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Get the Best Price for Your Old Gold Jewelry

Get the Best Price for Your Old Gold Jewelry

Getting the best price for your old gold items shouldn’t be difficult, because gold is riding at an all time high of $1,400 per ounce.  This is an increase of $350 on the price from a year ago and it seems that gold has finally hit the ceiling on upwards price movements.  Why is gold riding so high?  The answer is simple – because the economy is so bad right now and investors buy it for safety.

If gold is at an all time high, how do you go about getting the very best price for your gold jewelry?

Follow our tips to maximize the value of your gold hoard.

First, shop around with you gold items and get a good feel for the market. You can try looking on eBay for similar items and see what prices they are getting for old jewelry. You can also see what the local jewelers have to say and of course, there are pawn brokers.

Do not forget to check out the gold dealers who buy old gold items.  As the price of gold has now soared, there is a thriving market for old gold jewelry, and usually you will get much more for your old items than from any other source.

When you are looking at selling to a gold dealer, be sure to check the price they are offering for gold.  This is called the “spot price” and this should be on display on their website or by simply making a phone call.  If you cannot find a spot price, you should not do business with the company: typically a spot price is not given because the dealer is either a middleman, looking to buy your gold so they can sell it on immediately for a profit (which means you end up with less), or because they are not a legitimate outfit.

If you have to send your gold jewelry to a company through the mail, insist they provide a fully-insured courier for you to use – at their expense! The same applies if you don’t like the price you have been offered and want your pieces back; again they should be returned to you via an insured courier at no cost to you.  Remember, dealers want your gold because it is so valuable at today’s prices – if they want it so badly, they should be prepared to either pay a reasonable price or pay for you to send your items to them.

There is a major temptation to hold onto old gold jewelry because the price of gold might rise further. The price of gold is extremely volatile, which means that it will rise and fall very fast. The price moves so rapidly that you have to check the spot price on the day you will sell your items to make sure the price hasn’t moved against you – it can drop a $100 in a day!  At the same time, gold is hovering at the $1,400 level and there is little upward motivation because the economy, though weak, is showing signs of recovery.  As soon as there are positive signs of economic revival, the price of gold will plummet as the money is moved back into the stock markets.  Waiting for a higher price could cost you hundreds or thousands of dollars you could get today for your old gold jewelry.

Tags: Sell Gold, Sell Jewelry