| The high price of gold is creating a situation where | | | | jewelry, and they don't pay for all of that, as |
| a number of individuals are considering sending in | | | | they hold back a percentage for their profit. |
| their old jewelry for cash. The weakness in the | | | | Second, they don't pay anything for the |
| economy has made things even worse. Seeing an | | | | gemstones in your jewelry, in fact you may not |
| opportunity, folks in the gold refining business are | | | | even get the gems back - even if they are |
| reaching out to get their share as well. I cannot | | | | diamonds. So if you have nice rings with |
| remember any previous time in my life when I | | | | gemstones, either have the stones removed or |
| have seen refiners openly advertising on | | | | sell the whole piece through ebay or some other |
| television, but in recent months, there they are, | | | | venue where you can get something for the |
| urging folks to send in their jewelry and gold for | | | | jewels as well as the gold. |
| cash. It hasn't even been a one time occurrence - | | | | Third, your gold jewelry is not pure gold - most |
| I have seen many such ads, and from several | | | | solid gold jewelry is 14 Karat - or 58% gold. |
| different refiners. You may well have seen some | | | | Jewelry marked as 18K is 75% gold. Some men's |
| of the same ads. | | | | jewelry is only 10K, which is only about 42% gold. |
| So what should you do with your gold? It is not | | | | At the current gold price of about $820 per |
| at all difficult to convert precious metals into cash, | | | | ounce, you can expect to get paid about $425 |
| and the current high prices certainly are tempting. | | | | per troy ounce for your gold jewelry or about |
| A number of refiners are out there and they are | | | | $390 per avoirdupois ounce for your gold. These |
| eager to have your business - a quick internet | | | | numbers will go up or down as the gold market |
| search will yield up a whole crop of them. Perhaps | | | | fluctuates. Most scales are made to weigh |
| the best thing is to learn a bit more about refiners | | | | avoirdupois, so if you use a scale made for |
| and the process of converting your gold into cash | | | | postage or food to weigh your gold, use the $390 |
| before you make an educated decision. | | | | per ounce number. This means that for a simple |
| I'm not a gold buyer, and I am not in the refining | | | | gold wedding band you will be getting around $25 |
| business, so I am not trying to sell or promote | | | | to $30. For a gold bracelet you should get |
| any one or the other of these services, but like I | | | | somewhere around $120, depending on how |
| noted, there are plenty of them out there. I'd just | | | | heavy it is. If your jewelry is marked GF - that |
| like to offer some advice based on my | | | | means gold filled and you wont get anything for it. |
| knowledge and experience with the process. | | | | GF means it is only gold plated. |
| When considering cashing in your gold, you want | | | | So what are these services good for? Well, if you |
| to ask yourself is how much of an emergency | | | | inherited a bunch of 14K gold jewelry from aunt |
| this is. Are you in urgent need of cash? Or can | | | | Elsie, and you don't like her taste and know you |
| you wait? Almost half the battle in getting the | | | | will never wear any of it, then these services |
| best price for gold is not being in a rush when it | | | | might be a useful alternative to turn that gold into |
| comes time to sell. A lot of guys save up their | | | | cash. |
| gold, but then a crisis hits and they are forced to | | | | Remember it is important to carefully and safely |
| sell at whatever price they can get. Unfortunately, | | | | store the gold you own until you sell it. It is not |
| the emergency "have to sell right now" price is | | | | safe to have large amounts of gold - what may |
| not normally as good as the price you will get if | | | | amount to many thousands of dollars - sitting |
| you can be choosy and wait till the right buyer | | | | around your house in a box or a drawer. Many |
| comes along. So I'd say that one of the most | | | | folks have had their gold stolen because they |
| important things about getting the best price for | | | | failed to keep their gold in a safe location. Gold is |
| your gold is good planning. | | | | valuable, and it attracts thieves. If you have more |
| The first thing you need to know is that these | | | | than an ounce or two of gold around the house, |
| "cash in on your jewelry" outfits will not be paying | | | | you really should purchase a safety deposit box in |
| you a price that is similar to the price you might | | | | the vault of your local bank and make |
| have paid in a jewelry store. They pay only for | | | | arrangements to keep your gold in the safety of |
| the value of the gold metal contained in the | | | | their secure vault. |