you can sell it at these parties to generate near-instant cash flow. The question is, are these events the opportunity they seem? Is it worthwhile to sell your gold items there, or can you enjoy a higher price elsewhere?

Below, we’ll explain how these parties work and the reasons you should avoid them. When it comes to selling your gold bracelets, rings, and chains, there is a much better option available to you online. We’ll provide a few tips and describe how you can take advantage of it.

How Gold Parties Work

The event is held in the home of a host. This person will arrange to have a gold appraiser attend. The host will also call his or her friends and family, and invite them to attend the party. These prospective attendees are strongly encouraged to bring any gold jewelry they would be interested in selling. This includes damaged or broken jewelry that cannot be worn without first being repaired.

When people arrive at the party, the host typically has food and beverages ready for them. Guests are encouraged to mingle and share stories about the individual pieces they have brought to the party to sell.

Eventually, the appraiser invites each attendee to have his or her gold jewelry appraised. This is typically done in private. The appraiser will determine the amount and quality of the gold in the pieces and make an offer to the attendee to buy the items at that moment. If the attendee accepts the appraiser’s offer, a check is immediately written.

The Problem With Gold Parties

Up to this point, the process by which people sell their gold jewelry at these parties seems fine. They have an opportunity to sell pieces that would otherwise remain hidden in their dresser drawers, attic, or boxes in their garage. However, it’s worth peering under the surface of the transaction.

The appraiser will usually give the host 5% to 10% of the appraised value of all items purchased. This is a commission. The problem is, many hosts choose not to communicate this fee to their guests.

Another issue with these parties involves the appraiser’s actions following the event. This person is merely a broker. They have no plans for the jewelry other than to sell it to a refiner for a large profit. This suggests you would receive a larger offer for your gold jewelry by working directly with the refiner.

A Better (And More Profitable) Option

One of the worst-kept secrets of the gold-buying industry is that brokers are middlemen who sell to refiners. By working with a refiner, you can effectively remove the broker from the transaction. Any profit that would have gone to this person as the result of their markup would instead be split between you and the refiner. That means you’ll receive a higher price.

Taking The First Step

So, how do you find a reputable gold refiner? The best place to look is online. Look for buyers who have been in the precious metals refining business for at least ten years. Visit their website and search for a phone number you can use to contact them. Look for details regarding how quickly a check will be mailed in the event you accept their offer (two business days indicates a high-quality buyer).

Once you have mailed your old gold jewelry to the refiner, you can expect to receive an offer as soon as they have examined each piece. The entire process is smooth and efficient. And it poses a far more profitable opportunity than selling your items at gold parties.

Tags: Gold Parties, Sell Gold, Sell Jewelry

How To Sell Your Gold While Avoiding The Frauds

How To Sell Your Gold While Avoiding The Frauds

Everyone can use a little extra money. Whether for unexpected car repairs, a large medical bill, or to buy clothes for a job interview, financial stress is more common than most people realize. This fact has never been more true than today. Over the last two years, millions of people have lost their jobs and their incomes. Meanwhile, their bills continue to pile up. Many of these people are discovering they have gold coins, bracelets, necklaces, and other forgotten pieces in their dresser drawers. These items can be sold quickly for much-needed cash.

The problem is, the current economic situation has created a large industry of gold buyers. Some are reputable while others are not. If you’re unwary, you may find yourself on the receiving end of a swindle. In this article, we’ll provide a quick blueprint for selling your gold coins, jewelry, and other items while avoiding being defrauded.

Do Your Due Diligence

Unfortunately, it takes very little time or effort to make a professional-looking website. Many buyers have done so and run their entire gold-buying business out of a spare room in their apartment. Invest the time to research the company to which you’re thinking about selling your gold.

Visit their website and look for a physical mailing address. Look for a phone number so you can personally speak with someone. Do they offer an easy-to-use kit in which you can send your coins, jewelry, and other items? Look at the price the buyer is offering. Is it less than half the current market price? If so, you’re dealing with a middleman. That means you will be leaving a lot of money on the table.

Avoid Getting Locked In

There are many buyers who have posted agreements on their websites committing you to sell your gold to them once you mail it. A reputable buyer will always make a quote based on current market prices and allow you to make the final decision. If you decline their offer, they’ll mail your items back to you. If you accept, they’ll cut a check and send it to you within one or two business days. Read the terms and conditions of the buyer’s agreement.

History Matters

As noted, the current economy has triggered a surge of new gold buyers. Many of them are merely brokers. They’ll offer a low price for your pieces, hoping you’ll accept it due to ignorance or desperation. Then, they’ll send your gold to a true refiner for a profit. A telltale sign is a lack of history in the business. Try to work with a company that has been in the buying and refining business for years. That is often a good sign of a trustworthy buyer.

With historically high gold prices and millions of people in dire financial straits, there is no shortage of buyers for your gold jewelry, coins, and even fillings. Be wary. Do your due diligence, carefully read all agreements, and look for a long history in the business.

Tags: Gold, Sell Gold, Selling Gold