Should You Sell Your Old Gold Jewelry?

Gold Jewelry - December 1, 2020

Gold is a very valuable metal and no one will argue otherwise, and if you happen to be the owner of gold jewelry, you no doubt have something of value. However, as great as gold jewelry might be, like everything else you own, even gold jewelry gets old.

Sure, it doesn’t typically degrade or tarnish as time passes — we are not talking about that kind of ‘old’ — but that doesn’t mean that the gold jewelry you have will still fit the current trends or styles. If you have such old gold jewelry, you might be asking yourself “Should I sell my old gold jewelry?”

The answer is mostly yes, but can depend on a few factors. Let’s take a moment to figure out what reasons you may weigh when deciding whether or not to sell gold in the first place.

Reasons To Sell Old Gold Jewelry

If the old gold that you own has some sentimental value, you probably won’t want to sell it. That’s understandable. After all, whatever reason it is in your hands right now, it has some significance. Maybe it’s your grandmother’s wedding jewelry, maybe it’s something that has been in your family for decades now. Whatever the reason, it’s fine that these pieces of gold jewelry are declared “never to be sold”.

That doesn’t mean ALL that gold is sentimental. You may want to keep the most precious pieces and sell old gold that doesn’t carry the same weight.

Chances are, you still have other gold jewelry that you might want to sell. Reasons for wanting to sell may include:

  1. Making some quick cash
  2. Upgrade
  3. Getting rid of unwanted jewelry
  4. Safety
  5. Cashing in investments
  6. Turning inheritance into cash

1. Making Some Quick Cash

The first reason is quite obvious. If you urgently need some cold hard cash on your hands, for whatever reason, selling some of your old jewelry that you don’t have any use for now is a great way to do this.

Because gold has a high value (as of December 1st, the current price of gold is over 1800 USD per troy ounce), you don’t need a lot of gold for it to become valuable. This money that can actually serve your current needs, as opposed to storing it as gold, which is not very liquid. Selling your gold and getting money in return is almost definitely a better option to make some quick cash rather than reaching out to a payday lender who will almost definitely take extremely high loan rates.

2. Upgrade

Sometimes ‘old’ gold jewelry is just gold jewelry that has gone out of style.

Think about it, with how fast the modern fashion industry moves along, trends that are popular today could be ashes in the wind a month later. Some of the jewelry that you own might not quite fit in with the current styles. And since personal taste can also change and evolve, ‘old’ gold jewelry can also simply refer to any and all pieces that you own that you once used to enjoy but have since grown out of.

Maybe it’s jewelry that you bought as a teenager that you just don’t like anymore, maybe it’s a chain you bought six months ago that is not in style at the moment, or maybe it’s your decade old wedding ring that you want to modernize — there are many reasons why a piece of gold jewelry that you own might be considered ‘old’. In these situations, you don’t have to keep the old jewelry around. You can just sell it, and use the money you get in return towards buying new pieces that fit the current fashion trends or that are more in line with your current tastes.

3. Getting Rid Of Unwanted Jewelry

Why keep around jewelry that you don’t want anymore?

Maybe it’s jewelry that falls into the category of “I liked this once, but I don’t anymore”. Maybe it’s broken jewelry. Maybe it’s a gift from an ex or someone you don’t want to remember anymore. So… why keep the jewelry around? It has no purpose to you, so the clever thing to do is to sell it. That way, you don’t need to deal with the jewelry anymore and you’ll get some money in its stead.

You don’t necessarily need to update or upgrade like we previously mentioned – you could also just keep the cash!

4. Safety

A lot of people have a fair amount of old jewelry that they don’t wear, but still choose to keep around. Whatever reason they have for holding on to it, it’s just there. If you are one such person, you might find that it’s better to sell your gold and store the money safely than keep them around for no reason, especially if it does not even have any sentimental value.

While the safety of any and all of your valuables depends entirely on the amount of security your home has, there is no debating the fact that gold jewelry is a prime target for anyone looking to steal valuables. So, if you aren’t wearing them and you have no sentimental attachment to them, do the wise thing and sell them. Why risk losing hundreds or thousands of dollars of jewelry that serves no purpose? Even if you are storing it in a secure storage, if the gold isn’t being used, it’s still likely a waste of money. Instead, sell your gold, convert it into cash and keep it in an insured account (or invest it).

5. Cashing In Investments

Gold has historically been a great investment. Of all the precious metals, gold is the most popular as an investment. If you’ve purchased gold in the past to hold as an investment, you can sell them to cash in.

True, in most cases, gold investments are not done through jewelry, but it doesn’t mean that you can’t still buy and sell jewelry as an investment, especially if the jewelry is of high quality. Since gold jewelry can pull double duty — both as an investment and as something you can wear — it is actually not a terrible choice for investing in, especially if done right.

6. Turning Inheritance Into Cash

While this can fall into the tricky gray area of ‘sentimentality’, you may find that sometimes, you inherit gold jewelry that you… just don’t care for. As great as inheritance is and while they may be both very valuable and very meaningful, old gold jewelry that you inherit may not necessarily fit your needs, lifestyle, or just your personal preference.

So, whatever old gold jewelry that you have inherited, you may want to sell them rather than hold on to them for no other reason than sentimentality. Because a lot of individuals get gold or gold jewelry as part of an inheritance and they don’t want the jewelry, you’ll find that this is a very popular reason for the sale of old gold jewelry. By selling the jewelry, you can get some money that you can instead put towards other wants or needs, such as paying for your education, buying a new house, or just putting it in a savings account for a rainy day.

When it comes to inheritance, you want to work with someone who is fair and sensitive. Don’t be taken advantage of by unscrupulous gold dealers who recognize your emotional state or desire to sell quickly. At Express Gold Cash, we know it’s not an easy thing to do, so we’ll always treat you fairly and in a straightforward manner.

Another Very Important Factor

You may have any one of the above reasons for wanting to sell your gold. Your reason may be something entirely different, or perhaps a mix of several. But whatever the reason you have for selling your gold is, you need to make sure that you take one very important factor into account before selling it:

The current price of gold.

Gold prices tend to go up and down a fair amount. In fact, the highest price of gold in history was achieved only recently, on the 7th of August ($2,032.16 USD per troy ounce) and since then, the price has dropped a few hundred dollars. As such, choosing the right moment to sell can make a massive difference in the amount of money you get in return for your gold.

So, if you are thinking of selling your gold, you should always make sure that you are selling at a point where the price of gold is strong. With gold recently making a very strong run and mixed opinions (but generally higher) on how strong gold prices will be next year, it may not be a bad time to sell.

Do note however that gold is and will always be highly volatile. While the positive predictions are nice to know and may in fact play out the way the market analysts predict, the price of gold is always susceptible to a correction. Because of this — the fact that waiting for prices to increase may not always work out in your favor — you need to make sure that you are checking the current prices of gold and selling at a point where you are happy with the money you’ll make in return. 

Selling Gold Online

If you do decide to sell your gold, we may be biased, but we think the best place to do it is online. Many pawn shops and gold traders you visit may not give you a good price for your old gold jewelry, but if you are selling online to a trusted buyer, you’ll find that you can make a lot more for your gold jewelry.

At Express Gold Cash, we offer you up to 90% of the value of gold bullion and up to 85% of the refined value of gold jewelry whereas other gold exchanges may pay significantly less (sometimes only about 25% of the value of your gold). We’re always open and upfront about what we pay so you can estimate the payout you’ll receive for your gold before even sending us the gold.

We’ve also made our process extremely simple for your convenience. In fact, you can even sell your gold without leaving your home. We’ll mail an insured package, schedule a FedEx pickup, and handle both offers and payments online. The whole process can even take less than 24 hours!

By selling your old gold jewelry now and taking advantage of the current high in gold prices, you can put your unwanted gold to good use. Having money in hand is definitely a better option than old gold jewelry that just sits in your wardrobes, unused and collecting dust. Reach out to us now and request a kit to get started!