subject: Cash For Gold How To Avoid Being Defrauded [print this page] You need some extra cashYou need some extra cash. You have gold jewelry lying around. And everywhere you look someone is offering to give you cash for gold.
Yes, selling your gold jewelry can be an easy, no-hassle way to put a little money in your pocket. And right now, with the price of gold on the rise, theres never been a better opportunity to get more cash for your gold--pawn shops, jewelers and even pay-day lenders are lining up to fork over greenbacks in exchange for gold.
But how can you be sure you're not getting ripped off? How can you be sure you're getting the best buck for your rings, necklaces and bracelets?
Here are three tips that can help you make sure you're getting the most cash for gold:
Step One: Determine what youre dealing with
Theres nothing worse than selling a piece of junk jewelry for a few bucks only to find out later that it was actually a valuable antique.
Avoid this common mistake by separating the gold jewelry youre thinking about selling into two piles: obvious junk (the broken watches and necklaces, for example) and potentially valuable (anything that could be an heirloom or antique).
Step Two: Find out what it might be worth
Now that youve separated your gold into two piles, its time to try to figure out how much it might be worth.
The gold in the first pilethe jewelry you are absolutely certain is junkwill be worth something as long as it has a karat value. Generally speaking, the higher the karat value, the more cash youll get for it.
The best way to find out if you have anything truly valuable in the second pilethe jewelry that looks like it might be antiqueis to have it appraised. Take it to a reputable jeweler and ask them to appraise it for you. While some jewelers will do an on the spot appraisal for free, most charge a nominal fee somewhere between $25 and $75.
Its true that the appraisal fee will cut into your profit margin, but it might also be worth itwhat if you have an antique gold watch thats worth hundreds or even thousands of dollars? The only way to know for sure is to have it professionally appraised.
Step Three: Maximize your profit margin
Once youve had your jewelry appraised, you can begin to find the best way to sell it to make sure you get the most cash for gold.
If all the gold you intend to sell has been determined to be junk, shop it around. Take it to a pawn shop, a jeweler and even a pay-day lender and see what theyll give you for it. Dont just go to one buyer and accept the first offer. You might be surprised to learn that the pawnshop down the street will give you more money. And it will only take you a few extra minutes to find out.
There are many online companies that will give you cash for gold. Check out their websites, read their customer reviews and, if youre not in a big hurry, send them your gold jewelry and see what theyll give you. Most have generous refund policies in case youre not satisfied with their offer.
Take the jewelry thats determined by an appraiser to be worth more intact than melted down to an actual jeweler and ask them to make an offer.
Gold is in demand, so youll have no problem getting cash for gold. The trick is to maximize your profits.
