Smart Gold Calgary
1608A Centre St NE Calgary, Alberta T2E 2R9
It’s not a bad idea to sell your old gold precious jewelry or coins to assist you ride out the economic crisis. Simply do not expect to obtain the complete market value for an ounce of gold that you hear a lot about.
You’ll get a part of the scrap value, not the market value, for your gold. Purchasers melt the gold down, so they will certainly not pay anything for the artisanship or design of the fashion jewelry. Second, dealers have to pay a smelter, someone who melts the gold, up to 30 percent of the value to fine-tune the rare-earth element. There’s the buyer’s revenue.
Pure gold is considered 24 karat, or 24k. A locket that has an ounce of 10k gold has less than half the gold of a locket with an ounce of 24k gold.
Equipped with this understanding, here are five ways you can sell your gold– each a compromise in between price and convenience:
The scoop: Seductive advertising and the lure of easy money have attracted countless eager sellers. You send by mail in your gold and they mail you back a check. GoldPaq, GoldKit and Cash4Gold are amongst the companies providing the service.
The benefits: It’s easy– they send a prepaid envelope, you drop in the gold, and they send by mail a consult a made a list of invoice and a guarantee to return your gold if you’re not happy with the price.
The drawbacks: You pay a price for convenience. Consumer Reports discovered that mail-in companies offered between 11 percent and 29 percent of the crisis value of the gold.
The bottom line: Comprehend the trade-offs you’re making, states Paul Montgomery, president of the Specialist Numismatists Guild. “The guys on TV are providing a service, however they have actually got an extremely, extremely high cost rate. They’re investing actually millions on marketing– and that’s (part of the reason) you may get just 20 or 25 cents on the dollar.”.
Bankrate.com: Old precious jewelry worth its weight in gold?
Hotel gold buys.
The scoop: These companies market heavily on regional television, mentioning they’ll be at a hotel near you and will offer “top dollar” for your gold.
The advantages: Often these operations will buy more than just your gold– if you have antiques, you may be able to sell them at the same time.
The drawbacks: The limited-time engagement can encourage high-pressure sales techniques and little option if you feel deceived. Their high travel, lease and advertising expenditures mean you’ll seldom get more than 40 percent of scrap value.
The bottom line: Do your homework, know a reasonable rate and wait for the pitch, states David Morgan, publisher of Silver Investor in Colbert, Wash. “You’ve got gold fashion jewelry, they’ve got money. Everyone’s pleased? Everyone other than individuals who know they have a bracelet that, when melted down, deserves $100, and they’re offered $40.”.
The scoop: It appears everybody’s buying these days, so you won’t have a hard time to discover a store willing to buy.
The benefits: You’ll tend to get the most for your money at your local jeweler or coin shop– approximately 70 percent of the gold’s value. If you have finely crafted fashion jewelry, they’re also more probable to pay more for the jewelry itself, instead of just offering you cash based on the scrap value.
The disadvantages: Numerous jewelers are catching on to the fact they don’t have to provide the very best cost for the gold and that consumers will certainly be none the better.
The bottom line: “If a dealership attempts to tell you that the offer is only good until you walk out of the store, leave of the store,” Montgomery says. “Go shop. If you stroll back in the next day, the dealer will still want to buy your gold.” If you go shopping around, go to all facilities on the very same day, given that gold costs can vary significantly.
Is it time to buy gold?
The scoop: It’s just like a Tupperware party, but instead of going home with plastic and a hole in your wallet, you sell your gold and take house cash.
The benefits: It’s fun, social and perhaps the only multilevel marketing program where you leave with more money in your wallet than when you arrived.
The drawbacks: Don’t anticipate to make a mint. In addition to the company’s cut, the celebration’s host will probably snag a 10 percent commission. Not all the party hosts will be gold pros, which means your gold may not be examined fairly.
The bottom line: Is it fun? Definitely. Is it rewarding? That’s questionable. Expect to get 50 percent or less than what your gold is actually worth. “It comes down to this,” Montgomery says. “Do you trust the person you’re doing company with?”.
The scoop: Business is up at pawnshops because the recession started, but also since gold prices soared. They’ll test your gold for credibility then provide a price.
The benefits: If you suddenly choose you actually didn’t require to exchange that brooch from your granny for a couple of bucks, you can usually purchase it back, although at a higher rate.
The drawbacks: Pawnshops aren’t always in the best location of town, which can be a deterrent for some sellers, and there’s no guarantee you’ll earn top dollar.
The bottom line: “You wouldn’t offer a car, boat or any other asset without doing some homework and finding out about what you’re doing,” says Montgomery. “If something does not seem right, it probably isn’t really.”.
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