Until gold prices shot up this past year and “Cash for Gold” ads hit the media, the practice of selling scrap gold and sterling seemed to be practiced by people already in the know (coin dealers, jewelry dealers, antiques dealers, jewelers). Now, everyone knows that “Cash for Gold” will buy your scrap. However jewelers and coin dealer have been buying scrap metals for years & years.
A little research will help you determine if you are getting your best price.
1. Get on the Internet and look up the spot price for gold and/or sterling that day. There are many sites that post the spot price. Realize that the seller is going to get 70-80% of spot price when selling to a gold buyer.
2. Sort your pieces of jewelry by their gold/sterling marks. Put your 18K, 14K, 10K gold in different piles. Also, you will probably only be able to sell sterling (925) silver.
3. Call your reputable local jeweler, someone you know in your hometown. Ask them what they are paying for scrap…it will most likely be higher than Cash for Gold.
4. Invest in a cheap little scale and weigh the jewelry yourself. That way you’ll have a good idea prior to selling how much you have.
4. When selling your jewelry, are the stones worth anything? If you think they might be, have them pried out prior to weighing the scrap and selling.
Good luck! Selling scrap gold is a good way to get some money out of something you’ll never wear again. But make sure you are aren’t “giving” your scrap away.
There is a type of man you’ll see at an antiques auctions who are 100% guaranteed to annoy me. I call these guys the “Gold Diggers”.
There are some Gold Diggers who have been doing it for a long time, way before gold prices shot up. They don’t bother me because they know what they are doing. It’s the other Diggers who bother me — the bandwagon jumpers who have begun speculating since gold shot up in value.
Gold Diggers can be spotted two different ways. First, they will always have a jeweler’s loupe with them. They crowd the tables of goods and meticulously examine each piece of gold colored metal within sight. I’ve nearly guffawed out loud when watching a man check out a 1970’s Sarah Coventry Austin Powers style swinger’s pendant necklace in goldtone. Obviously these guys don’t know costume jewelry.
As a person who specializes in costume jewelry and looks at jewelry all day long, I can pick out real gold from a distance. That’s because finding a piece of gold in my costume jewelry is like finding a little surprise treasure. (OK, maybe I’m a little bit of a Gold Digger in my heart). I’m like Rainman in the toothpick scene of the Rainman movie. Thrown a pile of jewelry on the floor, and I could spot the tiny gold pin in there within fourteen seconds.
The other way to identify Gold Diggers are by the small digital jewelry scales that they carry with them. I’ve been to auctions where the bidding had to be suspended while a Digger weighed the item and calculated how close to the bone he could cut his bid. Don’t you think he could have done this before the auction started?