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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

Top 3 Tips for Selling Old Gold

Top 3 Tips for Selling Old Gold

There has never been a better time to sell your old gold jewelry and items.  The reason why is simple – gold is valued at an all time, record high of $1,400 per ounce. The economy is also hard, which means that it is more important than ever to pay down credit card debts and any loans you have outstanding to ease the family budget and save as much money as you possibly can.
The question is not why you should sell your old gold, that’s easily answered – of course you should sell it!  The real issues are how do you go about getting the best deal for your items and how do you actually proceed?

Here’s our Top 3 Tips for selling your old gold:

#1 – Know What You Are Selling

When you look to sell your old items, the gold buyer will be paying you for the gold and nothing else.  When you have items such as diamond rings, or any piece which contains other precious jewels or other precious metals, you should arrange for these to be removed.  Use a professional to remove jewels, especially precious stones, because these can be sold on in their own right.  For the average diamond ring, there is probably more value in the diamond than there is in the gold content of the ring.

Maximize your cash return and know what you are selling before you send your items off to the dealer.

#2 – Check Who You Are Dealing With

There are plenty of adverts on the TV, in the newspaper and the internet for people looking to buy your old gold items.  The first thing you should do when deciding who you will do business with is to conduct a due diligence check – in other words, make sure the company is legitimate.
You can do this easily enough – check with the local Better Business Bureau or Chamber of Commerce to see if they are registered or have any complaints against them.  You can also do basic checks in the Whitepages and online, to see if they are a real business and check out any reviews you can find.

#3 – Only Send Your Items through an Insured Courier

Once you have decided on a company to do business with, you need to get your items to them so they can appraise them and come up with a price.  You should only ever deal with a company which is prepared to pay for a fully insured courier to collect your items from you.  If you are asked to pay for this service yourself, then bail out of the deal and do not send your gold – if the company wants gold so badly, they will be prepared to pay for it.

The same applies for having items returned to you: not every dealer will want to buy your items, or they will not offer a price you are prepared to accept.  In the event the deal is not going to go ahead, then you still should expect to have your gold items returned to you at no charge to you.

Tags: Sell Gold, Sell Gold Jewelry, sell gold online

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