Many of us are feeling the pinch of the economy lately and it order to make the bills we resort to selling off some of our precious assets.
The ads for various cash for gold companies seem to be everywhere. Full page ads in the newspaper, 30 second spots on TV, it is no doubt a very lucrative business.
So how do you decide what part of your jewelry stash to sell and what you absolutely have to keep? Clearly the monetary value of some of your jewelry is a lot different than the sentimental value. That watch that was passed on for three or four generations will clearly be something you have a very difficult time saying goodbye to.
In many one stop cash for gold places they don’t really care what you bring them, they throw it up on the scale, multiply by the spot cash price of the gold bullion, deduct their (hefty) fee and off you go – with $200 in your pocket.
Is cash for gold the quick fix that it seems to promise to be? Sure – but don’t forget you can’t subsidize your bills like this for too long. You will obviously run out of trinkets to sell and then you’ll be back to square one.
Before deciding what to sell first, look in the newspaper and compare the spot price of gold versus silver, that may be some indication as to what to let go first.
If you find a place that buys your gold, but gives you a feeling of a scam – run away. There are far too many outlets these days to have to deal with a dishonest shop that will try to give you a super low ball cash offer, just to take an advantage of you.
Depending on where you live, you may find that sometimes it’s easier to mail your jewelry for an estimate to a well known jewelry store for a professional estimate. As long as your’re dealing with a well established chain, you have nothing to worry about, because the package in the mail (or Fedex) is insured to its full value and if you don’t like the estimate, you can have your jewelry back.
Buying gold for cash is such a good business that none of these online jewelry stores would risk their reputation trying to screw you, fearing that you could damage their reputation. In many cases the price of your golden jewelry will be more fair, because once you’re dealing with a nation-wide chain instead of a local mom and pop store, you’re dealing with someone acutely aware of the competition, thus quoting you gold prices that are much closer to the market.
Good luck with selling parts of your golden jewelry, hopefully the times will improve soon and you will find yourself buying some again. Let us know what was your experience in the comments section bellow.
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