Cash for gold-how to avoid being defrauded

You need some extra cash. You have gold jewelry lying around. And everywhere you look someone is offering to give you cash for gold. Yes, selling your gold jewelry can be an easy, no-hassle way to put a little money in your pocket. And right now, with the price of gold on the rise, there’s never been a better opportunity to get more cash for your gold--pawn shops, jewelers and even pay-day lenders are lining up to fork over greenbacks in exchange for gold. But how can you be sure you're not getting ripped off? How can you be sure you're getting the best buck for your rings, necklaces and bracelets? Here are three tips that can help you make sure you're getting the most cash for gold: Step One: Determine what you’re dealing withrnThere’s nothing worse than selling a piece of “junk jewelry” for a few bucks only to find out later that it was actually a valuable antique. rnAvoid this common mistake by separating the gold jewelry you’re thinking about selling into two piles: obvious junk (the broken watches and necklaces, for example) and potentially valuable (anything that could be an heirloom or antique). rnStep Two: Find out what it might be worthrnNow that you’ve separated your gold into two piles, it’s time to try to figure out how much it might be worth.rnThe gold in the first pile—the jewelry you are absolutely certain is junk—will be worth something as long as it has a karat value. Generally speaking, the higher the karat value, the more cash you’ll get for it. The best way to find out if you have anything truly valuable in the second pile—the jewelry that looks like it might be antique—is to have it appraised. Take it to a reputable jeweler and ask them to appraise it for you. While some jewelers will do an “on the spot” appraisal for free, most charge a nominal fee somewhere between $25 and $75. rnIt’s true that the appraisal fee will cut into your profit margin, but it might also be worth it—what if you have an antique gold watch that’s worth hundreds or even thousands of dollars? The only way to know for sure is to have it professionally appraised. rnStep Three: Maximize your profit marginrnOnce you’ve had your jewelry appraised, you can begin to find the best way to sell it to make sure you get the most cash for gold. If all the gold you intend to sell has been determined to be “junk,” shop it around. Take it to a pawn shop, a jeweler and even a pay-day lender and see what they’ll give you for it. Don’t just go to one buyer and accept the first offer. You might be surprised to learn that the pawnshop down the street will give you more money. And it will only take you a few extra minutes to find out. There are many online companies that will give you cash for gold. Check out their websites, read their customer reviews and, if you’re not in a big hurry, send them your gold jewelry and see what they’ll give you. Most have generous refund policies in case you’re not satisfied with their offer.rnTake the jewelry that’s determined by an appraiser to be worth more intact than melted down to an actual jeweler and ask them to make an offer. Gold is in demand, so you’ll have no problem getting cash for gold. The trick is to maximize your profits.