Selling Gold & Precious Metal the Right Way

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Selling Gold & Precious Metal the Right Way

Selling your old gold jewelry and precious metals is a great way to make some extra cash, especially if that jewelry is broken or you don’t wear it anymore. There are a lot of ways to sell these things, and unfortunately not all of them are going to offer you a decent profit on your used jewelry so it’s important to understand the different options and pick the one that offers the best promise of a fair price.

It’s also important to understand that in most cases you are not selling the jewelry for the current “market value” for an ounce of gold that you may have heard about (currently around $1,200). Instead you will be selling it for a portion of the scrap value, since the buyer will incur costs to melt the gold down.

Avoid the Sexy Sales Pitch

There are a number of companies today that advertise on TV and online about how easy it is to get “cash for gold” simply by returning a pre-paid envelope with your gold items enclosed. They value the gold and you get a check. While it’s convenient to be able to send it away and wait for a check, consumer groups have found that you only get a very small fraction of the value, usually between 10 and 30 percent.

Hotel gold buys are also heavily advertised, where someone comes to a hotel near you and offers a “great price” for your gold and precious metal jewelry. While it’s relatively convenient, the short-term nature of the sales window means they often engage in high-pressure sales tactics and you may walk out feeling like you were cheated.

Understand Who You’re Dealing With

Another avenue for selling gold that has been on the rise is the multi-level marketing program people are calling “gold parties.” You arrive at your host’s house with jewelry and sell it to the company’s representative. While it’s a fun and social event, the representatives are not necessarily gold experts, and you have to pay for everyone’s commission, including the host and the company so your profit will be lower.

Pawnshops have also been a place where people consider going to sell gold jewelry in Utah, but since pawnshops are a place where people go who are notoriously desperate for cash, you might get a lower price than you expect.

Go to the Experts

Where is the place you would naturally go if you wanted to buy the best jewelry? Probably not a pawnshop or a mail-order service, but a local jewelry store. These are also good places to sell your old items. You’ll get the most value from a jeweler, and they might be more likely to pay for high quality craftsmanship (versus the places that are just paying for the gold and plan to melt it down), which can fetch a higher price than the scrap value. Keep in mind that gold prices can fluctuate wildly, so if you go in and get what you think is a fair offer, don’t wait and go back several days or weeks later, as it may change.

Bring your gold and precious metal jewelry into AAA Jewelry today to get a fair offer and turn your broken or old jewelry into cash or credit toward something new.