September 30, 2011 | Post by vgmokc

Tips for Selling Gold Jewelry

Selling your old gold jewelry can be a great way to clean out your closet and earn some extra cash. If you have decided to sell your scrap gold, there are some things you need to know and some things to look out for to make sure you get the best deal.

Step 1 – Get it Appraised

The first thing you need to do is get your jewelry appraised. The less gold content there is in a piece of jewelry, the less money it will be worth to someone who is going to melt it down. When you buy jewelry from a jewelry store you are paying for both the design of the jewelry and the metal it is made up of. Therefore, your beautiful old piece of jewelry might be worth more as resale to a jeweler than it would have as recycled gold. If you think this might be the case, you should definitely get the piece appraised.

Step 2 – Check the Price of Gold

Check a website such as http://goldprice.org/ to learn what the current price of gold is. Remember that the price of gold fluctuates constantly, so what you see is not necessarily what you will be paid. Also keep in mind that the price usually refers to 24 karat gold and most jewelry is not that pure.

Step 3 – Figure out How Much it Weighs

This is where it gets a little technical, so bear with us. If you have a jeweler’s scale it will be a lot easier because all you need to do is weigh your gold. But if you are using a conventional kitchen scale you will need to convert to pennyweights. 1.5 grams = 1 pennyweight and 1 ounce = 18.23 pennyweights. Remember that most gold buyers won’t pay full price for gold because if they did they wouldn’t make any profit from reselling it, so expect to take anywhere from 10 to 30 percent off of the value of your gold. That percentage is negotiable, so doing these calculations before you shop the gold around is certainly worthwhile.

Where you Can Sell your Jewelry

Option 1 – A Jewelry Store

If you are selling you jewelry for resale the best place for you is probably a jewelry store. However, if you have broken jewelry or jewelry that will probably never be worn again, a jewelry store will have no interest in resale and therefore won’t give you very much money for it. Most jewelry stores probably won’t even want to buy your scrap gold but if they do, their offer will be low so that they can make a profit when the sell the gold to a refinery.

Option 2 – A Pawn Shop

Just like jewelry stores, pawn shops are trying to make as much money as they can off of your jewelry. Sometimes they might make you a good offer, but generally this is the last place you want to go to sell your jewelry.

Option 3 – An Online Gold Buyer

Online gold buyers will send you a mailing packet so that you can send them your unwanted gold. They will evaluate your jewelry and make you an offer. There is no cost and no contract for this service so if you don’t want to accept their offer you are not obligated to do so and they will send your jewelry back to you. Like jewelry stores and pawn shops they have an overhead, so they won’t offer you as much as your gold is worth, but they will probably make you a good offer.

Option 4 – A Private Gold Buyer

Private gold buyers are similar to online gold buyers in that they specialize in buying gold and that they require no payment or contract for their services. However, private gold buyers can also offer private consultations and honesty that you may not find anywhere else. Additionally, if you find a reputable buyer, you may be able to sell for more than you could anywhere else.
The Bottom Line

When selling your gold jewelry, there are many answers to the question of “how” and none of them is always correct. The best thing you can do is to know how much your gold is worth and then shop it around. You will rarely get as much as the gold is worth, but doing your research will ensure you get the best deal possible.

September 27, 2011 | Post by vgmokc

The Best Gold Buyers in OKC

It was great today when an estate buyer came in to see how we do business and wanted to know what he would make for his gold jewelry. He was upfront and honest about our service and our payouts. He complimented us on the high price we paid for the gold he brought in and let us know that it was the highest in Oklahoma City he’s ever experienced.

Come see us today for a complimentary evaluation and quote on your gold and silver items. Call 405.796.4993 for your appointment and get paid today!

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September 24, 2011 | Post by vgmokc

Selling Gold Helps Your Finances While Helping the Economy

At Valley Goldmine OKC we can do a large part to help your personal finances and we’d like to think we are doing our patriotic duty and helping to stimulate the national economy. Selling your old gold or silver jewelry and coins can be just the thing to put needed money into your pocket and back into the economy.

With all the talk about needing to energize the economy and the markets being shaky it makes sense to take a few things into consideration. The economy needs money to be spent and people need to find a revenue source so they can spend it. One of the places to look for revenue that you might not even realize you have is in your jewelry box, old shoe box, safety deposit box or up in your attic.

For years people have held onto old rings, necklaces that are out of style, earrings that have lost their mates and bracelets that have broken clasps. It’s time to find out what the value really can be. The reality is that if these things are gold or silver they are worth a significant amount of money. It’s the dollars that you need to help your own finances and money that can be put back into the economy.

9 out of 10 clients tell us that, “They can’t believe how much their pieces were worth.” They had it for years and never realized it! Make an appointment today and start stimulating your own bank account.

September 20, 2011 | Post by vgmokc

What determines the price of gold?

There is no one factor that determines gold’s price. Generally, the value of gold tends to go up when the value of the dollar goes down. However, the dollar’s value is not always an indicator of the value of gold, nor should it be used to predict whether the value of gold will increase or decrease. Ultimately, gold’s value comes from its usefulness, and no one, not even central banks, can do anything to influence it (though they would have you believe that they can). The truth is, just like the market determines the value of a gallon of milk or a carton of eggs, it also determines the value of gold.

A big factor in gold pricing is people’s inflation expectation. If Americans had more confidence in their government’s ability to fight against inflation, the gold market would probably become more stable. However, given the current state of the US economy, the government’s fiscal policy, interest rates, and money supply, most people don’t have high hopes that inflation will be under control any time soon. Because of this, it is likely that the value of gold will continue to increase, at least for the foreseeable future.

The value of gold also has a lot to do with supply and demand. To illustrate this, remember that the value of the US dollar did not begin to decline until about 2003 but the value of gold had increased from about $260 to about $300 since 2001. This is likely because the supply of gold had decreased and the demand had increased.

If the world’s largest gold mines were to announce that they were no longer able to find or mine gold, this would halt the supply of gold while its demand would likely continue to increase. If this were to happen, the value of gold would skyrocket. By the same token, if someone found a huge deposit of gold and began mining it, the supply of gold would increase at a much faster rate than the demand and the value of gold would go down, or at least stay constant.

If you are looking to sell your gold in Oklahoma, call Valley Goldmine today to set up an appointment.

September 12, 2011 | Post by vgmokc

Why Would I Want to Sell My Jewelry?

You have probably noticed “cash for gold” advertisements popping up all over the place and if you’re like most people, you’re probably pretty skeptical of the whole thing. When it seems so easy to have your items stolen or even purchased at a price that is much lower than their actual value, and with gold prices showing no sign of lowering any time soon, why would anyone want to sell their jewelry?

The truth is that there are many reasons to sell your gold jewelry. One reason might be that your engagement or marriage didn’t work out and you don’t want the jewelry around to remind you of the relationship. Maybe you just inherited some jewelry that while beautiful, is something you will never wear or maybe you have some old jewelry in the back of your closet that you know you won’t wear again. With the way the economy is, it wouldn’t be surprising if you’re simply in a tough spot financially. If you find yourself in any of these situations, now is the perfect time to sell you jewelry.

It is common for people to assume that because the value of gold has been constantly rising over the last few years, it is a good idea for them to hang on to their jewelry for as long as possible, to get the maximum value out of it. However, there are two reasons why this logic doesn’t quite work.

First, if you have a relatively small amount of gold and it isn’t pure 24 karat gold, even if the value of gold jumps $200, it won’t have much of an affect on the price you receive when you sell.

Secondly, because the value of gold tends to fluctuate in the opposite direction of the US dollar, even if the value of gold does skyrocket, the value of the money you get from selling it will be worth less.

If you want to get the most money for your gold now, call Valley Goldmine OKC today. We are a trusted OKC gold buyer and always offer top dollar for gold jewelry.