How To Make Money Out Of Your Old Gold
With almost everyone facing some type of hardship in these bad economic times, more people are looking for different ways to bring some extra money in the house. Selling your old gold jewelry can be one way to both get rid of items you no longer use or want, and to get some extra money to help your budget.
Be aware that you will not get the full value for your jewelry but by following some basic guidelines you can get a good price and not be taken for a ride by less than honest buyers.
Advertisements are everywhere asking you to simply mail in your gold and they will send you a check. Most companies send you a prepaid envelope, you drop in the gold, seal it and send it back. The company will issue you a check with a receipt for your gold. But there is a price for convenience. Most companies offer a very small return, often as low as nineteen percent of the value, and never more than about thirty percent. The percentage varies greatly between different mail order companies. Do some homework and find out who is offering the highest yield.
Jewelry and Coin Shops
These shops often offer the highest amount for your gold, around seventy percent. If you have a particularly striking or unique piece they may even pay more. The drawback to jewelry stores are that many are getting over saturated and are starting to offer lower rates. If this happens to you, find another jeweler. Take the time to find the best shop offering then highest rates.
These buyers set up shop in hotels, advertise heavily on television that they will only be there for the weekend, and will offer the best price. They often buy other collectables. The drawback is since they are only there for a day or two and will use high pressure tactics to get you to part with your gold. The return is rarely more than forty percent. If you decide to use one of these buyers, do some homework and know how much your gold is worth. If they try to pressure you to accept a price you know is too low, walk away.
Pawnshops will buy your gold, but the benefit is that if you have second thoughts about selling a family heirloom, you can buy it back, though the price will be higher. Sometimes pawnshops will be in the seedier parts of town, so do your homework and know where you are going.
Be savvy about finding the best way to sell your gold. Find out how much your gold is worth, and bear in mind it is the melted down value. Check out the various means to sell your gold and decide on the one that is best for you. Ask friends and family who they may have used, and look the companies up on the internet to get more information. When you are ready to sell, you will be armed with the facts so you can get a decent yield for your investment.