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Do You Know How To Sell Your Gold Jewelry? Getting the Most Value.
Bargaineering ^ | March 23, 2009 | Jim Lang

Posted on 03/23/2009 3:58:59 PM PDT by patriotgal1787

If you’ve considered selling some of your unused gold jewelry for some cash at $900+ an ounce, you might be in for a very rude awakening.

Selling gold jewelry is pretty easy, even if you spend the extra time to avoid the scam artists and rip-offs, but the reality is that whatever you sell will be melted down and the gold will be reused. Since it will be melted and reused, you will only be paid for for the gold in the piece minus whatever markup and fees that the buyer has. $900 an ounce sounds pretty good, but you won’t get anything near that for typical pieces of jewelry.

Tonight at 9 ET on The Andrea Shea King Show

Monday, Mar. 23rd at 9 pm ET.

The economy is sagging. Some people are using the "D" word to describe where our economy is heading. Maybe you've just lost your job and need a quick cash infusion.

Are you eyeballing that stuff in your jewelry box and wondering "I wonder how much I could get for that gold chain or diamond ring? "

Gold now above $900 an ounce shows no sign of dropping. Maybe you're thinking you could use the cash to pay off debt. Or you're strapped and need to make a costly auto repair. If you're like many, you're not sure where you can get the most for your valuables. And you don't want to get ripped off.

Pawn shop? Cash for Gold mail-in operations? E-bay? Jewelers? Coin and gold dealers?

Tonight we're talking to a fine jeweler who is seeing a marked increase in people like you and me coming in to trade their jewelry for instant cash. He'll give us his best advice on how to convert your bling for cold hard cash.

What do you need to know before you hand over your loot? Tune in tonight at 9 ET to find out. Call in with your questions or tell us your experience. 646-478-4604. Link to the show here.

Join us at 9 ET. It's Radio Free Andrea, where the Revolution has begun, one Broadcast at a time. We've lit a torch to light your way.


TOPICS:
KEYWORDS: cash; gold; jewelry; pawn
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1 posted on 03/23/2009 3:58:59 PM PDT by patriotgal1787
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To: patriotgal1787
Very interesting. Thanks for the heads up.

I am very wary of those ads. on TV inviting folks to send their gold by mail. How do you know you will get the true value?

2 posted on 03/23/2009 4:02:15 PM PDT by Churchillspirit
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To: patriotgal1787

I sold some of my old chains and stuff and was floored when she handed me a check for $975. I thought $3-400 tops. If you go to a reputable place you will get fair value.


3 posted on 03/23/2009 4:03:04 PM PDT by Hildy
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To: patriotgal1787

Just sell it to the end user for $900 an ounce. You know, just like you sold that $50,000 condo you paid $500,000 for, for $900,000. Oh, wait...


4 posted on 03/23/2009 4:05:32 PM PDT by Larry Lucido
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To: patriotgal1787
Ping to Mr. T:


5 posted on 03/23/2009 4:09:11 PM PDT by Michael.SF. ("They're not Americans. They're liberals! "-- Ann Coulter, May 15, 2008)
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To: Hildy
I sold some of my old chains and stuff and was floored when she handed me a check for $975. I thought $3-400 tops. If you go to a reputable place you will get fair value.

Nice surprise. Was it from a reputable jeweler?

6 posted on 03/23/2009 4:09:33 PM PDT by Irish Eyes
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To: Larry Lucido

Just put it in an envelope and mail. You will receive “fair market” return :’)


7 posted on 03/23/2009 4:09:39 PM PDT by CindyDawg
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To: Hildy

I picked out some junk, and the jeweler’s apprentice said it was 23 pennyweight. I said, what’s that in ounces? No answer....

Do you, or does anyone know? It was a bunch of mismatched earrings, some rings with no stones, and some other stuff.


8 posted on 03/23/2009 4:09:41 PM PDT by Judith Anne
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To: Churchillspirit

Just keep in mind that 14Karat gold is only 14 out of 24 parts gold - the rest is filler...


9 posted on 03/23/2009 4:15:39 PM PDT by WhyisaTexasgirlinPA (Serkit 3/19/09 "Slow Joe needs to stay out of the deep end of the Think Tank")
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To: Judith Anne
20 pennyweight per Troy Ounce. A Troy Ounce is 31.1 grams if you prefer metric. An avoirdupois ounce is 28.35 grams (which the post office scales register).

Also, the spot price is for pure gold and nobody will pay spot price. It is the average between 'buy' and 'sell' prices. Then factor in that 10 Karat is only .417 pure, 14 Karat is .583 pure and 18 Karat is .75 pure and remember that refineries don't refine for free and the gold buyer is going to make a profit.

In my opinion, anything near 50% of the actual intrinsic value of a gold jewelry item is a fair offer in today's second-hand jewelry market. This usually translates to about twenty cents on the retail dollar cost of recent purchases.

I hope this helps.

10 posted on 03/23/2009 4:27:41 PM PDT by DocRock (All they that TAKE the sword shall perish with the sword. Matthew 26:52 Gun grabbers beware.)
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To: Judith Anne
the jeweler’s apprentice said it was 23 pennyweight. I said, what’s that in ounces?

One pennyweight (dwt.) = .05 oz. Troy (the unit by which gold is measured). So 23 dwt. would equal 1.15 oz. Troy. Put another way, a Troy oz. contains 20 dwt.

Was that the total weight of your gold or the net weight of pure gold? Remember, 14 karat gold contains .5833% pure gold, 18K .7500%, etc. Your payment would be based on the total amount of pure gold in the parcel after the dealer's profit, refining fees, etc. Even "reputable" gold buyers expect a return on their money but keep their profit in the range of 15% of your gold's value. And sometimes they lose money for a variety of reasons like unknowingly buying stolen goods.

11 posted on 03/23/2009 4:29:05 PM PDT by Bernard Marx (Free California from public employee union rule!)
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To: Michael.SF.
Bling ping!

12 posted on 03/23/2009 4:29:09 PM PDT by library user (Rod Blagojevich should have been TIME MAGAZINE'S "Person of the Year.")
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To: patriotgal1787

A Dallas tv station just did a feature on this process whereby they took some gold items around to five differnt buyers and got prices. The prices ranged quite a bit between high and low, something like the high was over double the low price. There point was to shop around before turning loose of your items.


13 posted on 03/23/2009 4:33:44 PM PDT by deport
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To: deport
$900.00????????????????

don't forget to declare it when you file your TAXES!!!!!!!!!

14 posted on 03/23/2009 4:43:09 PM PDT by jedi150
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To: deport
$900.00????????????????

don't forget to declare it when you file your TAXES!!!!!!!!!

15 posted on 03/23/2009 4:43:21 PM PDT by jedi150
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To: Churchillspirit
"How do you know you will get the true value?"

You won't!

They know that you have little or no recourse, thus the standard rip-off is applied.

16 posted on 03/23/2009 4:43:58 PM PDT by editor-surveyor (The beginning of the O'Bummer administration looks a lot like the end of the Nixon administration)
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To: Irish Eyes

Yes..Leo Hamel Jewelers in San Diego.


17 posted on 03/23/2009 4:45:13 PM PDT by Hildy
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To: Hildy

Nice...I have been wondering how it works. I have some very good jewelry that I know I will never wear again. Never thought about selling it. I only thought about leaving it to my children.


18 posted on 03/23/2009 4:52:47 PM PDT by Irish Eyes
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To: Bernard Marx

The guy separated 10, 14, 18K and figured the percent pure gold out of the little pieces, and the weight of the gold out of the percent, etc.

The 23 pennyweight was the total weight of the actual gold.

I was just curious. I decided to keep the stuff, because at the time, he was only offering me a couple hundred dollars, and I thought it would go up, and actually it has.


19 posted on 03/23/2009 4:55:39 PM PDT by Judith Anne
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To: Irish Eyes

it was really interesting..She showed how they test to see what karat it is...They rub it on some black hard substance and then pour a little chemical on it. And depending on the color they know what karat it is. I had a gold nugget that I thought wasn’t even gold..and it was 24K! So that was worth more...but I really was shocked by how much I received.


20 posted on 03/23/2009 5:00:27 PM PDT by Hildy
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