Getting Cash for Gold:
How to Benefit From Precious Metals
The average housewife or working woman understands that if the price is right, getting cash for gold jewelry is a viable option as many do not follow the stock market or invest in anything with the word ‘risk’ attached to it.
The nature is that the prices of precious metals such as gold, silver, and platinum work inversely to the market. Why is this so? All paper money has to be backed by gold. In times of recession, when the stock market is slumping, the FDIC authorizes the printing of more paper money in an effort to initiate some fiscal action.
What results is more money, with less value, and prices rise. When this happens, the value of gold also goes up, and other precious metals along with it. The logical move to make is to invest in precious metals now, while prices are still high. But most of us want to stay away from the stock market. That’s where your rusty old jewelry and your son’s coin collections come in.
Everyone wants a part of the high prices of gold, so most jewelers today will give you cash for gold. There are also metal refiners, and companies dedicated solely to this purpose – buying your old, worthless precious metals. No one is saying you’ll get rich on this, but selling scrap gold, platinum, or silver can earn you some extra cash with minimal effort. It is important to be an educated consumer before you sell gold, however, to ensure that you’re not getting scammed.
Try to get cash for gold from a metal refiner rather than your local jeweler. By doing this, you eliminate the middleman. A jeweler who buys your gold still has to pay someone else to melt it down. A metal refiner does it on his own, earning you more profit. If you plan on using an online company, make sure to check their references to ensure that they are honest. An easy way to do this is simply to Google the company and check that they don’t have any bad publicity. Also, read the fine print on the site so you know that you can expect your money within a reasonable amount of time after sending in your scrap gold, and that you can request for your valuables to be returned if you’re not happy with the sum they pay you.
How do you know how much they should be paying you? Before sending in your gold or getting an estimate, check the current price of gold. Kitco.com is a great site that offers up to date information on the current prices of precious metals. They may also offer guides that help you figure out how much your gold is worth. Also, gold jewelry is not made from pure gold. The amount of karats is usually inscribed in an unobtrusive place, such as the inside of a ring. The amount of karats will tell you what percentage of your jewelry is pure gold. This can help you determine how much money you should be receiving for it.
Selling precious metals is not for everyone, but if you have broken jewelry lying around, it’s a great way to earn some extra pocket money with almost no effort involved. This is the one industry that has actually benefited from the recession, so you might as well get cash for gold while you can.
Mark Rich is a gold expert who is happy to offer tips on the best way to get the most cash for gold. When selling gold jewelry to online metal refiners, he recommends Captain Cash for Gold, a reliable gold buyer that offers high payouts.
In addition to cash for gold, there are other ways to make money including organizing a garage sale.
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