Treasure Hunting For Gold To Cash In

Posted on: 23 February 2016

Getting cash for gold is one way to earn a little extra cash to help you pay for things that you really want, or even to pay tax bills. You have probably seen the commercials of people carrying big bags of gold jewelry into a store to cash in, but how do you find all of that gold without spending a whole lot of money on it?

Shop Resale

If you are interested in cashing in some gold, you have a few options for shopping for cheap gold to buy to cash in. Shopping at resale outlets, yard sales, estate sales and even thrift stores can help you fill your bag with gold.

Test the Gold

To know that the jewelry that you are considering buying is real, there are a few tests that you can do right there on the spot.

  1. Magnet Test – Go to your local hardware store and pick up a heavy-duty magnet. You need a magnet that is stronger than your average fridge magnet to perform this test effectively. If the gold sticks to the magnet, it isn't really gold. It is possible that it is gold plated, but it isn't the real thing through and through.
  2. Look for Markings – True gold typically has markings that tell you how many karats the gold is. Look near the clasps to find these markings. Sometimes, they can be difficult to see, so keep a magnifying glass handy to make it easier for you to identify what could potentially be real gold.
  3. Ceramic Test – Keep a chunk of white ceramic plate that is unglazed readily available when you are shopping around for your gold. Scrap the jewelry across the plate – if the jewelry causes a black mark on the plate, the gold is fake.

Cash In at the Right Time

Pay attention to the going rate of gold to know when the best time to cash in would be. As you gather your gold, pay attention to the market trends. Check in on the Bloomberg website to use the charts provided so that you know if the price of gold is going up or down. This will give you a better idea of when to take your gold in to cash in and get the biggest pay out for it.

Lots of people treasure hunt to find the gold that they cash in. You may be surprised at how many pieces you can purchase for next to nothing if you just take the time to look. Have fun and enjoy spending the cash that you get for your gold. Contact a gold buyer, like Pomona Pawn Shop, to get started.