- 20 Ways (and 30 Apps) to Make Your Smartphone Pay for Itself
- Liar Labels: Is That Farmers Market Food Really Local?
- Pop Quiz: Can a Store Force You to Spend $10 to Use a Credit Card?
- FTC: Beware Mystery Shopper Scams
- 10 Frugal Ways to Fight the Flu
- US: Pass the Potato Chips, Please
- 8 Secrets to Building a Budget You Can Live With
- The 10 Weirdest Bacon-Inspired Creations
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.