What You Need To Know Before Selling Your Gold
One of the most common complaints I hear from people trying to sell their gold is that they think they are getting shafted with the prices that they are offered for their gold and silver. More often than not, that is probably the case as gold buyers tend to pay below 80% of the current melt value of the item they are purchasing.
With that said, if you follow our advice, there is no reason why you shouldn’t be able to get above 80% – 85% of the gold value for your item. There are plenty of Places that you can find that are willing to pay a fair price for your jewelry.
Although there are plenty of shady gold dealers that give a crap price, you also have to be realistic with your expectations. If you can find a company nearby that pays above 85%, you are golden. You may not think that is a fair price because that is only based on the metals melt value, but you have to consider that most jewelry items are not as special or unique as you might think they are.
It may be tough medicine to swallow, but the truth is a gold buyer is not going to gamble and buy your item above the spot gold price value and potentially swallow a big loss. They may never be able to sell the items they purchase from you as they have to find the right buyer in a short amount of time. This can be terribly difficult to understand in the sellers eyes as all jewelry is beautiful – but not necessarily unique enough to justify the price of a used item well over it’s melt value.
We aren’t suggesting that it doesn’t take a lot of time and effort to develop and produce fine jewelry. What we are suggesting is that once it goes from new to used it becomes an item that has a lot less value as jewelry and a lot more value that is associated with the gold price.
See Related Post: How To Get The Best Price Selling Your Gold
If you would like, you can try to first sell it on craiglist before you sell it to a gold buyer, but odds are against you as there are many similar items competing against each other for a sale.