Selling Your Gold Jewelry? Simple Hints To Help You Through The Process

26 August 2015
 Categories: , Blog

You've run into a financial crisis and you need money fast. Luckily, you have some gold jewelry that you don't wear anymore. There are lots of ways to sell gold for some quick cash. But some ways are better than others. Before you grab your gold and head out the door, take a look at the tips provided below.

Do Your Homework

Before you sell your gold, you need as much information as possible. The last thing you want is to be the only one present who doesn't know the going rate for an ounce of gold. Take a look at current gold prices, including scrap value – which is the value of gold once it's melted down.

Since gold prices can fluctuate on a daily basis, it's a good idea to watch the prices for a couple of days. Sell as soon as the prices stay at a high mark for at least one day. This will help ensure that you get the most money for your gold.

Pick Your Spot

While you're researching current gold values, you can use this time to find the best place to sell your gold at. There are a couple of options available to you.

Pawn Shops

If you need cash in a hurry, a pawn shop may be your best bet. They'll usually pay cash for gold right on the spot. There is another benefit to choosing a pawn shop. If you change your mind about selling your gold, you can usually purchase it back. You might have to pay a bit more, but if the gold had sentimental value, the added cost may be worth it.

Through the Mail

You may be able to get a little more for your gold if you utilize the postal service approach to gold sales. However, if you don't do your research, you could end up getting far less than your gold is worth – or worse. If you're not sure about the company you're sending your gold to, you could become a victim of fraud – your gold is gone and so is the cash.

Gold Parties

This can be a fun way to sell your gold, especially if you're not in a hurry to sell. Many people host gold parties with friends. You bring your gold and you go home with cash. Since you have to wait for someone to throw a party, this might not be the best way to go if you're in a financial bind.

Avoid Danger

If you're going to run an ad for your gold jewelry, it's important that you take precautions and avoid danger. These two rules will help protect you. First, never give out your home address. That's a tragedy waiting to happen. While most people are honest, you could be opening yourself up to a home invasion robbery. Second, never agree to meet someone alone to sell your gold. If you are going to meet someone, you should follow these guidelines. 

  • Meet in a public place
  • Take someone with you
  • Tell people where you'll be 

If you have old gold jewelry laying around the house, you can turn it in to the cash you need by selling to buyers, like Estate Buying Group - Harry H. Solomon Co, Inc.. The information provided above will help you find the best way to sell your gold.