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Make Money Selling Gold Jewelry

By Edited Nov 13, 2013 0 0

When times are tough, independent thinking people find new ways to make ends meet. One way that people have been doing just that is that they've decided to make money selling gold jewelry. If you have a lot of gold jewelry, even if it is not in pristine condition, that you no longer wear or use, you may want to consider turning it into cash at a gold jewelry buying website.

Can I make money selling gold jewelry?

First if you have been thinking about selling some of your old jewelry you may have a few questions. You may be surprised to know, many people are in fact, that your jewelry does not have to be pretty or even unbroken to get a top price. In fact when you are selling your gold it does not matter at all whether your jewelry is pretty or undamaged. You see the reason that people want to buy your gold jewelry is not because it is pretty but because it is made of gold.

As you are probably aware the price for gold has had a huge run up over the past ten years or so. Gold is at historically high prices that have not been seen before. Because of this the price that you can get for reselling your gold is also at a historic high. The reasons for this large run up in the price have to with the global economy at large, but what it means for your pocketbook is pretty basic.

You can get the most money by selling your gold today

The price of gold continues to reach all time highs. It was only this year that gold crossed the one thousand dollar mark per ounce. This is, in absolute numbers, the most that an ounce of gold has sold for in the history of the exchange. It didn't, of course, become this pricey in day, however. These price increases have been slow and measurable occurring for the better part of a decade. However, the novelty of this price runup has been that once the price of gold crossed a certain level it became highly profitable for gold buying companies to begin working with public and buying gold jewelry from ordinary citizens.

Today there are several options for people interested in making money selling their gold jewelry. Many people believe that the best deal can be found with gold buyers who purchase gold jewelry in bulk from the public, melt it down and resell it on the open market. If you go this route than the price that you will be offered for your old gold items will be based on the market price of gold. This figure will vary from day to day so don't be surprised to see the offers change a little bit as the price fluctuates.

When selling your gold, you should be aware that the price that you will receive will be based on the weight of your gold. Gold measurements are conducted on the basis of the troy ounce and using the pure (24K) gold standard. The amount of money that you can sell your gold for will then depend upon its weight and its purity. For reference purposes, 18 karat gold is 75% pure while 10 karat gold is only 41.7% pure.

The amount of money that you will be offered might vary between gold buying sites so it pays to check at least three sites before you accept an offer. And you will not be getting the market price for gold itself since it will need to be refined in order to be resold. However, with gold prices in the stratosphere you can make money selling gold jewelry, perhaps quite a bit of money.



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