Gold is the most popular as an investment from all the precious metals. Gold prices have shown a long term correlation with the price of crude oil; this is the reason why gold is sold out during the economic crisis. Today, the prices of gold are at the highest, and there is no better time to sell your old gold jewelry. The gold prices are on a high for the past decade and on an average its price increase by 20% each year. No doubt, the market slowed down in 2008, but the gold recovered from this crisis.
For the last few years, the gold has only become a stable investment vehicle. So if you have been holding gold for a long time, this is the best time to get it cash. No matter you have gold coins, bars, grandmother’s jewelry, mother’s brooch or even scrap gold including broken gold clasp, chain, or a single earring. Today anything in gold can get you a good price.
After you have decided to sell your jewelry, now the question comes where to sell it and how to get the best price out of it. Here are the answers for your query:
- Don’t sell your gold jewelry to a retail showroom, and a pawn shop. As they buy your gold with the intention of reselling it to you again. Their sole purpose is to make a profit out of the deal. They are like gold brokerages and wish to earn commission by using the old “buy low and sell high” strategy. So they will naturally offer you with the lowest price for your gold jewelry no matter how pure your gold is.
- Sell your gold directly to a gold refinery. A gold refinery buys your jewelry, melts and re-manufactures it for other purposes. They offer you better prices as their profit margins are higher.
- You can also sell your gold to online buyers. They sell your gold to refineries and hence are not in flipping business. They can offer you good payouts for your jewelry.