OT Selling Scrap Gold

[ray7694]

Has anyone sold scrap jewelry lately? I have a huge bag of old gold jewelry from an ex. I went to a locally owned jewelry store and they will give me either $500 cash or $1000 credit towards a purchase.

I don't know if it is a good deal or not.

Any advice?

[deenass]

I recently sold some of my old jewelery (my charm necklace, name plate, old rings) as well as some of my deceased MIL jewelery (stuff I was NEVER going to wear, I don't have a daughter to give to and some was inscribed to people other than MIL who DH could not identify!)

I went to two places, a local jeweler and a local pawn shop. The jeweler offered me several hundred dollars more (guess which one I sold the gold to!)

I ended up with close to $1400 for (I think) .65 penny weight in gold (please don't anyone tell me I got hosed - I was happy and it was several hundred dollars more than the other offer so don't burst my bubble!)

I jsut brought them the stuff and when they told me the offer I thanked them and said I needed to discuss with my husband before selling. At the pawn shop, they upped the offer after talking to the "manager", but the jeweler was stiff paying me more.

[fortato]

My mother just sold a bunch of her and my dad's old stuff. She went to a few pawn shops and got some offers, but they were so different from each other, she decided to wait. (one guy even upped his offer by $400 when she said "No thanks".)

It's a good thing she did- she ended up going to a jeweler to assess how much the items were and to find out the quality, and the jeweler offered her $1000 MORE than what the pawn shop guys did.

It's definitely worth your while to shop around.

[KBecks]

How much does your scrap gold weigh? That's pretty key to determining if it's a good price. I think gold has increased considerably and is around $900+/oz, but scrap may be valued differently. Check the going rate per oz and I'd also see what other folks online are saying who have experience in trading gold. You should be able to find a financial message board -- fool.com might be a good start.

Good luck!

[kcimato]

I have a friend who works in a jewlrey store and this is where they sent their own personal jewlrey.


www.usgoldbuyers.com

I have heard other people say good things about it too.

[casey0729]

My insurance office told me that the price of gold and platinum has skyrocketed. I tried taking a gold bracelet of mine to a pawn shop about 5 years ago and they offered me $18 for it. I never knew I could go to a jewellers. I wonder what I would get for it now!

Apparently, as of about 2 months ago platinum is $2K an ounce!!

[casey0729]

For those of you who got a lot of money for your jewellery - what kind of stuff did you bring in? I mean karat wise or whatever.

I brought in 3 necklaces, a very thick gold bracelet and some earrings today to a jewellers and she pretty much sniffed at it and told me it was only 10 karat gold so they wouldn't give me very much.

Does anyone know what to ask/expect when you bring it in? I've never done it before and I guess I am just wondering if I think my stuff is worth more than it is.