I’m positive you’ve seen the ads all over tv, the “Cash 4 Gold” commercials where the company offers you money for once used or useless gold scrap.
In reality, you’re getting pennies on the dollar for what was paid for the gold for the reason that the "trash" value for the gold is tiny, then the buyer takes his part from what he gives you.
Whatever the reality of selling gold for scrap prices, the game is booming and numerous jewelry stores are cashing in on the craze. The fad has caused enlarged competition in the field and since gold has struck and hovered around $1000 an ounce, it has grown to be a very lucrative business for gold buyers.
It has grown to be so popular that a number of jewelry stores have been holding gold peddling get togethers and certain websites are able to publicize at the time of the Superbowl.
One seller, Richard Stalter, has owned a jeweler, South Side Jewelers & More, for 19 years and at the present there is new competition for him as well.
“I used to be the only one down here that did that,” said Stalter, whose business model has always been for the most part based on generating most of its profits from getting gold to sell for scrap. “Now, I have three rivals.”
Peddling any gold that you may have in your home could be a potentially catastrophic situation. I personally don’t trust anyone that I have to mail my valuables to then anticipate them to send me a check. That is too much hope in a corporation or person that I don’t know. I would rather go to a jewelry store to sell any discarded jewelry.
I don’t imagine I’m unaccompanied in that.
I have noticed a huge leap in the amount of ads for gold buyers and jewelry retailers that are taking gold from clientele as scrap. I know the jump in price is a huge incentive for more and more people to get out there and try to put up for sale their gold, but I would think that more people would have some sort of emotional value connected with their jewelry than what the scrappers are prepared to give them for it.
On the other hand, I do assume if times are tough enough then most individuals will do whatever they have to to keep food on the table, and there’s nothing wrong with that, but if you are at the point where you are going to sell your treasure, please do some investigation first.
