Recession advice - Selling your Scrap Gold

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by: Adam Hunter
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Word Count: 550
Date: Fri, 25 Sep 2009 Time: 1:42 AM
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As a consequence of the current economic recession, many people are trying to find ways to make a little extra cash. One of the easiest ways to do this is to start selling off heirlooms, especially if they're made of gold. But before you start pulling the house apart looking for scrap gold to stuff into one of those tempting, pre-paid envelopes, take a few minutes to do a little bit of research.

The first thing to consider is what kind of gold you're looking to sell. Gold isn't ‘just gold'; it comes in a wide range of purity levels and consequently values. Nine carat gold is worth considerably less than 22 carat, particularly if the gold does not carry any standard hallmarks. You also have to consider that the currency markets have a direct affect on the price of gold and the weak dollar over the past couple of years has sent the price of gold soaring to over $900 an ounce. However, this is not the price you will receive for your scrap gold so although it is a general indicator as to the value of this precious metal, it does not reflect the actual price you will receive for your scrap gold.

There are plenty of online sites on the Internet that will give you an accurate indication as to the value of various types of gold, both hallmarked and unhallmarked and from 9carat up to 22carat purity standards. You can use these sites to work out a rough estimation of your items before you begin the process of selling your scrap gold so that you can be sure that you are getting the best price available. Take into account that the scrap gold buyer will charge a commission, which will reduce the total amount you receive for your items.

Another thing to take into account is if your gold items have any gemstones incorporated into their design. Both semi-precious gemstones and precious gemstones will alter the value of the item, so if you do intend selling an item which has a gemstone in its design it is best to get an independent valuation of the piece first. In this way you can be sure that you are receiving the true worth of not just the gold but of the gemstone as well.

If you're unsure about packaging up your old gold jewellery and sending it through the post, many high street jewellers are now also dealing in scrap gold. It may be that you can get a better price for your scrap gold from a high street jeweller as they will not take such a high commission charge as some of the companies that have now set up business trading purely in scrap gold. However, you may also receive a lower estimation of the jewellery's value so don't be too eager to take the first valuation that you receive and be prepared to check around before finalising any sale.

Selling your unwanted gold jewellery is a good way to make some money, but make sure you are dealing with a reputable buyer and that you have as much information as possible about the value of your gold before you sell.

About the Author

Adam Hunter - E-commerce Marketing Manager of cooksongold.com. Cookson Precious Metals enable you to sell your scrap gold at competitive rates. They also offer a choice of jewellery making supplies from over 10,000 products including Swarovski crystal beads, jewellery tools, precious metal clay, gemstones and gold and silver sheet - gold, platinum and palladium plus technical information for jewellers, jobbers, designer, craftsmen, artisans and students.

Contacts:
Adam Hunter
E-commerce Marketing Manager
Tel(DDI): +44 (0) 121 212 6491
E-mail: adam.hunter@cooksongold.com