As the stock market takes a plunge, the price of gold soars. Now is definitely the right time to trade in your old, broken or unwanted cash for gold. You can trade in anything that is made of gold, silver or platinum.  Anything can be traded in from mismatched earrings to broken chains, watches that are no longer working or your old coin collection. You’ll be doubtful of their worth, but gold fillings can be traded in as well.

When trading in your gold make sure you are getting paid at the highest value possible. Online cash for gold sites will most often offer a higher payout than a local shop.  By using an online retailer you are eliminating the middle man.  A local store usually has to bring the gold to a separate refinery location.  It is there that the gold is melted down and then weighed in order to determine the actual value of the piece.  Online businesses usually do the refining themselves.  The gold you send in is sent straight to the refinery thereby eliminating one step in the process which in effect brings down their costs, putting more money in your wallet.

Also, shop around for a good offer.  Start by choosing a reputable cash for gold dealer.  They will send you a pre paid envelope for you to use to ship them your gold. Let them give you their best offer.  Then ask for them to return the gold to you. Once you have received the gold back do the same thing with another dealer.  Try to get quotes from at least three or four different companies.  You will see that the quotes given to you vary substantially. Be sure to get the most value for your gold.

Keep in mind that when determining the value of your jewelry only the gold comes in to play.  Precious stones will not increase the value. Therefore, before sending in your jewelry to sell gold to be melted, it is advisable to remove all the precious stones.

When trading in your gold coins, make sure to know their value first.  If you own coins that are very old or rare, they may be worth more if you sell it to other coin collector than to melt it down for value of gold.  There are books available that can help you determine your coin’s value.

Another suggestion to keep in mind is to time your trade in right. Although the value of gold is very high it does tend to fluctuate daily. The money that you will earn back will be based upon the day the trade was actually done. So, keep up to date with the markets ups and downs. Make sure that you are not cashing in on the day the price of gold dropped for some reason.  Most likely it will go back up shortly, so wait until the time is right.

Now is the time to do a little treasure hunt.  Go through all your old jewelry and old collection. You may be pleasantly surprised to see how much cash your little treasures can amass.