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Pros and Cons of Selling Gold Jewelries to a Pawn Shop

Are you contemplating about selling gold jewelry? It makes perfect sense now with gold prices being at their highest level in over a decade, in fact, there is actually a good chance that you might even get more for your gold jewelry than what you paid for it several years ago. However, you must take some serious or extra precautions.

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With gold prices soaring to unprecedented levels, there are many gold buyers who are jumping on the band wagon claiming to pay you market value for gold when in actual fact; all they are doing is acting as a broker between you and a gold refinery. What this means is that, they will pay you a very small percentage of the actual gold value and then resell it for huge profits. Selling gold is an excellent way to make quick cash. Most individuals or people, have unwanted jewelries stashed and gathering dust in a jewelry box or drawer. They are those unwanted gold rings, bracelets, watches and earrings.

A pawn shop is possibly the best place to turn that junk into easy cash. However, there are pros and cons to consider before approaching the nearest pawn shop. Positive aspects; speed is the main benefit of selling gold to a pawn shop. You gather your gold jewelry, drive to the shop and receive an offer. You would have the money in your hands in less than an hour. If you need quick money, this is definitely the practical route to take.

In addition to speed, ease of selling is also another benefit of selling to a pawn shop. It is usually just a matter of walking in the front door. If you have something of value, the shop owner will certainly do business with you. You don't have to make an appointment, just pay the shop a visit or spend the money on postage. But, unfortunately, very few things in life are perfect. There are also negative aspects. If your jewelry is more valuable than the regular scrap gold, most probably, you will not get its true value. This is not because the owner might be purposely ripping you off. It is simply a matter of financial mathematics.

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The bottom line for the pawn shop owner is turning a profit. In order to achieve that, he/she must buy your items for as little as possible. Consider a gold bracelet worth $350. The owner will not pay you $350 even if it looks brand new, the real value drops to $300 or a little bit much lower. When choosing the best option you have to decide what is important. If you are selling jewelry for quick cash, a pawn shop should do the trick. If your intention is to get as much cash as possible you should probably look elsewhere.

Unless your jewelry is very valuable a pawn shop will not give you much money. It's best if you do a little research on the internet and check out different buyers, see what their policies are and find out what they are paying for.

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