By JM Williams
Record high precious metal prices are attracting buyers and sellers of old gold jewelry. With the economy in near-ruin and slumping home values, old gold has become the new standard once again. The price today has exceeded $1000 per ounce and would-be-sellers are now flocking to sell scrap to refiners to take advantage of selling their unwanted gold for a record high.
"People are looking for the best places to get cash for gold jewelry" says Warren Price of a Seattle's North pawn industry. "The dollar is down. Stocks are down. People need cash and you can safely sell your old jewelry for 3 times more now than just five years ago." Sellers may get only $130 for a 10-gr .35 ounce 14-karat necklace but it is at the highest price than ever before. This is the right time to sell. Pawn brokers report people are raiding their jewelry boxes and bringing in old scrap jewelry. People of all walk of life are taking advantage of this opportune time. The selling of gold is up 50% from last year.
"A young woman walked in and said she couldn't pay her rent," Price said. "So she sold an old gold coin her grandmother had given her." She pocketed $984 and walked out relieved having had the option to get a good price for her gold coin.
It is no surprise that sellers are taking advantage of the record high. Since interest rate cuts by the Federal Reserve could send the dollar yet lower. As the dollar falls, preciuos metal prices typically rise. Gold sales volume has shot up 8 times in recent weeks. The larger trend is the peak in interest from refiners who are buyers.
So where is the best place to sell gold jewelry? Many online refiners have sprouted up making the decision more difficult. A recent Fox News investigation put some of the better known "sell cash for gold" companies to the test. They purchased 3 identical necklaces from a department store and sent a necklace each to "Cash For Gold USA", "Cash 4 Gold", and "Broken Gold". The fastest and highest paying result was from "Cash For Gold USA" with a payment of $15.50, while "Broken Gold" paid $5.60 and "Cash 4 Gold" paid $5.52. Clearly one the first company was the best place to sell gold jewelry and scrap precious metal.
Jon Nadler who is an analyst at Kitco Bullion Dealers in Montreal expects by summer that the dollar will begin to recover and gold will return to stabilized level of $650 - $750 an ounce. This will make the window of opportunity for people to get the best cash when they sell unwanted gold jewelry and coins. It may not bring riches but it could bring financial stability to those who need money quickly.
If one is looking to sell broken gold jewelry and make some cash in the process, they would be best served using a trusted service.
JM Williamshttp://www.cashforgoldus.net/
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