Does your jewelry box contain old precious gold jewellery that you would like to dispose of? Perhaps it’s a gift from an old partner, or maybe you just need some cash. If that’s the case, you’re probably wondering, ‘how can I sell gold jewelry near me?’
If this is you, we have the necessary tips and tricks to get you started.
In third world counties It is possible for banks to fail, companies to run bankrupt, and bonds to default. This can cause the currency to turn worthless over time. Those who own precious metals even in the form of gold jewellery were able to sell it to get by. Also as gold prices rise during a crisis this can deliver high returns during periods when other financial assets are struggling. This becomes an advantage to those ready to sell gold jewelry.
In the 1970s, for example, while paper assets were highly affected by inflation, gold managed to deliver 30.7% average annual returns.
Also, between 2000 and 2010, gold attained a 280% cumulative. On the other hand, it was considered a lost decade for the stock market. It was a resounding 24% fall for the S&P 500 during that time.
According to Ibbotson Associates, precious metals have a huge role in investment portfolios that are truly balanced. The company determined that those who invested 7.1%-15.7% in precious metals enjoyed high risk-adjustment returns. This means that gold has no direct correlation with stocks and bonds, and when the paper assets fail or fall, gold can still rise.
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That brings us to possible places to sell your gold.
Pawnshops are a great choice when you’re looking to make quick money. The chances are that there is one close to where you live. Pawnshops act by loaning you money against your valued items. In the event you don’t repay, they retain your precious items.
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Having prior knowledge before going to these shops will help in getting you the best deal. Keep in mind that you won’t get value for your metals. This is because pawnshop staff aren’t trained in dealing with precious metals, therefore, may offer inaccurate evaluations.
2. Local jewelers
Finding local jewelers is also possible. You should aim to sell to trusted local jewelers. Keep in mind that local jewelers purchase jewelry with the intent to sell them. Therefore, prices offered might be lower than the actual value of the precious metals.
Unlike pawnshops, however, they are knowledgeable on price metal prices. To determine whether your chosen jeweler is trustworthy, check for their credentials online. Determine whether they are members of any trade groups.
3. Gold Dealers
Gold dealers will pay you the highest price will make purchase your gold jewellery on the spot and most likely pay you in cash.
Local gold dealers understand the trade as they only deal with gold, particularly those who have been in the industry for a while. Their track record shows their dedication to the precious metal industry. This also means that most of them will be careful to protect their reputation.
With that said, you should do the due diligence and get necessary information on your gold jewellery before selling. This includes how much it weighs; what carat it is and the estimated price per gram.
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In conclusion this provides the adequate answers to the question on how to sell gold jewelry to your local gold dealers
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