If you haven’t noticed, just about every pawn and jewelery shop is advertising to buy gold. Gold prices are still very high and everyone is trying to cash in.
Selling your old gold jewelery may or may not be a good idea. If it is just taking up space and has no sentimental value it may be worth thinking about. But the challenge for most people selling their gold is that they have no idea whether they are getting ripped off or not.
The sad truth is that every gold buyer pays a tremendously different amount for your gold. In the video below you find out that the sellers were given the following amounts for the same gold chain…
- $50 from the local pawn shop
- $37 from TurnGold2Cash.com
- $11 from Cash4Gold.com
- $5 from GoldKit.com
It is pretty frustrating to think that you could get $5 or $50 depending on where you sold your gold. So, lesson to be learned – if you are going to sell your gold, do your homework to get the best price and stay away from GoldKit.com!
Be careful selling gold via mail!
http://www.youtube.com/watch?v=56KcAABIn0Y
Have you sold any gold lately? If so, where and how did you do?
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{ 5 comments… read them below or add one }
Very interesting post.
I always try to warn people to be careful of “opportunities” that are highly advertised. The more advertisements often the less likely you are to fare. (Maybe in part because the company has to pay for all the advertisements).
So its not surprising that a pawn shop which typically just advertizes in the yellow pages would be able to offer you more for your gold than an outfit like Cash4Gold which seems to be advertising everywhere.
Interesting post. My wife and I sold some old, unsentimental gold jewelry a few months ago. We got quotes from several local buyers and sold to the one who offered us the most. We never considered the internet buyers.
Just curious…with all the hype about buying gold, is there a huge disparity between sellers of what they charge?
I’m buying now.
I sold some gold recently. I hate gold. I think it is tawdry looking. I am a silver person.
If you are planning to sell your old gold, do it the old-fashioned way and sell it to a gold merchant. You will get a good price and avoid getting scammed.