I’m positive you’ve seen the commercials all over tv, the “Cash 4 Gold” commercials where the company offers you money for worn or unwanted gold scrap.
In actuality, you’re receiving pennies on the dollar for what was paid for the gold because the throw away value for the gold is small, then the buyer takes his cut from what he pays you.
Whatever the actuality of selling gold for scrap prices, the business is booming and a lot of jewelry stores are cashing in on the fad. The trend has caused enlarged competition in the area and in view of the fact that gold has struck and hovered around $1000 an ounce, it has grown to be a very profitable business for gold purchasers.
It has developed into something so popular that some jewelry stores have been holding gold selling parties and certain websites are able to advertise at the time of the Superbowl.
One vendor, Richard Stalter, has owned a jeweler, South Side Jewelers & More, for 19 years and this moment there is new opposition for him too.
“I once 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 income from buying gold to sell for scrap. “Now, I have three rivals.”
Peddling any gold that you may have in your house could be a potentially catastrophic situation. I for myself don’t trust anyone that I have to mail my treasure to then wait for them to mail me a check. That is too much faith in a company or individual that I don’t know. I would rather go to a jewelry store to sell any discarded jewelry.
I don’t imagine I’m on your own in that.
I have started to notice a huge jump in the amount of commercials for gold buyers and jewelry stores that are accepting gold from clientele as scrap. I know the jump in price is a huge enticement for more and more people to get out there and try to put up for sale their gold, but I would imagine that more people would have some sort of emotional value linked with their jewelry than what the scrappers are prepared to give them for it.
However, I do understand if times are difficult 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 research first.
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