How can anyone not love gold? It is durable, shiny, and beautiful. It looks as wonderful alone as it does surrounding gemstones. It is also an item that is loved by investors and collectors because of its ability to gain value over time. Using gold to obtain cash is not something new. Nearly everyone has seen the ads and signs advertising that a certain location buys gold. However, people may not realize that selling their gold is not the only option. These same locations offer other ways to get money or credit from gold jewelry, and those are not the only way to benefit from that jewelry box full of accessories.
Selling Gold Outright
Selling gold to jewelry shops or pawn shops for instant cash is the fastest and easiest way to get money. The gold is weighed, and the amount the owner is paid is determined by the current market value. Of course the seller will not get the full value for their property because the buyer needs to earn a profit too. This method is convenient for people that have gold they do not want or are not sentimental enough to regret selling. The payment is instant and in cash, so it helps anyone in a bind get money without delay.
Using as Credit
Imagine having no extra money available in a budget for the next few months. Then imagine a child coming home from school saying they have signed up for band or joined the hockey team and need an instrument or equipment by Monday. The local pawn shop buys gold and also offers credit for items in their shop. They also have in their inventory the exact item that child needs. The jewelry owner can sell their items outright, but many times people are able to work out a better deal with the shop owner if they are interested in trading their jewelry for something in the inventory. This may involve some negotiating, and the customer needs to be aware of the genuine value of the items they want to avoid overpaying or being unrealistic with what they are asking.
Borrowing Against Value
An amazing opportunity does not always wait for people to be able to afford it. It is frustrating to have empty pockets when the opportunity arises to go on a great vacation, attend a concert or show, or buy something fantastic at a ridiculously low price. It is possible to use gold to take advantage of an opportunity even if a jewelry box is only filled with items people want to keep. Pawn shops and companies like Executive Loan Service allow their customers to borrow against their gold and any other items they have that are of value. Reputable shops offer legitimate loans with binding contracts. As long as people make the payments on the loan as stated, they can retrieve their items when the loan is paid back in full. Yes, there are costs associated with this method, but it is a useful option for people with bad credit or who don't have enough time to wait for an approval on a bank loan.
Consider Rental Opportunities
This income opportunity is really only available to people who own luxury jewelry or very beautiful and unique pieces. Online websites offer rental services that allow people to have the perfect jewelry for their wedding, prom, or any other event for a small fee rather than a large investment. Jewelry collectors with a lot of desirable pieces can sign up with these companies and offer their jewelry for rent. Not everyone offers this opportunity, as some companies only rent jewelry they own outright. Jewelry owners can also advertise their jewelry on their own and rent pieces out themselves, but working with an established company offers insurance protection against loss and damage that people will have to arrange and purchase on their own if they rent directly.
Gold is a unique product because it offers so many opportunities. Any items that are not frequently worn are easy to trade, pawn, or sell. Some people have made the buying and selling of gold into a profitable hobby or part-time job by searching estate sales, yard sales, and pawn shops for treasures. Anyone can use online stock prices to determine the current values to make it easier to know when to buy and when to sell.