myLot User Profile

Friday, December 4, 2009

Are Gold Parties the Best Way to Sell Your Gold

Following on from yesterday's post I wanted to suggest a few other easy ways readers can cash in their jewelry and hopefully get the best price. With Gold Parties it is important to see that there are a number of people getting a cut which limits the price they can offer to you. the Gold Party Company will typically take all the gold jewelry it buys at parties and ship it off to a refiner who will melt it down to pure gold. The refiner will take a cut of perhaps 5%. The Gold Party Company will want to make their cut (10,20, 30%???) and also the person hosting the party will get a cut therefore taking a sizeable chunk out of the value of you gold.

Here are some suggestions - if you do go to a gold party - make sure you know the current market value of your jewelry. For example you have a 14k gold ring that weighs 5 grams - go to the Precious Metals Calculator (click here) and it will calculate the current market value of your ring.

Other possibilities is going to your local coin shop or second hand jeweler. They will also bundle their scrap jewelry together and ship it off to the refiner but typically may pay more than at a gold party - perhaps 10% under spot price of gold.

Work out the current scrap gold value of your jewelry on your iPhone or Android with the Gold Bug Calculator

Gold Bug Calculator - In Gold We Trust

Get it on Google Play

Selling on Ebay is a good way and fairly simple once you know what you are doing. My experience is that you will normally get at least the spot price for your jewelry and possible even 10% or more over.

Good luck and shoot us an email at if you have any questions.


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