Climb My Way Out

I’ve been looking into gold prices this past week and I’ve noticed a lot of businesses have sprung up recently buying up as much gold as they can. Most of these businesses are online businesses. It’s no surprise these businesses have been popping up,  gold prices have been moving upwards for the past decade. Back in 2000 the price of gold was approximately $250 – $300 an ounce and now it’s $1,000 – $1,200 an ounce. After doing some thorough research, I’ve found that most of these companies buying gold are paying ridiculously low prices. More specifically gold scraps and gold jewelry, they pay 20% – 60% of the market prices. Obviously there’s costs involved for the companies that purchase old jewelry and scraps like refining, overhead, storage, risk, etc. If you are going to sell gold scraps or gold jewelry be smart about it, get it appraised to know the actual worth and shop around for the best prices. I’ve read from numerous sources that eBay may actually be a great market for gold scraps and gold jewelry, people on eBay are paying very close to market prices. Another good source I’ve read are refiners, they generally pay higher prices than jewelers and online businesses. As for coins and bars, they usually fetch you close to market prices. However, you should still find a reliable buyer and still shop around. Just a side note, when the US dollar go up usually gold prices go down and vice versa. If gold is something you are looking to invest in be sure to keep an eye on US currency.

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