Cash For Gold Information Library

CASH FOR GOLD

Need some extra cash? Consider selling unwanted gold for cash – FAQs below.

What is a Cash for Gold service?

Online gold-buying companies have become 'big news' over the last year or so, with more and more popping up each day. They offer to buy your unwanted, broken or mismatched gold (and sometimes other precious metals) in return for cash.

In recent months the market value of gold has risen to record highs – up to £1,000 an ounce – which has led more and more people to take advantage and sell off their unwanted gold items.

How does it Work?

The process is very simple: you find a company by browsing around. Remember there are lots of companies offering this service so it might be worth shopping around and comparing their offers before you go for one. Use a comparison site like this one to see the main features.

Once you have found a service, you simply request their gold envelope – this is sometimes referred to as a 'Gold Pack' or 'G Pak' and is an special mail bag for sending your gold items. The gold company will then value your items in a secured atmosphere and will offer you money – just await your cheque in the post.

If you are satisfied with the amount they offer, you can just cash the cheque. If you don't want to accept their offer you can usually request to have your gold returned.

What do they Accept?

The main business of these companies is to buy gold:

• earrings
• chains
• bracelets
• pendants
• rings
• cufflinks
• charms
• pins
• other jewellery
• dental gold
• watches

...and they may accept other types of precious metals (including platinum and palladium).

Your items don't have to be in perfect condition – cash for gold companies accept broken, mismatched and even partially gold items.

What do they Do with the Gold?

Gold buying companies will value the gold and depending on its price will sell it on. Usually they will have it melted first. If your items contain other items like precious stones, it is worth removing these first – the company will not necessarily be able to process this.

How Much will they Offer?

The amount the company offers you depends on the value of your items. They will analyse the item and test it – then, based on the market value of gold for that day they can offer you a price. The price of gold fluctuates – that means it moves up and down on a regular basis. Therefore, your gold could fetch a different price today as it might in a week.

What are the Benefits of Cash for Gold?

Selling your gold for cash is a very easy to way to make some money. If you have gold items lying around that you don't want or need, selling them could get you some cash in your back pocket.

The process is very easy with the online method, and the safe mail system means you items will reach the company safe and sound. You can order insurance on the pack if you want to be extra sure – and some companies offer this automatically. This means that in the unlikely event that your items go missing, they are guaranteed for up to a certain amount.

Are there any Disadvantages?

There are a few concerns surrounding cash for gold services – do they really offer value for money? If you are not sure, you could have your gold valued by a regular jeweller.

You can then choose to sell it via another avenue, or sell it to a cash for gold site. If they don't offer as much as you think it is worth you can always request to have your items returned.