Life is getting pretty expensive, and if you’re feeling the stress on your wallet, you’re far from alone. Inflation is rising, interest rates are going up on mortgage payments, and everything from gas to groceries is seeing eye-popping price increases.
In times like these, you may be looking for ways to generate some extra revenue, and if you have a collection of silver or gold jewellery that you no longer wear or want anymore, it can make a lot of sense to convert it into cash.
These tips should help you find the best time to sell your silver and gold to get the best price and make the most of the money.
1. You’re Paying Down Debt
The single best time to sell silver and gold jewellery is when you’re paying down debt. Precious metals store their value and may gain in price over time, but they don’t generate interest. Meanwhile, if you’re struggling with credit card debt that charges 20% APR, you’re paying a lot of extra money just for the privilege of carrying debt.
One of the smartest things you can do is put any extra income you can get toward your debt. Deciding which debts to pay off first depends on whether you’re using the avalanche method or snowball method.
With the avalanche method, you pick the debt with the highest interest rate to pay off first. With the snowball method, you pick the smallest in dollar amount, giving yourself confidence as you pay off accounts. It all starts with having some extra income in the first place.
2. You Have Time to Wait
When you’re fishing for the best possible price for your old gold and silver jewellery, the best advice is to give yourself time. If you’re rushing to sell your jewellery to the first pawnbroker you can find, you may have to sell at a lower price than the jewellery deserves.
Give yourself time to get multiple quotes. Do your research into local bullion dealers and jewellers who buy old jewellery.
If you are in a hurry, some bullion dealers and jewellery buyers make their rates public, so you have a better idea of what you’re getting into.
3. Sell When Prices Are High
As with any investment, the best time to sell is when prices are high. The good news is that gold prices right now are fairly strong, and some expect more growth in the rest of 2022.
Most jewellery buyers are not concerned about the jewellery itself. They don’t want the tangle of necklaces and rings at the bottom of your jewellery box. They will likely melt jewellery down unless it’s an antique or vintage piece.
They want the silver or gold content in the jewellery, and the prices they’re willing to offer should be based on the going exchange price for gold or silver.
Because the buyer still needs to make their own margins, you shouldn’t expect to sell for the full value per ounce. However, learning the going rates for gold and silver may prepare you for the kinds of quotes you can expect if you know the weight and precious metal content of the jewellery you own.