The Gold Selling Game: Getting Cash Out of Old Jewelry

When an economy does not do so well, the price of gold tends to rise. Gold prices are up about 70 percent today from the last couple of years. Considering today’s fluctuating economy, stocks are out and gold is in.

Gold is one of the greenest industries around. Since ancient times, it has been infinitely recycled. Once gold is extracted from the ground, it’s used over and over again and never goes back in. The hefty gold chains and bracelets that were popular among young men in the ‘70s are still sold to gold buyers in Long Island today. Although they don’t provide much resale value as jewelry because it is so outdated, they are still perfect candidates for melting down because of their substantial gold content.

The kind of gold you can sell to a certified gold buyer in Long Island ranges from inexpensive gold trinkets, solid gold coins, dental gold, to fine jewelry.

So How Do You Cash In?

A pawn broker, jeweler, gold refiner, or scrap gold dealer will purchase unwanted gold lying in the back of your jewelry box at a value based on the weight of its gold content, minus handling fee. He melts down your jewelry, removes the gold, and resells it or uses it himself. You can either pocket the cash or trade in old jewelry for something you like better, depending on the jeweler you trade with.

For many struggling Americans, old gold jewelry is a valuable resource. The price of gold is their refuge investment in swerving economic times.

Whether you decide to sell gold to online buyers, attend gold parties at a neighbor’s home, or stop by at a Long Island gold buyer, there are a number of options available to those eager to sell. Just keep in mind that the prices for your gold jewelry vary widely.

As a rule of thumb, the karat and weight of the gold determine its value. Ten-karat gold equates to about 42% gold content and 58% other metals. Meanwhile, fourteen-karat gold contains 58% pure gold, and 18-karat jewelry’s gold content is about 75% gold.

Don’t get burned in the gold-selling game. Get a clear idea of what you’re selling before you get in touch with a buyer. In addition to doing your research beforehand and shopping around, make sure you approach a reputable neighborhood gold dealer over a company that advertises late night gold buying on cable.