Off to the jewelers with you! If you have any scrap gold & silver, I

[yy4me]

think now is a good time to consider selling it or turning it from junk into money to buy ingots. I didn't have much but last week I sold some broken parts and pieces along with a couple of ugly things to a local jeweler. Gold was $945.++ an ounce. It has now dropped to $893.00. Perhaps it will go higher but I thought I'd get rid of my junk before there is a huge line of people waiting to sell. With the economy getting worse, I don't think the jewelers will have money to buy and hold on to the stuff for the required time( some up to 2 weeks before they can turn it) before it goes off to the refiner. A lot can happen in that time and the person holding your metal scrap is taking the risk.

[wakemeupwhenitsover]

1. i have got to make the time to dig up my junk gold.

i have a couple of broken bracelets, a broken anklet & several single earrings. probably more if i want to root around. they're all just 14k so nothing big (& i don't care what gold gets to, i'm not swapping out my 18k bracelet) but they're just cluttering up my jewelry box now.

thanks for the heads up!

[grasswire]

2. I saw an article a few weeks ago...

....about the best way to do this. Instead of selling the gold locally, the author recommended (and she did this) using a reputable buyer in NYC. You mail them the stuff at their expense, they phone you with a quote, and you have your check within two days. Much better rate than selling locally, apparently.

[yy4me]

3. I chose a local jeweler with a good reputation. He weighed the

material right in front of me, checked all marks and tested the unmarked in front of me too. Based on the daily gold price of last Friday, he paid me for the scrap. I understood and felt comfortable with the whole process. I don't think I would have mailed the stuff to anyone. Who's to prove what in that envelope anyway? Too risky. Others may have a different opinion but since I had no-one to advise me, I chose this route.

I had to sign and give ID, they have to hold the stuff for 2 weeks. What a risk they have. If gold dumps, they lose. The jeweler told me they are very careful and will not buy from just anyone off the street. I was impressed at how professional they were and actually felt better giving them my ID.