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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

Has the Gold Bull Run Come to an End?

Has the Gold Bull Run Come to an End?

For many people, answering this question has about as much relevance as wondering whether they should consider herding cats as a job!

But for many people, most of us, it has a very direct relevance when we are sitting on a horde of unused and unwanted old jewelry which is gathering dust while we struggle to make a mortgage payment or are in desperate need to pay off some bills and ease the pressure on very tight household budgets.

Gold hit an all-time high of just over $1,000 an ounce late last year and has bounced around the $900-$960 mark for much of 2009.  Looking at a basket of precious metals and there is a definite plateau of pricing levels for platinum, palladium, rhodium and silver.

What on earth has this got for those considering selling their old jewelery?
Simple.  The price is an all-time high and it looks like it has peaked – now is the time to sell because if the recovery signs start appearing the price will drop almost overnight and the fall will be huge.

Let’s look at platinum as an example.

In December 2008, platinum traded at $2,200 an ounce – the $700 billion dollar stimulus plan was announced with the election of President Obama and platinum prices dropped to sub-$1,200 by the end of January 2009 – a 50% drop in 30 days.
That’s how fast the precious metals market reacts to good news.

Now take a look at gold.

The one year spot price for gold has remained fairly stable at the $950 level and doesn’t know which direction to go.  Over 2 years, it has seen excellent growth rising from a $680 level in September 2007 as financial recession started to bite, and over 5 years from $410 and over 10 years from $280 level.

What does all this mean?

Since 1999, gold has risen inexorably and in a fairly smooth growth curve but at the height of the current economic recession, in 2009 the growth has stalled despite breaking through the psychologically important $1,000 mark.
The gold bull run is now over.  Uncertainty reigns and the market does not know what is happening next.

This is the sign to those of you with gold jewelry and items to look to sell at these historically high prices.  The likelihood of holding out for a slight increase in gold prices is now a very risky strategy.  If the current earnings reports continue to turn in on target or better than expected results, then the institutional and professional investors who have been using gold as a safe haven are going to dump their holdings on the market, take their profits and get liquid for the stock and bond market recoveries.

Today the price for gold is around $960 an ounce – tomorrow it could be half that.   Don’t take the risk of losing your profits and make it a priority to get your gold valued and find a buyer today.  Finding a buyer is easy – there are numerous online gold and precious metal buyers who are eager to buy your old gold items and will take care of the shipping and appraisal as well as making a speedy offer and fast payment.

Tags: Sell Gold, Sell Gold Jewelry, Sell Scrap Gold