How to Sell Scrap Old Gold Jewelry in Maryland
Selling scrap gold is a popular way to make money and it's becoming more popular all the time. This is certainly true in the state of Maryland, where many residents are able to make a substantial second income or even just put a little money in their pocket by selling old gold jewelry. Part of what makes this such an attractive proposition is that it requires no advanced education, no special skills and no phenomenal business contacts. All that is required is to have a little gold and the time to sell it. If this sounds like something you would like to do, keep reading to learn how to sell scrap old gold jewelry in Maryland.
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Instructions
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How to Sell Scrap Old Gold Jewelry in Maryland
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Determine the scrap metal value of your gold. You can weigh your old gold jewelry on a digital scale to see how many grams it weighs. Then check the current market price of gold at kitco.com. You can figure out the value of your old gold jewelry by multiplying your gold's weight in grams by the market price per gram.
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Look for jewelers in your area who buy old gold as scrap. Some jewelers will buy your old gold jewelry so that they can restore the jewelry to fine condition and sell it in their store. Other jewelers may use the gold as scrap metal to work with when creating new jewelry. Not all jewelers buy old gold, but many do. The only way to know for sure is to call or visit jewelers in your area. If your local jeweler will not buy your gold, call jewelers in the Baltimore area to see if they'll buy it.
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Sell your scrap gold to one of the many gold buyers in Maryland. As the name suggests, gold buyers will buy old scrap gold that they will melt into bars to be sold on the open market. If you live in Gaithersburg, check with the Gaithersburg Coin Exchange (301-948-6884). If you are in the Baltimore area you should call the Baltimore Coin and Jewelry Exchange (410-418-8282) or the National Gold and Silver Exchange (410-788-1111).
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Check with pawnshops in your local area to identify the ones who buy scrap gold. Pawnshops are mostly interested in gold jewelry that can be sold at full retail value, but many pawnshops will also buy scrap gold, which can be sold to a refiner for melt value. These businesses will rarely pay you the full value of your old gold, so this option should be reserved as a last resort.
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Sell your old scrap gold at an online auction. Online auction sites, such as eBay.com, are a preferred method of selling gold. Many refiners and gold buyers monitor these auctions looking for scrap to purchase. Your gold will be sold to the person willing to pay the highest price for your old jewelry. This simple fact means that you can often get more money by selling your gold online than you can by selling it locally.
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Resources
- Photo Credit spacepleb, Flickr.com Creative Commons License
