Selling Your Scrap Gold: There are many commercials that encourage the viewing public to go through their old jewelry boxes and drawers to try to find any gold bracelets or jewelry they are no longer wearing. These same companies promise to mail you a hefty check right away. However why is selling scrap gold now being solicited from the general public? Do the companies on television live up to the hype? Is it better to simply go to your local pawn shop with your gold bangle bracelets or your white gold bracelets and get an estimate?
Well to answer the first question, gold has always been a means of trade, investing, and commerce. With the decline of the dollar, the value of gold seems to increase. This has caused many investors to value gold more now than they would have in years past. Add to that the fashion industry’s recent dismissal of gold –as the back drop for wedding rings and jewelry in general– and you have an immediate interest from companies who feel they can get the millions who’ve bought into this trend to turn in their gold, so they in turn can recycle it for investing, profit, etc.
A story from the cash for gold insider mentions: “As far as whether the companies on television live up to the hype, I can tell you from experience that sending in two fourteen karat gold bands or rings netted only $5.00 from one of the top commercial advertisers of selling your scrap gold. The rings should have at the very least netted $25 for the pair. When I refused and asked for the jewelry back I was offered $15.00. This let me know that some companies on television are in the business of low balling anyone who will accept their intial offer. I still refused and got my rings back. I gave them to a couple of local teen girls, who I felt had some tough breaks and they really appreciated them. I asked for nothing in return and got more satisfaction in making their day, than the $5.00 initially offered me.”
Lastly, should you check with your local pawn shop about selling your gold bracelets? I would say “Yes”. They may be able to offer you a better deal. At the very least, you will save time in waiting for an answer that may be less than favorable. Selling your scrap gold may net you more than you anticipate if you have a lot of high end gold, but select your items wisely, as this precious commodity may come back in style in the future!
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