Gold is a precious metal that has been valuable to mankind since ancient times. It has been used throughout history as currency, and for making luxury items such as jewelry, statues, and religious relics. Even the U.S. dollar was backed by gold until President Nixon ended the gold standard in 1971. If there is one thing in this world that is certain, it’s that gold will always be one of the most valued precious metals.
Gold jewelry and objects were once items owned only by the rich and powerful. This is no longer the case today as many people own gold items in the form of coins and most commonly, jewelry. In fact, some people end up with gold jewelry that they received either as gifts or as an inheritance that they no longer want or use. If you are sitting on unwanted gold jewelry, it is in your best interest to sell your jewelry to a professional that offers cash for gold. Your unwanted gold jewelry will be much more valuable to you if you trade it in for cash instead of letting it collect dust in your jewelry box.
Reasons to Sell Your Gold Jewelry
People who want to sell their gold jewelry may be hesitant to sell their items for various reasons. Some may worry that they will not get a fair value for their gold, or that now is not a good time to sell due to the current market condition. However, if you have gold jewelry that is only taking up space, it is always a good time to sell:
- Price of Gold: It is true that the price of gold fluctuates due to various market factors and it is very difficult to predict the trends of the precious metals market. Yet gold is still always highly valued despite these fluctuations. The price of gold has been steadily rising over the past decade even as it occasionally suffers minor dips in value. So relatively speaking, gold will always be high in value.
- Gold vs. Other Precious Metals: Another sign of gold’s relative value is its price compared to the prices of other precious metals. At the time of writing, the price of an ounce of gold is $1,283.90 while the price of an ounce of platinum is $924.30. Platinum is a much rarer precious metal than gold and therefore should be more valuable. Yet, an ounce of gold is worth over $350 more than an ounce of platinum, further confirming its relatively high value.
- Stored Gold Has No Value: Even though gold will always have value according to the market, it is essentially worthless if you keep it stored in your jewelry box. The slow but steady increase in the price of gold is not enough to make it worth hanging on to your gold jewelry to get a better price for it a couple of years in the future. Selling your gold jewelry will get you cash right away that you can immediately put to use.
Tips for Selling Gold Jewelry
If you decide to sell your unwanted gold jewelry for cash, you can bring your items to a trusted jewelry buyer like PGS Gold & Coin to give you an honest and accurate appraisal. The following tips will help prepare you to sell your jewelry:
- Watch the Karats: All gold jewelry has a number on it to tell how many karats it is. Legally, gold jewelry must be at least 10 karats or it cannot be called “gold jewelry.” The number of karats tells how much gold is in the piece, and it influences the price. Make sure you know what karat your jewelry is and keep your items separated by karat so they can be weighed together.
- Research the Price: There are many resources online that can help you get an idea of what your gold jewelry is worth. It helps to have an idea of the value before you bring your items to a gold buyer.
- Know your Items: Some gold jewelry is more valuable it if is melted down to be repurposed. Designer jewelry is worth more to a jewelry buyer as is.
- Have Realistic Expectations: It is important to have realistic expectations of what your gold jewelry is worth so you are not shocked or disappointed by the appraisal.
- Bring your I.D.: By law, gold buyers must check your government issued I.D. before buying your gold, so make sure you have it with you.
Trusted Jewelry Buyers
If you are ready to part with the gold jewelry that is just taking up space in your jewelry box, bring it to our professionals at PGS Gold & Coin for an appraisal. We will quickly appraise your items and offer you a fair price based on the current conditions of the precious metals market. The prices we offer routinely beat out our competitors which is why we are one of the most trusted jewelry buyers in the Chicago area. You can visit one of our stores with your unwanted jewelry to get a fast and easy appraisal.