The drop of any economy always leads to the rising value of one substance in particular, and that is gold. When a currency loses its value, the value of gold goes up as it is seen as more stable than a government-backed piece of paper. This is due to a lack of trust in the government that backs the currency. Whatever reasons cause this, the United States is in the middle of a recession and you can tell by the surging gold prices in the market these days. Many different companies are now popping up, offering cash for spare gold, and they are advertising at an incredible rate.
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Now in major cities you can find places to sell jewelry and scrap gold for money right on the street. A jewelry buyer is a great place for someone to sell a watch, and other gold buyers will take pieces of gold and pay you for that too. However, if you do plan on selling, there are a few things you should remember before you dive headfirst into anything.
1. You can't trust engraving- When a piece of jewelry is made, an engraving is often made so future owners can tell the quality of the metals being used. However, there is no law in most countries that force engravers to be honest. So just because your ring says it's a certain grade of gold, doesn't mean that it actually is, and an expert jeweler will be able to point it out quickly.
2. Scrap gold prices don't reflect retail value- Just because the same ring in the store window is priced high doesn't mean that your ring will be worth as much to a scrap gold company. What this means is that when you sell a ring to a scrap gold company, they simply want the valuable gold and don't really care about looks or appeal. So you will get the money for just the gold, not the actual jewelry. Another way to look at it is by relating it to buying a car, the moment you walk with a ring out of a store, it is worth less than the same one inside the store.
3. Jewelers use appraising as a marketing tool- If you bring in scrap gold or an old piece of jewelry to a jeweler, you should know that the appraisal brings in a price for trade-ins only. What that means is that they will not usually give you cash back, but let you trade it in for a different piece of jewelry that is equivalent to the appraisal price.
4. Better kept jewelry is worth more- If you do want to bring in your old jewelry to a jeweler to sell it, make sure the upkeep on the jewelry is done well. If the jewelry is in good condition, it will bring in more money when you try to sell it.
5. New Jewelry is worth more than old, unless it becomes antique- Jewelry is also like a car in that its value goes down over time. Unless it is rare, or antique, kind of like a classic car, the jewelry will be seen as old and out of style, meaning that it will fetch a lower price in the market.
Guest Post by: Amanda
Guest Post by: Amanda