The Gold Bug Transactions

The economic downturn coupled with the skyrocketing value has given rise to a huge market in gold, as those struggling financially look for ways to pick up cash wherever they can, and buyers quickly step in to meet the need. Ads have sprung up on TV, web, and billboards throughout the U.S. With gold prices edging towards $1,700 an ounce, many people in Queens County, NY may be tempted to cash in.

But with more buyers comes a greater potential for scams and rip-offs. What should sellers know before they rifle through jewelry boxes hoping to trade old jewelry for a car payment or two? First, they should educate themselves about quality and pricing. The value of a gold piece is driven by its weight and karat content – i.e., the percentage of the metal that is pure gold compared to the other metals. What a seller gets for any piece will largely depend on the weight and karat number. But beware buyers who weigh different karat counts together and offer a price based on the lowest karat value.

It’s a good idea to take any precious metals for sale to more than one buyer for comparison purposes. Check the buyers’ ratings with the Better Business Bureau. A company with a large number of complaints against it might be better avoided. Gemologists also suggest looking for a company that has a lengthy track record rather than one that’s sprung up overnight. Buyers are required by law to ask for identification, so a seller should walk away from an outfit that does not.

Queens County, NY sellers can, of course, find numerous online dealers offering quick cash for gold. Before shippingpieces for sale, it’s a good idea to check the company’s terms for responding to the offer and timing of payment. Any jewelry sent through the mail should be insured.

Getting jewelry appraised before selling might result in bigger profit, as some unique pieces will fetch more money for their collectible value than for their weight. Of course, sellers should know the current price of gold. That’s not what it will bring in, but it does give sellers an overall indication of what their piece is worth.

For anyone looking to bring in some quick cash, it’s never been easier to sell gold in Queens County, NY. But let the seller beware: Not all buyers are created equal. Whatever the market price may be, anyone with a few ounces of precious metal to sell is better off aiming for the gold standard.

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