People are always looking for ways to get more money. One such way is to sell unwanted and used gold jewelry. Often, local establishments, such jewelry stores and pawn shops are selected, and they do bring the seller some extra money for their unwanted jewelry. However, recent economic developments have led many to realize that selling scrap amounts of gold, such as that in jewelry, to refineries, is much more profitable selling the items to pawn shops.
The reason for this is the recent spike in the price of gold. Gold is worth more than it has been in over 30 years. During the 1980’s, the price of gold spiked as it did a couple years ago, leading to a frenzy for gold, among other precious metals. At present, the price of gold has exceeded $1000 per ounce. Accordingly, it can be seen that the gold market has changed in such a way, that many quantities of scrap gold are worth more for their intrinsic value based on their composition, than they are for the product that they are.
For jewelry, this means that selling to a refinery that will process the gold for its precious metal composition, is much more profitable than selling to a pawn shop or a jewelry store. This is because these establishments are paying for the object as it is, and they simply intend to resell the object, as it is. Fashion changes over time, so while a piece of gold jewelry may have been expensive to buy, if it is out of style, a pawn shop will be unwilling to purchase it for what one may have paid for it.
However, when that piece of gold jewelry was purchased, the buyer may have unwittingly made an amazing commodity investment. With prices of over $1000 per ounce, the value of that piece of jewelry for the worth of its content may far exceed its worth as an article of fashion. In order to receive the best price for it, however, the potential commodities trader must find the appropriate market venue for selling the gold. Even if a pawn shop is willing to buy the jewelry for its gold content, with an aim to selling to a refinery, they can prove to be an unnecessary middleman.
Thankfully, companies have arisen to meet this market need. Sites like CashforGoldUSA have created a streamlined process for receiving, processing, refining, and paying for large amounts of scrap gold. Clients are offered the convenience of free FedEx shipping that is insured for up $1000 to their processing facilities. Then, after 24 hours, the company will send a check for the amount of gold that they have appraised to be in the shipment that they received. This amount is not based on the scrap gold’s worth as jewelry or any other product; this amount is based on the current market price of gold.
Since the price of gold has risen to such an incredible height, this opportunity allows potential sellers of scrap gold the ability to cash in on this price spike. While other refineries may offer similar services, their overhead costs are so high that the profit of selling scrap gold can be significantly diminished. By selling to refineries like CashForGoldUSA, potential sellers will be able to get something closer to the real market value.
Selling to pawn shops now seems like an almost silly arrangement, where incredibly valuable material is sold for prices that do not reflect its real, intrinsic value. By selling to refineries that are set up to exclusively process scrap gold, the actual value of gold will be reflected in the sell that is made.