In times of economic hardship, finding ways to feel more financially stable can be difficult. Investing in a physical commodity like gold and selling when the time is right can be one way to feel more financially secure in tough economic times.
Used for thousands of years for coins, jewelry, and artifacts, gold is a precious metal that has a history of high value.
Unlike other currencies that tend to lose their value because of evolving fiscal policies or inflation, gold is still considered as valuable now as it was when it first came into use.
Countless gold-buying companies today will offer you cold hard cash in return for your valuable jewelry. However, many will offer a low price and then sell it at a much higher price.
Some gold items that you might consider selling for cash could include:
- Wedding and engagement rings
- Miscellaneous jewelry
- Tooth fillings that have fallen out
- Bullion bars
Understanding the value of gold
For you to get an idea of what your precious jewelry might be worth, it’s important to consider the following:
Gold market price
Gold price usually remains high, but fluctuations do occur, so being aware of its value should stop you from selling your gold at what might be considered an unfavorable time.
Know the true value
The karat reading of your gold refers to the parts of gold in the jewelry. Karat or carat is how the purity of the gold is measured, which ranges from 1 carat to 24.
If karat readings are low, other metals are included in the jewelry. So, the higher the percentage of gold, the higher price you can demand for your jewelry.
Factors affecting value
Condition plays a big part in determining the monetary value of your jewelry. If the jewelry is in poor condition, the restoration cost might make selling the item a pointless exercise. Jewellery looks at its best when it has been cleaned.
If you are not confident you can do a proper job of it, then let a professional jeweler clean it for you. Other factors affecting the item’s value include the materials used, where the item was bought originally, and rarity and beauty.
Where to sell your gold
Many online jewelers offer a free, no-obligation valuation so you know exactly how much you might get for your treasured item.
Pawnbrokers are unlikely to give you anything close to what you’ll get at jewelers or online, but if you need cash extremely fast, this is probably your best bet.
Cash for gold companies
Many of these companies have emerged in the last few years. Before sending your treasure items to these companies, research their reputation online. If you discover that 15 out of 20 online reviews are negative, it’s probably best to take your valuables elsewhere.
Car boot sale
Car boot sales are a popular way to sell second-hand goods such as gold, and it is somewhere where you are in control of the price. However, you could be waiting around for a long time on a sale – even if you make a sale.
If your item is classed as an antique, then you have a good chance of selling to an antique dealer, which you can find on your high street or through trade association websites.
An auction can be one of the most thrilling ways to make money on your gold. If rival bidders compete over your gold, you could be looking at a better price when selling elsewhere.
However, the fees of using an auction can be fairly high, and there’s no guarantee of a sale.
Modeled on traditional Tupperware parties at gold parties, guests are invited to bring their unused gold jewelry and sell it without going to a jeweler or a pawn shop.
You won’t always receive a fair deal, but attending a gold party can be a good testing ground to see your item’s worth.
Before accepting an offer
Before you decide where to sell and how much for, always check the company’s reputation with the Better Business Bureau or your country’s equivalent.
Many companies have terrible reputations when it comes to treating people fairly, so do your homework before you part with your precious item.
Investing in gold
Rather than just selling off a few items to make extra cash, you could always take things up a level by regularly investing in gold. Investing in gold jewelry is the best starting point for those new to the game.
You can find well-priced gold jewelry by keeping in touch with local pawnbrokers, searching on websites like eBay, and by simply asking around.
Some final thoughts
The key thing to remember before selling your gold jewelry is not to act on impulse and carefully evaluate every piece of jewelry you will sell. Remember not to let your emotional attachment cloud your judgment on how much your item should be worth.
Don’t forget that selling gold jewelry will not make you rich overnight – but it can place some extra cash in your pocket.
This is a guest post by http://lois-bullion.com/
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