The Right Way to Sell Gold for Extra Cash

Those commercials on the television and on the radio sound too good to be true. They say all you have to do is send them your gold jewelry and they will send you a check in return. Selling your gold jewelry to one of these companies can be safe when done properly, but selling your gold locally is much smarter, if you are lucky enough to have one available.

Gold Companies Pay Top Dollar

You might be a little uneasy about sending your gold jewelry to one of these companies because you are suspicious of them. You might feel safer taking your items to a local pawn shop. However, you will not get as much money from a pawn shop as you will from one of these gold companies. These companies specialize in recycling gold. As a result, they are able to pay a much higher price than you will get from a pawn shop.

That doesn’t mean sending your jewelry away in the mail is the best option. Some jewelers will also buy gold to use in jewelry making. Check around with local jewelers. Those that make their own jewelry are likely to give you a better price than a pawn shop and at a lower risk that sending your gold off in a mailer. If you cannot find a local jewelry to buy your gold, you can consider selling it on eBay. The downside is that you may not get the high bid you are looking for.

How to Do It

If you cannot find a good local jewelry that will buy your gold, you may decide to use a mail away service. If so, check out the company first. Be sure they are a member of the Better Business Bureau. You can simply go to the BBB’s website and check out the company’s affiliation and see how long they have been in business. You can also read any complaints or other comments previous customers have had about each gold company. Choose the one that seems like the best one for your needs based on the information you gather.

Once you have decided on a company, take a picture of the jewelry and gold items you send to them. Get a close up of any purity marks or other features on the items so you have some solid proof of its value. Keep these pictures in a safe place in case there is ever any dispute about the quality of items that you sent.

Next, prepare a padded envelope, clearly marked with the company’s address and your return address. You should consider buying insurance on the package just in case something happens to it en route. Some companies will even provide you with a free prepaid envelope which already carries insurance. All you have to do is contact them first and let them know you have gold items that you would like to send them and they will take care of the rest.

Be Realistic about the Value

Typically, the service works this way: You send the company your gold jewelry, they send you a check for what they will pay you for it and you can either accept or reject the amount. Keep in mind that your gold jewelry is only going to be worth what someone is willing to pay for it. The sentimental value that you have attached to it does not factor into the price someone is going to give you. That is why you have to be realistic about what it is actually worth.

If you reject the amount, contact the company to let them know you will be sending the check back to them. Once they receive your check, they will send you gold items back to you. However, if you accept the amount of the check, you can cash it and be on your way. This is how most of these services work, but be sure to find out how the particular company that you choose does this process so there are no surprises. For instance, will they ask you to pay return shipping?

Put Aside Your Fears

One of the main drawbacks of selling your gold to one of these companies is that you have to send your gold in hopes of getting a check in return. This discourages many people from even trying the system, and rightly so. However, if you have done your homework and have confidence the company is reputable, there is really no reason not to give it a try.

Selling your gold to a gold refining company is a great way to get top dollar for something that is just laying around your house. If you are realistic about its value and take the proper precautions, you are likely to be one of the thousands of satisfied customers.