If you watch a lot of late night television, you’ve seen the commercials for companies like Cash4Gold, GoldPaq, or GoldKit. The pitch? Mail in your gold jewelry and receive a substantial portion of the market value for that gold. But, is selling your gold by mail a good idea? Short answer: Yes with an “if”. Long answer: No with a “but”.
Yes, selling gold by mail may be a good idea if you live in a rural area and have small, unadorned gold jewelry. You might not get the same return you would if you took your jewelry to a jeweler, but with gas prices through the roof, that might not be a realistic option.
No, selling gold by mail is not a good idea, especially if you’re mailing in something worth more than the value of it’s gold (a Rolex watch, for example). But, if you’ve got some jewelry you don’t wear or are in need of money fast, it might be something worth considering.
Just make sure that, before you sell any gold, you find out how much money you can expect to receive (most companies offering this service will post prices on their websites). Don’t send in anything with jewels, as you wont be compensated for them, and don’t send anything that’s more valuable unmelted.
Sign up for our free newsletter
Like this article? Sign up for our newsletter and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's '205 Ways to Save Money' as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash. It doesn't cost a dime, so why wait? Click here to sign up now.