Selling Gold Jewellery- Get The True Profit Without Being Taken For A Ride In The Process
It is no longer the question of if you should sell your gold, but where to sell gold. The price of gold is rising at an all-time high at the time of this writing. Real estate, the stock market, and the US dollar have proven time and again that they are not as profitable as we once predicted that they would be. But gold, on the other hand has been,is, and will continue to be a rock solid investment, for a very long time, in the financial future.
So the issue of where to sell gold depends on where you can get the highest price for it. The last thing you want to do is give your gold to someopportunistic pawn shop or jewellery exchange that could cheat you out of the real value of your goods. In the end, even a jeweler needs to make a profit too, right? After all, a retailer is going to basically take your gold and try to resell it… the old buy low, sell high tactic. It’s his job to pay as little as possible for your gold so that he can sell the same item for as high as he can, to line his own pockets.
The best entity for selling gold jewellery is to a gold refinery. Why? Because they will take your gold and melt it down, and sell it at wholesale or as as appropriate. Gold refineries are not in the business of retail. They don’t resell gold items. They are fundamentally a wholesale distributor of gold raw material. Because there is no middle-man, therefore the profit margins are much higher, and therefore they can afford to offer maximum value for your gold.
The reality is that, you can reasonably expect to earn as much as three hundred percent more for your gold through gold refineries than you could if you were to sell it at retail.
The good news is that these companies are offer a haggle-free price. They offer a rapid estimate and remit payment to you expediently. You don’t have to worry about being fooled, because you won’t be. You are getting the highest payout possible, while still leaving room for the refinery to make a profit as well.
So it really is in your own best interests to do your due diligence before you make a decision about where to sell it. Just makesure that you aren’t dealing with some gold “dealership”. Just make sure you are not giving away your gold to some hustler that is out there to take your jewellery and run.
If you own gold, then you should know that you actually possess the upper hand in any situation that requires negotiation. Gold is a finite commodity. You own something that THEY want. They need the gold that you have. So you should not settle for whatever meager sum they are only willing to offer you. You need know the true value of your gold.
That is why the refinery is the ideal placefor selling gold jewellery
March 17th, 2010 at 5:41 pm
I conducted a secret shopping test yesterday and discovered a price differential of up to 70 per cent, with the shopping centre kiosk operator Gold Buyers coming in last by a long way.
Gold Buyers’ Westfield Chatswood offered me $140 for an 18-carat bracelet.
I then went to Ian King’s Loan Office in Merrylands, which was willing to pay $170. At Gold Traders of North Sydney the offer was $202.
Next was Saffo Jewellery in Castlereagh St in the city. They said they would give me $238.
My final visit was then to The Gold Company, also in Castlereagh St, where they were willing to part with $225.
So from top to bottom the difference was $98, or 70 per cent, with Saffo on top.
“We know we pay more,” Saffo general manager Lilian Haddo said. “But we can still make money at that price.”
Which makes you wonder how much Gold Buyers is making. The chain has gone from one kiosk at Westfield Eastgardens to 31 in just six months. There are 150 across Australia.
When I quizzed NSW manager Maurice Levine about the price discrepancy, he claimed that had I gone a day earlier he was confident that Gold Buyers would have offered the best price in the nation.
However Gold Buyers only offered Denise Moss $850 for three pieces of gold jewellery earlier this month.
She ended up selling the items through The Gold Company for $1300 — a 53 per cent improvement.
Anthony Whittaker was offered $3000 by Gold Buyers. He got $6000 from The Gold Company.
Mr Levine also said that Gold Buyers was “on a mission to save the environment” by recycling gold. Also, “a lot of our customers don’t go to pawn brokers”, he said. “They like the convenience of being in a mall, of being somewhere safe and comfortable.”
Source: Daily Telegraph
March 18th, 2010 at 8:33 am
I just want to add BE CAREFUL where you do choose to sell your gold or silver since many of the operations out there now are scams…not to mention all the bad press that the big on t.v. guys have gotten and have been exposed as rip offs! So, do you homework and find a reputable company. Research their BBB report, make sure their prices are listed on their website (so know you know they’re not hiding anything), investigate any complaints, and TALK to them…be sure they’re human and professional!
After I did all this, I recommend the Silver And Gold Exchange. http://silverandgoldexchange.com They had a clean BBB report, offered really fair prices, have a shipping label right online you download (no need to wait for some silly “kit”), were really helpful and professional when I spoke with them, and had GREAT REVIEWS! Plus, I read their terms and conditions, and unlike most of the others, they weren’t sneaky about what they hid in there!
Check ‘em out.