Would you sell your gold jewelry? Or should you wait?

You probably know that there is a limited amount of gold in the world, with bits being discovered here and there, especially during the Gold Rushes. However, gold is costly to mine these days. Recently frothy prices for gold have encouraged owners of old jewelry to profit by selling their gold. It’s vital if you are considering to cash in some of your gold, that you pay attention to what you’re doing.

yellow gold

When getting ready to sell your gold it is always best to start by getting multiple estimates. You are trying to sell and make a large profit while the buyers are also looking to resell and make an ever bigger profit. Pawn shops will give you free estimates!

Aside from the pawn shop if you have an older piece of jewelry that you are looking to have scrapped get it looked at by some type of antique dealer as sometimes there is history in an item of jewelry and it may have a larger face value than if it were to be turned into scrap.

Once you have a few estimates in hand decide on what sale price you are going to settle on and then where you can take your gold: to an online bidder or a “cash for gold” type of business. Before selling your gold to any company be sure to check their standing with BBB so that you can avoid getting scammed. Unfortunately the market of buying and selling gold is full of scams and you need to be weary of all processes.

Make sure when selling your gold that the buyer weighs it in grams and not in pennyweight as this will give you a worse deal. When you finally choose a buyer be sure to ask for his credentials to be sure that the dealer is licensed by the state to buy the gold and you should also be asked for your identification. If these two things do not happen, you should probably choose another buyer just in case. If you are tech savvy, you could also sell your gold online on Ebay.com in a special section just for this type of sale.

Gold is being bought and sold at high prices these days so selling gold jewelry should get you a pretty penny! And don’t be rushed into doing anything, by anyone. It’s never in YOUR best interest to make a financial decision quickly. Never.