Selling gold?

[cbrenthus]

I have some old gold jewelry that I never wear anymore and don't plan to. With the price of gold these days I've been thinking about selling it. Most of it is 14 karat and some is 10 karat.

Who would I sell them to? Would it really even be worth it? What is the secondhand market like for gold?

Maybe later I will post some pics.

[Dan Pierce]

Originally Posted by cbrenthus

I have some old gold jewelry that I never wear anymore and don't plan to. With the price of gold these days I've been thinking about selling it. Most of it is 14 karat and some is 10 karat.

Who would I sell them to? Would it really even be worth it? What is the secondhand market like for gold?

Maybe later I will post some pics.

While visiting my watchmaker recently I noticed many people selling their gold. Got my wife and I to thinking. Like you, we had many pieces collected over the years and decided to sell while the price is high. Probably go higher too. Better for us to have the $$ than unused jewelry collecting dust in a drawer.
As to where to sell it? Check your local watchmakers. They should be able to steer you in the right direction.
Good luck,
dP

[cbrenthus]

Thanks! I have a pretty good relationship with my AD, and while they're probably too big to buy it themselves, they could steer me in the right direction

[vh_bu98]

You're not going to get much for 10k and 14k compare to what it costed to purchase it. 18k-24k is the preferred.

They will either buy the jewelry as is if they think they can sell it. If not, they will weigh it and make you an offer that is a lot less then what the current market value.

[Art 1]

Usually coin shops will buy gold. They will weigh it and calculate the gold content according to it's weight and carat amt.

[unclesallie]

coin shops, pawn shops, there are many people who scrap gold, look in the yellow pages and in your local newspapers and magazines. understand that they go by pennyweight, and there's a 'melting price'. 14K will bring you so much to the pennyweight which discounts from the world price of gold(euphemistic term they use: melting charge)Here's an example chart(scroll down)...I don't know anything about these people, purpose here is to show you pennyweight prices quoted at this website, nothing more:

http://www.usgoldbuyers.com/?gclid=C...FR0yFQodNW-vwg

as always, to sell hard commodities, do it in person! get your cash on the spot.
find people with good reputations, ask around locally. you can scrap anything...a gold pocketwatch...hell, they'll give you the movement, they just want gold(I know, I know, sacrilege!).
have fun(d).
best, dan

[etp095]

Originally Posted by Art 1

Usually coin shops will buy gold. They will weigh it and calculate the gold content according to it's weight and carat amt.

this would be your best bet,i see people in there all the time selling their misc gold.the coin shop will weight it in front of you and give you an offer at the current market rate.

[Numismatist]

Originally Posted by etp095

this would be your best bet,i see people in there all the time selling their misc gold.the coin shop will weight it in front of you and give you an offer at the current market rate.

Yes, I do that. Spot price-20% by weight. Everyone is offloading their gold due to the high prices. Everyone buying is doing the quick flip, so it's really a momentum game right now.

[cbrenthus]

Thanks everyone! I'm going to check and see what I have, and talk to my AD and see what they say. They aren't in the used market at all so they may be able to give me some better advice then someone who wants to buy and flip. I'll try to break out the camera and take some pics to give you guys a better idea.

[cbrenthus]

Lol! look what was on Yahoo finance today!:

http://biz.yahoo.com/ap/080311/business_of_life.html

AP
Gold Prices Push Consumers to Sell
Tuesday March 11, 12:52 pm ET
By Dave Carpenter, AP Business Writer
AP Centerpiece: There's Gold in Them Thar Jewelry Boxes: Consumers Sell Gold for Top Dollar


CHICAGO (AP) -- A new kind of gold rush is unfolding at jewelry store and pawn shop counters -- featuring not prospectors, but consumers.
White-collar workers, retirees and many others have been digging through jewelry boxes and safety deposit boxes to cash in as gold prices flirt with $1,000 an ounce. Coins, old wedding rings, necklaces given by ex-boyfriends, hand-me-down gold pieces -- everything is fair game when it brings this kind of profit.

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Shop owners across the country are marveling about the phenomenon they say began in the latter part of 2007 and accelerated through the winter, reflecting torrid gold demand like none had ever seen. There are even gold parties, where people gather to sell their jewelry.

"Everybody's trying to sell," said Richard Rozhko, owner of a jewelry store on the northern edge of Chicago. "People are trying to cash out because they don't believe that gold's going to go higher than $1,000 or $1,200" an ounce.

Rachel Weingarten, a New Yorker with a self-described obsession with "shiny trinkets," didn't need to sell but couldn't resist the chance when she saw prices soar like an overinflated tech stock.

"When I saw the prices going through the roof, I saw it as an amazing opportunity to rid myself of jewelry that no longer suits my taste or status," said Weingarten, a marketing consultant. "It's also been a lot of fun to get cash for stuff that is broken or just really ugly or just takes up room in my drawers."

Royal Pawn Shop, a 75-year-old business within earshot of the rattle of passing El trains in Chicago's South Loop, has display cases sporting fancy gold rings, bracelets and watches along with racks holding hundreds of pawned fur coats. It also has more office workers as customers these days -- mostly sellers, not buyers, bringing in gold chains and rings.

"It's stuff that's lying around the house, so they figure: Why not make money from it?" said co-owner Wayne Cohen. "The price of gold is so ridiculously high that they'd be stupid not to get rid of it."

Others are selling to help cope with tough times in an economic slowdown.

Three miles across town, Division Gold store owner John Vela recounted housewives coming in to pawn treasured items from their jewelry boxes and numerous clients saying they need money to pay their property tax bills and take care of other rising financial obligations.

"I have mortgage brokers, real estate agents, retail shop owners. They're nervous, you can see the stress on their faces," he said. "Many haven't been to a pawn shop before -- they want to know how it works. Some don't want to let go of their gold. (But) gold is cash to them."

Silver also is stirring customers to sell more, with prices having more than tripled from $6 per troy ounce two years ago to over $20.

The stories are similar elsewhere.

At Gold Star Pawn Shop in Eastlake, Ohio, where the Cleveland-area economy is suffering, manager Marc Berman said people come in regularly with broken gold chains, rings with marks on them and scrap gold to get more money in their pockets.

"I think it's more about gas prices than anything else," he said. "People are bringing in anything to try to get money to put a few gallons in the tank."

Some seniors come in monthly to pawn gold items in order to make it through until their next Social Security checks arrive, Berman said.

The clientele at Palace Pawnbrokers in downtown San Diego has gone more upscale as gold prices have soared. Owner Jeff Bernard said it's a mixture of those who seem to need the money more than ever and those who want it.

"It's a combination of many factors -- the state of the economy, the price of a gallon of unleaded gas going for $3.60 here," he said. "People are saying 'We've just got to do something.' With gold knocking on the $1,000 door, they can actually pay off a bill, do something significant with it."

One woman recently lugged a safety deposit box full of old wedding rings, chains and gaudy 14-karat jewelry from the 1970s in to Scott Goldstein's Super Pawn shop in Round Lake Beach, Ill. Others have arrived carrying shoeboxes full of jewelry, and a 92-year-old man brought in 80 gold coins. Customers have brought in as much as 40 ounces of gold to sell, he said.

"It's people going through hard times AND the crazy prices," Goldstein said of the crush that began there after Christmas. "With all the foreclosures nowadays, you hear people more and more saying 'I've got a mortgage to pay.'"

Midge Elias watched prices rise for months until she finally gave in to the temptation and walked into a Manhattan coin shop with two mounted Liberty Walking gold pieces she'd once worn on long chains. She left with a check for $1,150.

"It felt like a little gift," Elias said. "Of course, there's always the possibility of gold going way higher. But hey, those are the risks."

[DS/B MINI S]

I just sold a nugget bracelet and some necklaces for more than $600

Just some old stuff that is no longer worn, so it was worthwhile to sell. Now, I just have to wait for my local gun shop get in some of the new Glock G30SF models