Is Cash for Gold a Good Idea?

Gold prices are high, and household budgets are tight. Thousands of people who need money are getting cash for gold and getting rid of jewelry they have no use for. But is it a good idea to sell your gold jewelry? If you have jewelry that you never wear and that doesn't hold sentimental value, then the answer may be yes. But before you do, thoroughly check out any business claiming to offer the highest price for your gold.

Reputation Is More Important than Ever

The internet allows people to set up businesses almost instantly, and this makes it very easy for dishonest people to create "businesses" that offer cash for your gold jewelry and then offer you an unfairly low price or simply take your items and disappear. The length of time a buyer has been in business is a clue to their business ethics. If a buyer has been around for years, they are probably operating legitimately.

Learn What Gold Buyers Will Accept

Never send anything unless you're sure your buyer accepts it. For example, some gold buyers accept coins and ingots and some do not. Some buyers purchase sterling silver and platinum, and some purchase specific gemstones. When it comes to gemstones, most buyers don't purchase anything other than diamonds of one-quarter carat or larger.

Find Out How Long You Have to Change Your Mind

Does a buyer you're considering offer a guarantee? Some buyers who pay by check give you a period during which to change your mind after you accept their offer. But others do not. Some buyers allow you to view your settlement offer online, and this is a great convenience if it is a secure website.

What Happens When You Reject an Offer?

Some buyers offer unrealistically low amounts when you sell your gold jewelry, and then try to bargain with you if you choose not to accept their offer. Who has time for that? Work with a buyer with a long track record and good reputation and you won't have to endure a back-and-forth haggling process if you choose to reject an offer.