There aren’t too many ways of raising money that doesn’t need repaying these days.  However, selling gold jewellery is certainly one of them.  With the price of gold still hovering around it’s all time high at the time of writing, in theory, there has never been a better time to sell unwanted items.

As a result a number of online businesses have been created to meet the demand of would be sellers.  I’m sure you’ve noticed the trend of day time tv adverts moving away from loans and more towards selling gold.  It seems like every other commercial is pushing this method of “cash converter”.   But what if I want to sell my gold?  Will I get a good deal?

Well something has to pay for all these commercials so you can bet a significant proportion of the price you could have got for granny’s gold necklace will be deducted to help meet the marketing overheads.  In fact, according to our research these services will generally pay 50-60% of the true market value.  But is that unfair?  Some may say yes but if you need the money it’s a very tempting and easy way to find a buyer.  The alternatives involve a lot more time and effort and if you calculate the cost of your time then trading less money for more time may be a good deal.

A Daily Telegraph article http://www.guardian.co.uk/money/2009/sep/12/gold-selling examined the issue in some depth and found the variation in offers for scrap gold and jewellry very diverse.  As usual it pays to shop around in order to get the best deal.  We found a lot of recommendations for the Gold Traders service.  We haven’t tried it ourselves but it sounds like a good place to start.

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Filed under: Raising Money

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