The value of gold
During harsh economic times gold traditionally firmly asserts itself as the oldest financial institute in existence, as gold prices go up regardless of what else is going on in the economy. Almost every family has at least some amount of gold, whether it is in form of old jewelry or actual golden bouillons. It is only natural that the shortage of cash makes people turn to gold. What are some important things to keep in mind in this regard?
Sell old jewelry as jewelry
If at all possible, you should try to sell your gold jewelry as jewelry. Selling it as scrap gold or silver is likely to bring up to 80% less. If you believe that the jewelry in your possession is worth getting a look at, you can locate an appraisal using these websites: National Association of Jewelry Appraisers and the American Society of Appraisers. Remember, there is a fee that you must pay to an appraiser! Still, there are kinds of jewelry that unfortunately have little value. This includes class rings, basic wedding rings and engraved rings. Face it, the resale value of a ring that says “To Bob from Jane” is very limited! Also, matching pieces of jewelry (earrings and cuff links, for example) lose value whenever one of the items is lost.
Selling scrap gold? Try local jewelers.
Since you will want to at least try to sell your gold jewelry as such, your local jewelry shops can be a one-stop place in case you end up selling your gold as scrap. Many local jewelers are fulling capable of refining scrap gold and what you have to offer to them is as good as anything else. You may have to shop around, however. Also, use a calculator like this one: http://www.dendritics.com/scales/metal-calc.asp to determine roughly what you should expect in terms of prices.
Going online with your scrap gold.
In recent years gold sellers have received another option for getting rid of the unwanted jewelry and coins. There is now a large group of businesses on the Internet that specialize in buying gold. This is typically done by requesting a seller’s kit and sending an insured package to the buyer informs the customer of the suggested price. Here are just a few of such sites that enjoy a favorable reputation:
When dealing with online buyers you have to make sure that the shipments are fully insured. You also need to keep a list of all the items you are sending in. Definitely remove all the gems and diamonds – you are only selling gold. And remember, it makes no sense to part with all your gold and silver at once, using only one buyer!