Why Selling Gold for Cash Might Not Be a Good Deal
In today's tough economic times, it seems everyone is on the lookout for a golden opportunity - but surprisingly, selling your gold may not be one.
Don't get me wrong, I'm all for making money off stuff you don't need or want - for instance, by hocking clothes, electronics and such on eBay and Craigslist. It reduces clutter, helps pay the bills, and puts your unwanted things in the hands of someone who appreciates them. In short, everyone wins. But when it comes to selling gold jewelry - made extra appealing by today's high gold prices - there's a good chance you'll lose, according to a recent investigative report by TODAY.
Along with high gold prices have come companies that promise to mail you a check in exchange for your gold jewelry and coins. So what's the problem? These companies won't give you the full value of your stash - not even close. In the TODAY study, staffers sent each exchange company the same amount of gold, 21 ounces. In theory, each deposit should have netted the value of that amount of gold - about $450. In reality, none paid that much. Most sent checks for about half of the gold's worth; one company paid just 8 percent.
I understand that desperate times call for desperate measures, and that sometimes you have to take what you can get. But all you have to do is take a trip to a local jeweler to find out the true value of your gold - and get a fair price for it. In this case, a tiny bit more effort can go a long way - especially important when you may be dealing with family heirlooms that have sentimental, not just monetary, value.
If you're careful, selling unused gold - or anything, for that matter - can provide a much-needed cash cushion. Of course, you shouldn't feel obligated to sell things that you do use - or to which you have an emotional attachment. That's no way to live - besides, what happens when you run out of things to pawn? Maybe your problem isn't that you need more money, but that you need to reduce your bills. Bankruptcy can help by making it possible to lower debt and protect your assets. Interested in a fresh financial start? Find out if bankruptcy is right for you when you try a free one-on-one debt analysis with an Atlanta bankruptcy attorney.