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Sunday, March 14, 2010

The New Golden Rule

Have you seen those ads where they pay you for your unused or unwanted gold jewelry? One of our neighbors, a nice elderly lady on fixed income, saw one of those ads on late night TV so she was telling us how she is considering taking some of her old jewelries (apparently she's got quite a few collected over the years) and selling them to make some extra money.

What she doesn't realize is you can actually get a better deal at your local pawn shop. Why? because those mail in things will end up paying you only about 30% of what your gold is actually worth. Why? Because even though they keep talking about how high the price of gold is right now, most of those places that offer to buy your jewelry actually only pays the 'scrap rate' which could be as low as 10% of the present rate for gold.

Not that I frequent pawn shops, anything, but I heard that in Dallas, TX, Dallas Pawn Shops are willing to haggle with you over the price of your gold. So in the long run, if you have good quality jewelry and good bargaining skills, you can come out with as much as 60% of the going rate. I suppose if you're in Houston, Houston Pawn Shops would be the same way. You think?

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