These days, almost everyone in the world is looking for an extra buck. Every working household is trimming and saving to ensure maximum financial security in an unstable global economy. But there is one market that doesn’t seem to suffer when times are harsh: the precious metal industry. Refiners, buyers, and traders will attest that precious metal investing/trading is one of the simplest ways to earn disposable income during times of economic hardship.
Which Materials?
Different materials have different values, but some of the best cash returns come from selling gold, silver, and electronic scrap.
- Gold – This widely cherished metal has retained its worth through thick and thin. While prices occasionally fluctuate, gold has sustained a solid history of high market values. This most precious of metals is currently on an upward trend, with the going price hovering at around $1,600 per ounce. In fact, this last year has seen prices soar to record levels of approximately $1,900.
- Silver – While silver is less rare, and thus carries less of a dollar worth than gold, it is used just as often in jewelry and much more often for silverware and industrial purposes. In 2011, prices spiked to nearly $50 per ounce, while the 2012 record hit $38.
- Electronic scrap – One of the best sources for precious metals is electronics, particularly computers. A substantial amount of gold, silver, copper, and other valuable materials can be found inside computers or laptops, and dealers are ready to pay for any and all of them. Selling parts from electronic devices will not only reap monetary rewards but contribute to the environmental cause of keeping discarded electronic waste out of landfills.
How to Sell
The volume of companies whose businesses are buying and selling precious metals is large and getting larger. There are several ways to go about selling your jewelry, electronics, and other high-cost possessions. These include online gold dealers and precious metal pawn brokers.
- Online Gold Dealers – One common option is to find an online enterprise. People often prefer this method, because they can easily conduct their sales from home. Online dealers, like SellMyGold.com, typically provide free shipping labels to eliminate personal expenditures for their customers, as well as insurance deals on packages to protect valuable contents. These dealers appraise valuables and extend offers. If the seller accepts, a check is sent for the agreed upon amount, and if the seller refuses, the items are returned.
- Pawn Shops – In-person buyers offer face-to-face contact for sellers who prefer building relationships with their buyers. Because it doesn’t take very long in person, going into a live business also gives sellers chances to shop around before accepting offers. Unfortunately, pawn brokers are notorious for undervaluing precious metal items, as they don’t have the financial stabilities of larger online dealers.
No matter which method you choose, selling your old jewelry and electronics is one of the easiest ways to supplement your income in today’s shaky economy. Commodities, like gold, silver, and electronic scrap, tend to maintain high values despite market fluctuations, unlike unreliable paper currency. If all this sounds daunting, just remember that all you need to trade precious metals is a little research: know the market standard, know the weight and karat value of your pieces, and seek out dealers with good reputations. Now grab those necklaces and old laptops, and make some money!
Maya Bornstein devotes most of her time to writing – professionally, creatively, and inevitably. She wrote this particular article on behalf of Sell My Gold, a subset of CJ Environmental that lets users sell broken gold. Follow her on Twitter @mayabornstein.
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