We have all seen them on the television, heard them on the radio, signs outside of random strip malls, pawn shops, newspapers and everywhere else you turn. Yes, I am talking about advertisements promising a quick buck for your gold & silver.
Sounds like a pretty good deal at first. You are short on cash, may have a power or some other bill that is past due. A light bulb goes off in your mind and remember that you have some old jewelry and coins laying around gathering dust. You decide to make a conscious decision to trade them in for cash via a envelope you received in the mail, a friend telling you they are having a "gold party" or maybe you headed over to some random place that you saw on your way home from work. You walked in, got rid of some old jewelry or coins and now you have a pocket full of cash. Well Guess what? More than likely you just got screwed and received the absolute bare minimum for your valuables. The person you sold your precious metals to is laughing all the way to the bank. "Just another day, just another sucker."
While reading this article you may say to yourself, So what! "I have more money now than before I got rid of all that useless jewelry that was laying around." This maybe true and by all means go ahead and skip past this post if you feel that way. If you are intrigued, continue reading.
Due to multiple factors one being the economy/weaker dollar, precious metals have become a hot commodity, people want them and will do whatever it takes to get them including ripping off their fellow man. Below are tips that you can follow so you not become the proverbial sucker.
The first and most important thing you should do is find out how much your gold/silver/platinum is worth. This is going to involve you doing some research and can be done several ways. Go online and do a search for the current spot price of of the precious metal in question.(Note: The spot price is constantly changing) After finding the spot price you will need to determine how much of the precious metal the jewelry/coin actually contains (10k,14,k etc..The internet should be able to help with this question as well.) With all that being said, This may prove to just be to difficult for some.
Another alternative and probably easier way is just finding and going to a reputable jeweler/precious metal dealer and have them determine what your item is worth. Again, this will require a little research on your part to determine who is reputable and who is not. Determine how long they have been in business, are they in good standing with the Better Business Bureau etc.
Thirdly, Go out and get more than one opinion and go with higher paying option.
Quick cash for gold operations prey on those that don't know any better or those that are to lazy to figure out the value of what they own. Remember the research you do maybe the difference between you paying your power bill for one month or for one year. The choice is yours.
-Blogging4Bullion
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