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Ideas For Selling Your Scrap Gold And Gold Jewelry

Ideas For Selling Your Scrap Gold And Gold Jewelry

The London fix for gold has recently crossed the threshold of $1,400 per ounce. The price of the precious metal is hovering near its highest level in history. There are many reasons, including uncertainty about the economy, an inflated money supply, and pure speculation. A lot of gold experts have suggested the price of the precious metal is due for a tumble. When it will occur remains a mystery.

Many people who own old gold jewelry and pieces of scrap gold are selling both in order to lock in the current high price. Their decision may end up appearing prophetic. Below, we’ll list several ideas for selling your items, including one (toward the end) that is almost guaranteed to bring you the best price.

Online Auctions

Online auctions are simple to create, and relatively easy to manage. The advantage of using them is that you can attract competing bids, which may result in a higher price for your pieces. The downside is that it may take weeks to sell everything. Moreover, most auction sites charge fees.

Online Boards

Sites such as CraigsList allow you to list nearly any item you want to sell, including jewelry and scrap gold. People from every part of the country can view the pieces (if you include photos), and contact you to buy them. Depending on the level of exposure you want, there are usually fees involved. Also, as with online auctions, selling your pieces may take a significant amount of time.

Garage/Estate Sales

If you want to avoid listing your gold jewelry online, you can sell your individual items at a garage sale. It takes patience since few people who visit your garage sale will be looking for jewelry. That said, if you have no urgency for the funds, this is an easy way to sell your pieces.

Private Collectors

If you own a particularly valuable piece of gold (e.g. family heirloom, rare coin, etc.), a private collector may be willing to pay handsomely for it. In most cases, the item must be in mint condition, or nearly so. The advantage of selling your pieces to a collector is that he or she will pay more than any other buyer. The drawback is that collectors are usually interested in buying individual items rather than entire collections.

Pawn Shops And Jewelers

While this is a simple strategy for selling your gold jewelry quickly, it is also the least financially savvy. Pawn brokers and jewelers are willing buyers as long as you accept their price. The problem is that the price they’ll offer will be very low, far lower than the price you can attract elsewhere.

If you are in desperate need of funds, selling your gold jewelry to a pawn broker or jeweler can be a reasonable option. Otherwise, you will be better off selling your pieces online.

Gold Parties

Gold parties have been around for many years. They are designed to bring friends and acquaintances together in a relaxed environment. All invitees are encouraged to bring any gold items they would like to sell. A buyer is present who will weigh and appraise each piece before making an offer to the owner.

While gold parties can be fun, you are unlikely to receive a competitive offer for your items. In most cases, the buyer is a broker who will sell your gold pieces to another buyer for profit. The buyer is a middleman.

Online Gold Refiners

For most people, selling their gold jewelry and scrap gold to an online refiner presents the best option. The reason is due to the refiner’s business. They operate near the top of the chain to recycle the precious metal back to the retail market. There are no middlemen to shave a portion of the profit for themselves. Because of this, you’ll attract a higher price than would otherwise be possible with a broker.

Even though there are several potential buyers to whom you can sell your gold, most will be unable to match the price of an online refiner. Selling your pieces online is the best way to take advantage of the precious metal’s current lofty price.

Tags: Gold Refiners, Sell Gold, Sell Scrap Gold