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Thread: Pawning or selling gold

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    Default Pawning or selling gold

    Hey girls I have a necklace Im thinking about pawning or selling to a gold exchange company. Does anyone have experience with this? It was a gift so Im not sure how much its worth, but based on similar pieces in jewellery stores I think maybe $5K-$6K?? How much do pawnbrokers or gold brokers usually give you?

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    Default Re: Pawning or selling gold

    ^^^ usually just the 'scrap value' of the gold contained in the jewelry.

    The problem with gold versus gold coins, gold jewelry etc. is that the coins and jewelry are originally sold with some portion of the price stemming from the actual value of the gold, but another portion of the price stemming from 'artistic' or 'numismatic' value. It's next to impossible to recover the latter from a pawnbroker.

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    Default Re: Pawning or selling gold

    Check for the actual price of physical gold on the big metals exchanges too... I imagine most consumer gold buyers pay you nothing near what it's worth (like airport currency exchanges... damn daylight robbery)
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    Default Re: Pawning or selling gold

    I wouldn't send your gold to a place that you have to mail it to them and they give you a price for your gold. You'll get ripped off. In the U.S., we have jewelry stores and pawn shops that buy gold. They're everywhere. A friend of mine took her gold to a jewelry store that advertised that they buy gold. These places make a killing buying gold off of naive consumers so you have to go to 2 or 3 places to get the best price for your gold. Have a male friend go with you. They'll try to rip you off like some mechanics do because they think you're naive.

    Say something like this at each place: "I'm interested in selling my gold jewelry and I'm checking a few places to see what kind of offer I can get." Something like that. Make it seem like you're shopping around so they give you their highest price. My friend got $480 for a handful of 14/18 carrot gold which was just her junk jewelry. She's sold gold a few times and got $300 to $480. It was mostly junk she didn't want. Try to haggle, too.

    One place offered her $400 for some gold. She then went to another place and got the same offer. She then told the salesman that she was offered $470 for the gold at another place. The salesman then offered her $480. They're making big bucks buying gold so they'll raise their offers. If they say $400, you say, can you go $525. Negotiate, don't take their first offer. Check at least 2 places before you sell.

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    Default Re: Pawning or selling gold

    If it's a nice piece take it to a nice jewlery store and they'll sell it for you for a percentage of the price or you could trade it for something you like better

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    Default Re: Pawning or selling gold

    Here's a CBC article from a few days ago that has some good info in it:

    http://www.cbc.ca/cp/Money/AGF410.html

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    Default Re: Pawning or selling gold

    ^^^ for better or worse, in the US at least, there has been some recent 'exposure' of the rip-off aspects of 'junk jewelry' buyers ... who typically pay out less than half the actual 'salvage value' of the gold contained in the 'junk jewelry'. Also, unlike licensed pawn shops, these 'junk jewelry' buyers / gold 'recyclers' are able to operate with far less legal burden re establishing that the person offering the 'junk jewelry' for sale is actually the legal owner of that 'junk jewelry' !!!

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