Selling Gold Jewelry For Cash
Recession is the buzz word with economists right now. Times are tough. With the price of gold rising to more $1,000 an ounce in September 2009, anyone who is cash-strapped or unemployed will start digging through jewelry boxes for old and broken gold jewelry to sell for cash. But seller, beware!
National TV networks, newspapers and news magazines in print and online are reporting that their investigative reporters have taken a number of the same, identical-weight gold items to different gold-buying enterprises and have been paid significantly different amounts in return. The bottom line is that it is important to forego convenience and “do your homework” in order to get the most cash for the gold.
According to recent news stories, those “mail-your-gold-to-us” companies advertising on TV may be convenient, but they paid the least of all, sometimes as little as 10 percent of what the gold was actually worth. Plus, there are the additional risks of loss in shipment or false claims that gold was never received.
Pawn shops paid more but also not what the gold was worth by weight. Jewelry dealers and stores appear to be the best places to comparison shop for fairness in weight and payment for scrap gold.
Pawn shops paid more but also not what the gold was worth by weight. Jewelry dealers and stores appear to be the best places to comparison shop for fairness in weight and payment for scrap gold.
However, as with anything else, it is important to get at least three estimates. Look in the phone book and call at least three local jewelry stores to see if they are buying scrap gold. Take scrap gold to the store to be weighed. Be sure at least two of the gold buyers give the same estimate of the weight, and then take the best cash offer for that weight of gold.
The purity and value of the gold item will be determined by its weight in ounces and the karat weight of gold it contains. The gold is purer and more valuable with a higher karat weight. So a 20-karat gold ring will have more gold content and be worth more than a 10-karat gold ring, even if both rings weigh the same on a scale.
It pays to comparison shop to get the most “cash for gold” in these tough times.
© 2008-2012 agNET. All rights reserved
