Kip Tips


Looking for Cash? The Real Value of Your Gold Jewelry



Who couldn't use a little extra cash these days, but is selling that old gold jewelry a good option?  And will you get a fair price?

Liz Crenshaw, senior consumer reporter for NBC's Washington DC station, recently bought $163 of 14k gold jewelry at retail price and then solicited offers on the gold from four different vendors. An expert valued the scrap metal in the jewelry at just $18.30 and suggested that a fair vendor would offer about half that.  (See Turning Gold Into Green for pricing explanation.)

After seeing $163 dwindle down to about $9, selling old jewelry for scrap metal doesn't seem like such a lucrative idea. If you itemize on your tax returns, you may want to consider donating your jewelry and deducting the full retail value, intstead. Or if its a collector's piece, selling it on eBay. There are other options for Finding Cash Fast that may be more valuable.

Still, if you've got a stash of old treasures you'll never wear or give away, check-out Crenshaw's report in the video below to find out if the vendors she solicited offered her a deal or a steal. 


View more news videos at: http://www.nbcwashington.com/video.


Got a practical tip to bolster cash flow? Please share it below!








You can get valuable updates like Kip Tips from Kiplinger sent directly to your e-mail. Simply enter your e-mail address and click "sign up."

More Sponsored Links


DISCUSS

Permission to post your comment is assumed when you submit it. The name you provide will be used to identify your post, and NOT your e-mail address. We reserve the right to excerpt or edit any posted comments for clarity, appropriateness, civility, and relevance to the topic.
View our full privacy policy


Advertisement

Market Update

Advertisement

Featured Videos From Kiplinger