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Cash for Gold – The Good And The Bad

measuring between cash and gold in a manual scale
measuring between cash and gold in a manual scale

This is a concept we’ve all seen take off in a really big way over these past few years and it shows no sign of slowing down. Add this to the bad state of the economy and the fact some people are really struggling on a day to day basis and its natural individuals will be looking at extra ways of getting cash.

We’ve all seen the advertisements screaming ‘cash for gold’ at us, and in every state people seem to be making good money from the many services available. But do we all know how this really works and why there’s been a modern return to those Yukon days when gold was so vital? Well this article will give a simplistic account of the process leaving you in a good position to make your own mind up!

Selling Gold Jewellery for Cash!

People have done this for years of course but this has seen an upsurge as part of the all round process. And why would you want to sell gold jewellery for cash? Well because it’s a great way of getting funds quickly, if you can manage to take the emotional aspect out of things.

But the very first thing you need to do is to find out how much your gold is actually worth. The best way is to go to a jeweller and let them determine your gold’s worth. Just remember the price can and does change daily as the actual spot price of gold changes all the time. When researching companies you must determine whether or not they are BBB accredited. You want a business with a BBB rating of over a B-.

gold jewellery in hand

You must always be wary of any company not accredited. The majority legitimate of gold refiners will go through the trouble of getting accredited. Just to be sure go to the company’s website and check out their buying and selling policies. Confirm what percentage they pay out and how they go about handling your gold. Oh and look up their insurance policies too, just to give yourself complete piece of mind.

The top companies will have excellent insurance to cover many different eventualities. If they don’t then the general rule of thumb is don’t touch them. After all you don’t want to put your precious gold items in the post only to lose them or indeed any compensation.

Do not accept any offer under 80% of the spot price of gold. Many gold refiners are willing to pay 90% or more for the right items so don’t be short changed!

You can take your pieces into one of the many stores across America who specialise in this. They’ll look at the item, weigh it and then offer you a price and cash there and then. You’ll see cash for gold locations both on the internet and advertised on TV. Most companies make it really easy sending you a specially padded envelope which is prepaid. You then just mail your items risk-free and the company will do the rest and send you a check.

But make sure you have a direct contact telephone number and a proper address and not a PO box or something you just don’t recognise. Check them out thoroughly before parting with anything just to be absolutely safe. Some companies will pay you for any item containing precious metal, even if it’s broken, bent, dented, scrap, or simply unwanted; your items have actual cash value, so take the best advice first!

What The Press Are Saying:

  • www.reuters.com/article/2009/01/27/idUS148938+27-Jan.

BUT REMEMBER IT’S NOT JUST JEWELLRY – COINS, WATCHES AND A WHOLE HOST OF OTHER ARTEFACTS ENABLE YOU TO SELL GOLD FOR CASH!

In fact cash for gold prices at the time of writing in the United States were at an all time high. This is because Gold’s price is not driven by industry. There are lots of industrial and high-tech uses for the metal, and the general use for gold hasn’t changed for centuries.

gold the store of value

Gold is basic terms what we call a store of value. It’s an asset that can be and often is held by many people as a store of wealth. But while gold is not money, it shares a very important characteristic with money itself, namely value. The term itself tells you everything you need to know as it’s the best value you’re after.

If you are interested in scrap gold prices there are many options online which will stream up to the minute gold prices to your browser or your iPhone, so take advantage of the technology if you can! You must ensure you’re the person in charge during any transaction so you can haggle when you know quite clearly you’re not being offered the full value for your gold items.

Gold is Still Seen Primarily as A Store of Wealth

But you must beware as there are a number of scams involving the sale of gold items it’s amazing just how many people can get stung by these scams brought about by heartless individuals just itching to profit from other people’s valuables!

Cash for Gold Scam?

It’s also been in the news there is a new scam sweeping across America known as the Cash for Gold Scam and consumers are being advised to beware of anyone who might approach them on the hoof!

Gold Buyers who say they are acting as Middle-Men in the gold refining Industry. Don’t be taken in as they seriously undervaluing your used gold and will only offer you a fraction of what it’s worth. Some companies offer you much less than your gold is actually worth and others claim your scrap gold is not real gold and charge you to send it back.

Even worse in some cases if you do pay some don’t actually send it back. Just like any field of finance when something is trending unscrupulous groups emerge from nowhere to try and take full advantage of people. Sadly, they normally succeed as other people suffer or lose everything!

There are many more scams out there so only use one of the top companies and even then carry out plenty of research and feel comfortable with them before parting with your gold in any form.

Gold for cash can be a wonderful way of raising cash when you badly need it but make sure you take every precaution possible and only deal with those companies who have an outstanding reputation or are accredited.

As with everything involving money you need to take plenty of time in order to carry out thorough research. This will always put you in a much stronger position in any case, and actually it can be an interesting thing to do.

Remember it’s so easy in desperation to accept the first offer you get or just take what anyone is willing to offer. And don’t forget the insurance side of things! Make it a disciplined process and you can make good money or at the very least get full value for your gold. Good luck with the sale!