Today, consumers are literally besieged by companies that want to purchase their unwanted or broken gold jewelry. TV and newspapers have steadily-increasing advertising from local pawn shops and jewelry stores who are all eager to take advantage of the highest market price for gold in several decades. However, if you are eager to sell your gold, silver or platinum property because you need fast extra cash for these tough economic times, you need to realize as much money as possible and you’ll get more from the legitimate buyers on the Internet than you will from local shops.
Why Pawn Shops are a Bad Choice
If you only want a loan on your jewelry and don’t need a large amount of cash, your local pawnshop is probably a reasonable choice. However, if you need a significant amount of cash and wish to get it by selling your precious metals property, they are not your best bet.
The reason is readily understandable. A pawn shop has a very different set of business practices than an Internet gold buyer. They are giving you a loan with your jewelry as collateral. They will make a modest profit when you redeem it. Naturally, many people do not or cannot redeem their property, so it becomes the pawn shops. They will usually just display it and hope for a profitable resale. Internet buyers, on the other hand, melt everything down and only pay for the actual value of the gold you send in based upon the constantly-changing market price, by the weight and purity of your gold. And they do such a high volume of business that the good buyers will pay you a high percentage of the actual value.