Whether economic times are good or bad, people often use precious metals to shelter their money.
In the past few years, interest in gold has increased sharply. A growing number of Americans are rummaging through their house looking for broken gold jewelry. Selling gold necklaces, rings and other items has become a common way to get quick cash.
But this popular trend has been accompanied by less scrupulous experts who lack experience in determining the proper value of these items. Many pieces of jewelry might be worth more than their gold content or melt value.
Anyone can make a mistake, but fly-by-night operators will often offer far less than the melt value of the gold in these items. They are counting on your lack of knowledge.
Infomercials have also flooded the airwaves with ploys offering "immediate cash for your unwanted gold." But mailing gold in flimsy prepaid envelopes to these dealers is the same as dropping cash into the mail.
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Always exercise caution when selling gold. While many buyers are honest and reputable, finding them requires research.
Here are some tips to help you get the most money from selling your unwanted gold.
First, do some research to determine the gold content of an item. Remember that gold is soft, so it must be alloyed with other metals to increase its hardness and durability.
Jewelry usually has an inscription identifying the purity of its gold content. For instance, 24-karat gold contains 99.9 percent gold. It is measured in terms of a troy ounce, equal to about 1.097 avoirdupois ounces, the kind of ounce we use in measuring butter, flour and body weight. One troy ounce of 14-karat gold contains 14/24th troy ounce of the pure metal.
Next, take your gold items to reputable jewelers in your area for their opinion. A jeweler may charge a small fee for this service. It is the best way to establish the gold content when the piece lacks markings. Take it to more than one jeweler to verify the findings.
The Better Business Bureau and the Internet are valuable sources of information about gold buyers.
Also, if a gold buyer operates from their home or business unrelated to precious metals, drop that person from your list. They probably don't have enough experience to provide an accurate evaluation of your items.
It pays to use a local business. If you must mail your gold items, insure the package and use registered mail available at the United States Postal Service. You could use a shipper that offers package tracking and delivery verification. Do not trust someone you don't know and have never met.
Learn as much as you can before visiting a gold dealer. Information is your ally. There are reputable gold buyers doing business today, and they will pay you for the true value of your piece. Doing the proper research and taking precautions will help you find the best people doing business today.
