Diamonds may be a girls best friend, but gold seems to be a better choice for when you are looking to make some quick cash. Gold has stood the test of time for thousands of years and makes for both a better investment and a better selling value as well. The same can not be said for diamonds, however, as diamonds have been artificially marketed and advertised for years to lure the public.
Gold has been considered a safe investment for years. There are some goods that fluctuate prices as the economy changes, such as oil, but gold does not fall under this category. The price of gold (per ounce) is the same globally, and if the market becomes flooded with gold, the price still won’t change. The constant price makes the value predictable and stable through time proves gold to be of more value than diamonds. Diamond prices change with the economy and their value automatically drops once it is purchased and leaves the showroom. Only high stake diamonds will hold value or become more valuable as time passes.
According to Todd Hills, CEO of Pawngo, an online pawn shop, customers will get the most for their money with gold in the pawning world. Hills says diamonds may be a good investment and notes that the value of diamonds change depending on the times but there is more of a demand for gold as the value of gold remains consistently high. Due to global uncertainty, many investors are attracted to gold. The economy is constantly wavering, and with no known expectations, people seek safe havens for their money and investments. It is common for investors to look at metals and more specifically they seek gold more than silver.
Consumers should do research and understand the scales before selling their gold. Although the weight of gold determines its value, jewelers use a different measurement scale called a Troy ounce. You should also know the karats of your gold. The Federal Trade Commission (FTC) requires that all jewelry sold in the U.S. must describe a karat fineness of the alloy. One karat equals 1/24 of pure gold, by weight. Therefore, if something is 14 karats, the jewelry piece is 14 parts gold and 10 parts other metals. If the piece is less than 10 karats it cannot be labeled as gold jewelry. Selling is about knowledge and you should know the current market price for gold at the time you are selling to get the most amount of money. You should also know what you are selling and how you plan to sell. Some gold items are even worth more if they are melted down.
Research is a necessity when planning to sell. Always keep up on the market value of the item so you are up to date with what it is worth and make sure you know enough before you sell to get the most bang for your buck. The Coin Galleries of Oyster Bay offers to buy or sell your gold, jewelry, and other precious metals and memorabilia.
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