It feels like we’ve been bombarded with adverts about selling our scrap gold for quite a few years now. In fact, I would say it really started to boom around the time of the last recession.
The main (and obvious) reason for that is that when things get worrying financially gold is always seen as a sure-fire safe investment. This fact is sort of laid into your no matter if it’s your parents being smug about how they invested in gold 50 years ago or any of the financial programs that are on TV.
For most of us, common folk who haven’t got giant bars of gold stashed away in the loft any sort of gold that we own will typically come in the form of jewellery.
Gold companies would typically buy your bling off you, melt it down and then sell it on to turn a profit and there are lots of companies out there willing to take your rings etc. off you but it can be a bit of a minefield when it comes to deciding which company to choose.
You typically have two options when it comes to selling your gold. Either you can use a high street Jewellers or use one of the postal gold companies.
How much you will get can literally depend on the hour of the day when your items are being viewed as the price of gold can change rapidly so if you do send yours away having got a valuation beforehand you need to expect a little shuffle in price.
Some important tips for you to follow when it comes to selling your gold items
- Don’t send your gold to any old company you see advertised on TV (do your research!)
- Make sure the items you’re sending away is truly unwanted. (there’s no going back!)
- If you send your items away to a postal gold company always send it recorded delivery.
- Remember that the quoted price will not be the actual price you get.
If you can factor all these issues in then selling your unwanted gold can be a great source of bringing in a bit of extra ONE TIME income. I make the point about it being one time because that is how you have to view it. Unless you are suddenly going to get into the jewellery business then once your family jewellery is sold there’s not much to be gained by you buying more to then sell at a later date 15 or 20 years down the line.
One important thing to remember if you do decide to sell old jewellery on the high street is that you hold the power with all this. If you are selling to jewellers then take some time on a Saturday going from shop to shop and seeing who offers you the best price. NEVER take the first offer you get and always do your research – you’ll feel pretty bad if you’ve sold off some family jewellery and then find out later that you got given far less than you could have got elsewhere