Selling Gold - How to Make Money With Unwanted Gold Jewelry

The current gold price is around $1,150 (GBP 985). It can be tempting to sell any gold jewelry you don't need (wedding rings), or that have gone out of fashion. Think brooches, pendants, and other gold jewelry. According to estimates, there will be 35 tonnes of bullion made from scrap gold in the United Kingdom.

There are bound to be ads in the newspaper or on TV. I've seen them advertise money for gold at trade stands in towns. Or maybe you were invited to a party with "gold" (similar to a Tupperware party). Many people will say that this is a great way to make some extra money by selling off stuff they don't need. But before you rush into buying anything, take your time. These companies might not be as attractive as they appear at first glance.

Many companies have been set up to purchase your gold, despite the economic turmoil in the world. While some companies may be legitimate, others are not. This weekend's Daily Mail report details the shady practices these "cash-for-gold" companies will employ.

They will often ask you to send them your gold to be appraised and promise to mail you a cheque for its market value. Once the gold leaves your hands, it is very difficult to get it back. These companies will tell you otherwise. They will tell you that you have the option to reject their offer and that the gold items will be returned.

The Great Money for Gold Scenario

The firm will receive your gold items. The firm sends you a cheque for a low amount. They offer more, so you call them. This is only if you are able to get in touch with them at all, which can be difficult. You usually have a seven-day period in which to cancel the check and return it. It may be too late to return the cheque by the time you get in touch with the company. They may not be able to send your gold items back because they have already been melted down into bullion. If the items are made of other materials, such as gems or gemstones, they can only be returned if you pay postage.

Gold Market Price

These companies often don't tell you what percentage they will pay compared to the market price. This isn't illegal, but it is up the seller to decide what price per gram they will pay. It could range from 10% to 80% depending upon the quality of the offered gold.

Here's the name of one such company, which named in the London Gold Centre Visit the https://londongoldcentre.co.uk/ website to learn more about their business practices. These companies are not all scammers. There are also perfectly legal companies. You have to do your research before you Sell Gold.

Where to sell your gold

You can also visit your local jewel dealer to get an impartial valuation.

If you don't want to or need to sell your gold, but are not sure if it is worth the effort, you can have it redesigned so that it will stand out. You can find many individual jewellery designers by simply going online.

It's a good idea to purchase more gold. The gold sovereign is a sound investment as you have two avenues to explore: the gold sovereign collectors' market and the gold market.