With the price of the precious metals going sky high in the last few years, a lot of people have been digging into that box in the attic with their old high school class ring, or plundering their jewelry boxes for that old broken necklace that they saved just for this occasion. And in response, thousands of companies online have sprung up advertising on TV in some cases, asking you to mail in your gold in a box they will send you. Also, there is the local jewelry shop that is now advertising in the paper their "CASH FOR GOLD" program, or their "GOLD PARTIES." There is little doubt that now is the time to cash in your metals for money, but this guide will help you make the best decision on where is the best place for you in order to get the most for your property!
Online Dealers
Most online dealers are a scam. They will receive your gold and quote you 10% of what it is worth. These companies can spend so much on advertising because they are ripping everyone off! That said, there are some reputable dealers online that pay closer to 50% but even these companies are hit and miss. It seems that many investigative journalists have conflicting reports about which companies pay the best. Which means they quote one price for one day, and the next day they quote 20% less for the same amount of gold! It is a sneaky tactic used to trick the people. Stay away!!!
Local Jewelry Stores
Everyone knows their local jeweler. He is the nice man that sits next to you in church on Sundays. He always wears the nicest suits and his daughters have the brand new cars out back. He is making a hefty markup on all the jewelry he sells. (In some cases up to 300%!) That is a red flag. Anyone that would make that profit margin isn't in business. He is in theft. Stay away!!!
Coin Dealer/Cash for Gold Stores
These stores are hit and miss also, but it is also here where you stand to get the most for your gold, silver and platinum. Look for stores that have a website where you can check the price of gold. Also, look for stores that have phone numbers where you can call and ask for their prices. Any reputable dealer will tell you what he can pay over the phone. Also, look for stores that don't have a lot of inventory and have low overhead, that means they can pay you more!
In my case, I had a few rings and searched my local area (Salisbury, MD metro) and found a local gold buyer/ coin dealer that was very knowledgeable and friendly and most importantly, had all the above attributes. I was paid a fair price and I will be doing business there again very soon. They are in Snow Hill, MD the company is called The Gold Guild. Their website is http://thegoldguild.com
So, in conclusion, look for the local stores and make sure they can quote you and have low advertising (that means they are paying you more!)
-Andrew S
Resources:
Cash for Gold in Snow Hill, MD
http://www.youtube.com/watch?v=zd12XG9Cqwk&noredirect=1
http://answers.yahoo.com/question/index?qid=20080415125713AAuiQIc
Article Source: http://EzineArticles.com/?expert=Andrew_J_Sullivan
