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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

What Happens When I Sell Old Gold Jewelry to an Online Dealer?

What Happens When I Sell Old Gold Jewelry to an Online Dealer?

You’ve made a decision to sell your old gold jewelry, but now you have crossed that hurdle, how do you go about selling them and what is going to happen in practice?

The first thing to remember is that you are in charge – if there is anything happening you are not happy about, simply ask for an explanation and if you are still not happy, keep your gold jewelry and forget the sale.  These are your possessions until you have a check in your bank account, so don’t worry.

The first thing that should happen with an online deal is that the buyer will arrange for an insured courier to come and collect your jewelry. You should not pay for this, as after all if the buyers want the gold that badly they will be prepared to pay for it. Again, do not send your items anywhere unless they are insured and if you are being asked to pay for the courier, then the company you are dealing with is not providing a customer service which every reputable dealer is prepared to offer.

There should be a pre-printed form for you to use to list your gold jewelry for inclusion in the courier packet.

When you have sent the items to the dealer, the company will conduct an appraisal of the old gold jewelry. This will involve assessing the value of the gold content and coming up with a price they are prepared to offer you for your pieces.  You should receive the offer price by email for the fastest service, and the email should also include a form for you to print out and return to the company to signify your formal acceptance.

If you do not accept the price which is offered, you can do several things.  You can haggle with the company by getting on the phone and seeing if a manager will offer you some more money, or you can have your pieces sent back to you to try again with another company.  Bear in mind that the price of gold fluctuates wildly, so if you are being offered a price which is lower than you anticipate you need to check to see if the price of gold has dropped.  Also, bear in mind that the dealer is also looking for a profit in the deal and they do have costs to bear, plus your jewelry will not be 100% gold (even “pure” gold has other metals mixed in for strength).

If you accept the price which is being offered then return the formal acceptance.  The company will then cut a check for the deal and send this to you.  You should have payment in your hands within a week of accepting the price which is offered, and in most cases it takes only a couple of days.

That’s it – you’ve sold your old gold jewelry!

One tip to get the most out of your old gold items is to remember that the gold dealer is only paying for the value in the gold.  If you have a diamond ring, take the ring to a jeweler and have the diamond removed.  The diamond will also possess significant value, but when you sell to a gold dealer they are only paying for the value of the gold and not the diamond!

Tags: Sell Gold, Sell Jewelry, Sell Jewerly

Don’t Hold Onto Gold

Don’t Hold Onto Gold

Gold is a safe haven asset, which means when economic times get hard and the stock market is no longer the place for an investor, they will buy gold.  When big investors, such as the banks and mutual funds start buying gold in bulk, this makes the price soar and right now, gold is at an all time, record-breaking high.

The price for gold is now hovering around the $1,400!
This is the highest price for gold ever, which just shows how bad the economic situation has become.

With gold prices so high, a booming market has emerged for processing and buying second hand gold.  This is one of the beauties of gold – it is eminently recyclable.  Gold is fairly easily smelted down and separated into gold and any other metals which are used in making your jewelry, and once smelted it is a simple matter to create gold ingots, the bars which are used for selling gold on the bulk market.

There are plenty of reasons why you should sell your old gold items.
For a start, most old gold is simply doing nothing except gathering dust and being hidden out of sight in a drawer somewhere.  An old wedding ring or jewelry gift from an ex is probably put to better financial use as cash rather than simply lying around and acting as a painful reminder.  While some people like old, antique jewelry, for the most part what is sold on as second-hand items do not qualify as antique in any event, so from this perspective it’s just like trading in your car for a new one.

Another reason for converting your old gold items into cash is easy enough. We are in very hard, economically pressed times and paying down credit cards and loans is more important than keeping hold of old items with little value in them except for their gold content.  Many people think they have to keep their gold in case of hard times, as an investment for the future, but the price is the highest it has ever been!  This means you get the best price for your old gold you are ever likely to get, but at the same time you can convert it into cool, hard cash to help your finances through this bad time.

Finally, now is the time to sell – there is nothing more clear than this.  Right now gold is selling at $1,400 per ounce, but 1 year ago it was trading at $1,150 – the fear is that the price has peaked and is not going to go much higher, if at all. You should bear in mind that the price of gold is highly volatile; this means that just as the price can rise rapidly, so it can fall rapidly too. In fact, as soon as the economic recovery starts to develop, the investors who initially bought gold as a safe investment will immediately start dumping gold onto the markets in order to buy back into the stock markets – the stock markets will rise, but the sudden influx of gold will send the price crashing down again.

The bottom line: sell your gold now and lock in the record breaking gains while you can.

Tags: Sell Gold, sell gold online