One of the first things people think about when they need some extra money is selling their jewelry. However, you cannot sell just any jewelry, only gold, silver, diamonds and other precious metals or stones will do. Selling scrap gold is a great option for someone who has many gold rings and necklaces they do not wear anymore, or are broken and would cost more to repair than buying new pieces.
Where Not to Sell Scrap Gold
Learning how to sell scrap gold for the best prices is something anyone who wants to sell their scrap gold must do. You cannot just sell your gold anywhere, otherwise you might wind up receiving a tenth of the price you should have gotten for it.
The first place most people look to sell scrap gold are pawnshops. While these shops are good for some quick cash, they do not always offer the best prices for your valuable metal. Instead, they only give you about a quarter of what they can then sell it for. Given this factor, you are probably thinking, “Where can I sell my scrap gold?”
Sell Your Gold Here Instead
How does one know where to sell scrap gold, then? First, do some research on the prices of gold. Usually, the best places will buy it by the tenth of an ounce, depending on their criteria, which is different for each place. Some of the best places to sell scrap gold include:
- Online refiners: These refiners offer to send kits to anyone who requests them. With these kits, you can sell scrap gold to them by sending it to their headquarters of the refineries. Often, you will get much more money for your scrap gold this way because there are no jewelry shops or pawnshops in the middle asking for a cut of the profits. Just be sure to insure the package when you send it or you may not be selling scrap gold to anyone.
- Reputable Wholesalers: Yes, many jewelers will not give you a good price; however, some wholesalers will. Always check what the going rates are in your area for selling scrap gold right before you try to sell it, this way you know whether you are getting a fair price from them or not.
A couple of places to try to sell scrap gold online are UsGoldBuyers.com and CobbGold.com. But again, make sure you do your due diligence in thoroughly understand the spot price of gold before approaching a business that will buy scrap gold.
In addition to these places, others, such as flea markets and upscale shops, might take your old gold jewelry to try to sell it again. If you are selling scrap gold jewelry, try these markets first. You might get a better deal than anywhere else might because your gold is still worth something to them.
It is wise to use a scrap gold calculator to get a good idea of what you should receive from a buyer, and these tools will help you determine the scrap gold prices per gram of jewelry that you have. Selling scrap gold may not be as thrilling as other investments, such as Forex invesment or a property investing, but if you do your homework, you can get a very good price for your old jewelry, especially since gold prices are now at historical highs.