Times are tough and are getting tougher by some standards. You may be needing cash fast and selling old jewelry might seem like a good idea. However, like history always shows, desperate people during hard times are easily scammed and robbed. Arm yourself with knowledge.
ABC News has a couple of very informative articles like "Selling Your Gold Jewelry on Your Own? Get the Dos and Dont's
" and "Thinking about Getting Cash for Your Gold? Read This First
First off, "Cash4Gold" is a scam. You are foolish to mail your valuables to people you know nothing about. It has been so bad that the government has introduced legislation to protect the consumer from this.
Wow. Talk about micromanaging. The government has to make regulations for EVERY business sector. They are trying to legislate away consumer ignorance. It can't be done. I detest scammers as much as the next guy, but I am so very tired of the nanny state mentality. Maybe if the schools were actually TEACHING instead of social engineering?
There are a couple of comments made by readers on the "Cash4Gold" article:
Comment by ausmith01 - "... Gold is currently selling for about $1100 a troy ounce. This works out to $643.60 for an ounce of 14K gold. This works out to $20.69 per gram, or $32.17 per pennyweight. A refiner will return as much as 95%; he makes his money on volume. ..."
Comment by dryflyguy74 - "... 14k gold means that it is 14/24 pure gold and 18k means it is 18/24 pure gold. If the spot price of gold is $1200 per troy oz then 1 oz of 14k gold has a true gold value of 14/24 of $1200 or $700. ..."
Jewelers are reputed to give the best price since they are not as likely to scrap jewelry for the gold value. They take workmanship into consideration. Other places are only interested in the scrap value, so don't sell sentimental items as they will be melted down. Also, beware of another trick used by dishonest buyers by weighing your gold in pennyweight and then paying you by gram. Make sure you are paid in the same unit that the gold was weighed in.