Who couldn’t use a little extra cash these days, but is selling that old gold jewelry a good option? And will you get a fair price?
Liz Crenshaw, senior consumer reporter for NBC’s Washington DC station, recently bought $163 of 14k gold jewelry at retail price and then solicited offers on the gold from four different vendors. An expert valued the scrap metal in the jewelry at just $18.30 and suggested that a fair vendor would offer about half that. (See Turning Gold Into Green for pricing explanation.)
After seeing $163 dwindle down to about $9, selling old jewelry for scrap metal doesn’t seem like such a lucrative idea. If you itemize on your tax returns, you may want to consider donating your jewelry and deducting the full retail value, intstead. Or if its a collector’s piece, selling it on eBay. There are other options for Finding Cash Fast that may be more valuable.
Still, if you’ve got a stash of old treasures you’ll never wear or give away, check-out Crenshaw’s report in the video below to find out if the vendors she solicited offered her a deal or a steal.
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Source: Kiplinger
Looking for Cash? The Real Value of Your Gold Jewelry
