{"id":14399,"date":"2025-05-01T00:55:14","date_gmt":"2025-05-01T00:55:14","guid":{"rendered":"https:\/\/finderica.com\/?p=14399"},"modified":"2025-05-01T00:55:14","modified_gmt":"2025-05-01T00:55:14","slug":"time-to-sell-gold-what-to-know-about-trading-jewelry-for-cash","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=14399","title":{"rendered":"Time to sell gold? What to know about trading jewelry for cash"},"content":{"rendered":"
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<\/a>Gold tends to ‘trade on fear’<\/h2>\n
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The recent surge in gold prices is pushing more people<\/a> to consider unloading their family heirlooms and other valuables, which can be melted for cash, according to Schmidt.<\/p>\n

Spot gold prices hit an all-time high<\/a> above $3,500 per ounce last week. The record follows a barrage of tariffs announced by President\u00a0Donald Trump in April, fueling concern that a global trade war will\u00a0push the U.S. economy\u00a0into recession. One year ago, prices were about $2,200 to $2,300 an ounce.<\/p>\n

As of Wednesday morning, gold\u00a0futures prices\u00a0were up about 23% year-to-date and 36% higher compared to the price a year ago.\u00a0<\/p>\n<\/div>\n

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“Gold tends to trade on fear, and we have a lot of fear in the markets right now,” said Kathy Kristof, a personal finance expert and founder of SideHusl.com.<\/p>\n

“If you can find a moment when people are the most fearful, that’s an ideal time to sell your gold,” she said. “Strike while the iron is hot.”<\/p>\n<\/div>\n

<\/a>What to know before selling your gold<\/h2>\n
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Sopa Images | Lightrocket | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Many consumers who hold physical gold \u2014 such as higher-karat jewelry, bars and coins \u2014 view it as “financial insurance,” said Jordan Roy-Byrne, founder of\u00a0The Daily Gold, an online resource for gold, silver and mining stocks.<\/p>\n

“Gold is reassuring,” Schmidt explained. “It offers something tangible, dependable, and easily liquidated when times get tough.”<\/p>\n

1. ‘Do the math’<\/h3>\n

One downside of selling physical gold is traditionally high trading costs \u2014 and those costs are typically not transparent, Kristof said.<\/p>\n

Consumers should check the spot price of gold online before hawking their gold at a pawn shop or online marketplace like Alloy or Express Gold Cash, Kristof said.<\/p>\n

Sellers can use the spot price to get a rough sense of what their gold is worth, if they know its weight and purity, to sense if they’re being ripped off, Kristof said. (Keep in mind: 24-karat gold is pure gold; an 18-karat piece is 75% gold and 25% other metals.)<\/p>\n

“Do the math before you even go,” she said. “Fools get creamed.”<\/p>\n

Price comparisons and deal shopping are “always wise” moves for consumers, Kristof added.<\/p>\n

“It is a competitive marketplace,” she said. “You can get a better deal.”<\/p>\n<\/div>\n

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2. ‘Wise or foolish’ to wait?<\/h3>\n

Some experts say prices may have topped out, but others think there is still room to run.<\/p>\n

“My view is that gold hit an interim peak, which should hold up at least into the fall,” Roy-Byrne said.<\/p>\n

Ultimately, it’s impossible to know what the future holds. Consumers should assess if they made a good return on investment, and if the risk of holding and hoping for a better profit “is wise or foolish,” Kristof said.<\/p>\n

3. Tax bill may be unexpectedly high<\/h3>\n

One cautionary note: Sellers may pay a higher tax rate on their gold profits than they may otherwise think.<\/p>\n

That’s because the Internal Revenue Service would likely consider physical gold like jewelry, coins or bars to be a “collectible,” for tax purposes, explained Troy Lewis, a certified public accountant and professor of accounting and tax at Brigham Young University.<\/p>\n

Federal long-term capital gains taxes on collectibles can go as high as 28%, while those on other assets like stocks and real estate can reach 20%.<\/p>\n<\/div>\n

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4. Proceed ‘thoughtfully’<\/h3>\n

Schmidt recommends proceeding “thoughtfully” before selling or melting down gold jewelry.<\/p>\n

“It can be a smart move for those needing immediate funds, but not every piece should be melted down,” he said. “Items with historical or artistic value, like family heirlooms or antique\u00a0jewelry, may be worth more in their original form than as melted metal.”<\/p>\n

Schmidt recommends consulting with a reputable jeweler or appraiser before selling as well as considering the cost of cashing out.<\/p>\n

“Gold may be in high demand, but once a unique piece is melted, its original value is lost forever,” he said.<\/p>\n

Subscribe to CNBC on YouTube.<\/strong><\/em><\/a><\/p>\n<\/div>\n<\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold tends to ‘trade on fear’ The recent surge in gold prices is pushing more people to consider unloading their family heirlooms and other valuables, which can be melted for cash, according to Schmidt. Spot gold prices hit an all-time high above $3,500 per ounce last week. The record follows a barrage of tariffs announced<\/p>\n","protected":false},"author":1,"featured_media":14400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[196],"tags":[356,2488,5939,322,205,154],"class_list":{"0":"post-14399","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance-news","8":"tag-cash","9":"tag-gold","10":"tag-jewelry","11":"tag-sell","12":"tag-time","13":"tag-trading"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/14399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14399"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/14399\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/14400"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}