subject: 4 Common Places To Sell Your Scrap Gold [print this page] Do you own old gold jewelry and scrap gold pieces that are sitting in your garage, practically forgotten? Do you own broken bracelets and necklaces you're unable to wear, but unwilling to have repaired? Are there old class rings hiding away in your dresser drawers? Rather than allowing these gold items to sit in the corner of your garage or drawer, consider selling them. There are many gold buyers who are willing to pay for your entire collection.
Tough economic times give birth to creative measures for making ends meet. You may have bills that are piling up because the hours at your job have been reduced. Your car might need repairs to transport you to a job you can't afford to lose. Or, you might want to enjoy a vacation with your family, but lack the funds to do so. Selling your gold is a good method for raising the money you need in order to do what you want. Below, we'll describe four places you can sell your scrap gold.
1. Gold Parties
If you're invited to a gold party, the host is likely a friend or family member. In most cases, a buyer will have encouraged this person to host the event, and invite people they know. The host will tell invitees to bring their scrap gold pieces to sell for quick cash, even if the items are broken or otherwise in disrepair. Those who attend the event can sell these pieces to the buyer, and leave the party with a check in hand.
At first, this process seems beneficial for everyone involved. The attendees get to sell their gold items for near-instant cash, and the host earns a small commission for hosting the party. The downside to these events is that the buyer is typically a broker. He or she needs to sell your pieces for a profit. In order to do so, however, they can only pay a small amount. Thus, you'll rarely receive the money you deserve.
2. Pawnshops
Pawn shops cope with the same limitation. After buying your scrap gold pieces, they put them up for sale for customers who visit their shops. The difference between the amount they pay you, and the amount they charge their customers, represents their profit. This means, like the buyer at the gold party, pawn shop owners will rarely offer much for your collection.
3. Jewelers And Antique Stores
Another option is to sell your gold watches, rings, chains, and other jewelry to a jeweler or antique store. There are two problems with this route, however. First, jewelers and antique stores tend to be picky regarding the pieces they buy. This is because they need to sell your jewelry to their customers, who tend to be selective. Unfortunately, this means they will likely refuse to buy your entire collection.
Second, their profit margins require that they pay a relatively low price for your items. They may be willing to pay more than a pawn shop for particular pieces in your collection, but few of your gold items will meet their selection criteria.
4. Gold Refiner
A better option is to look online for a buyer. The key is to avoid buyers who are merely middlemen. They will offer a low price for your scrap gold, and then sell it to a refiner for a profit. Few people realize they can work directly with a refiner, and thus remove the middleman. The result? You'll enjoy a higher price for your scrap.
Some refiners are much more experienced and efficient than others. The litmus test to use is whether the refiner has at least ten years of experience in the gold industry. Check their website, and look for a phone number. Call them to gain a level of comfort before sending them your scrap gold. Once you find a trustworthy refiner with plenty of experience, you'll be able to return to them in the future whenever you wish to sell your scrap precious metals.
