Commodity Futures Trader

Posts Tagged ‘cash for gold’

Getting cash for gold in this tough economy is a reality for a lot of people these days. But the most important thing that you should do is to make sure that your gold jewelry is not fake. You don’t want to get embarrassed, right. I simply did not have time to parade all over the city trying to have my jewelry appraised. I had fallen on hard times so I needed to sell my gold jewelry for a little extra money. I needed to be really be sure that my jewelry was genuine so I could have some idea of how much it was worth.

Have you ever heard of the magnet test? You won’t have to run to the hardware store for this test.

The first test that you need to do is to try out the magnet test. This test is easy and here is how it works. First of all, precious metals like gold and silver are not attracted to magnets. Or another way to say it is they are not magnetic. But steel is magnetic. But be wary of this test. It will sometimes yield a false positive.

But where are you going to find a magnet for this test? Head to the kitchen. Why the kitchen, because you probably have some refrigerator magnets in there. This type of magnet should work great for most people. But if you have some of the cheap plastic type, they may not be strong enough.

Think twice before you buy gold in this unbelievable high gold economy that we are in right now. How about selling gold jewelry? I will get to that in a minute. Unless you have been just completely out of touch with the real world, you are aware that the value of gold is at a record high. But be careful about all of the hoopla surrounding the market of this precious commodity. Why, because this is simply the very worst time to be investing into gold.

Unless you are wanting to propose to your significant other, it is a terrible time to be buying gold. Why? Because if you buy gold now, it could be years before the gold market moves significantly higher before you see a profit.

Now if you have a few hundred thousand dollars to invest, then it might be a good opportunity to catch it in a slight dip in price. But if you are a regular guy like me, I have trouble just putting a couple of extra dollars back for retirement right now in this tough economy. You might consider investing into a gold ETF, but unless you are a savvy investor, STAY AWAY.

The most logical way for most of us to make some extra money in this amazing gold market is to sell your gold jewelry for cash. You probably have a draw full of old necklaces and broken earrings just waiting to be cashed in on. Old and unwanted jewelry has a lot of value and you would be smart to sell it while the price of gold is so high.

Finding the best selling gold jewelry tips should be your top goal if you are going to find the top gold buyer for you so you can get the most money possible. You need to be careful of how you go about searching for someone to buy your gold jewelry. By the time you are finished reading this post, you should be well prepared to get the most money for your gold and avoiding the cash for gold scam.

Everyone is struggling in this tough economy and just like you, I have had trouble making ends meet. Here is what I found out.

If you are a regular news watcher like me, you know that the price of gold is at an all time high. But how can you figure out how much your jewelry is worth? The simplest thing to do is to look for the karat stamp. You will find a 14K or if you are lucky, you might find an 18K stamp. Keep in mind that 24K is pure gold, but jewelry is typically not made from pure gold.

The price of gold that you see on TV is really just an indication of how much gold is worth on the open commodity market. It is the value of pure, 24 karat gold. Gold jewelry is typically only 14K or 28K gold. This is a very important point to remember. Just in case you did not know, 14K is only 58% pure.

The price per troy continues to force its way past previous highs. As of this writing, the price of gold has flirted with $1,260.00 during intraday trading. Many experts are expecting the bubble to burst. If you have been delaying the sale of your gold chains, necklaces, pendants, and other old jewelry, it’s time to reconsider. You may soon lose the opportunity to take advantage of the recent historic surge in the precious metal’s price.

Given the run-up in the price of gold, it’s worth revisiting the factors that influence supply and demand. This will help you form an opinion about the future and decide whether the current bull market has finally run out of steam.

State Of The Economy

Reports from Washington D.C. claim the economic recovery is in full swing. While unemployment remains startlingly high, growth in GDP is expected to continue. What does this mean for the price of gold? A sluggish economy tends to create upward pressure on the price per troy ounce. For example, in January 2009, CNN had reported that analysts were expecting the price to climb past $1,000 per ounce. The expected rise was attributed to the faltering economy (the analysts were correct).

If the economy is truly recovering, it may place downward pressure on the price of gold. This means you might receive more money for selling your old jewelry and scrap gold today than you might next month.

Is Inflation On The Horizon?