While I encourage my clients to own gold and silver coins and bullion, they do sell me their old jewlery, sterling, dental gold, and other items. But, what are the main reasons they sell?
Why do People Sell Unwanted Gold & Silver?
I am often asked, “Why do people sell their gold and silver to you?” For the past ten years, I have bought a large amount of unwanted, valuable gold and silver items from clients. I ask them the same question and here is a list of some of the more common reasons:
- Downsizing– I work with many people, including seniors, who are moving to a smaller home and prefer to sell the large silver items “the kids and grandkids don’t want”.
- De-cluttering– As people go through their old, seldom used items as they de-clutter their home, they uncover valuable jewelry, coins, sterling, dental gold, etc. that they want to sell as they reduce the amount of stuff they own.
- Use money for other investments– people sell gold and silver items so that they can redirect the money into other types of investments like stock, bonds, mutual funds, and real estate that can pay a dividend, generate monthly revenue, or earn interest.
- Safety- some people don’t feel safe with gold and silver in the house so they prefer to sell it and put the money in the bank.
- Home remodeling or Other Special Expenditures – when it is time to update the kitchen, buy new furniture, go on a trip, etc. people can sell unwanted, valuable gold and silver to help with the costs with this type of special project.
- Inheritance or Gift Splitting – When a loved one passes and leaves gold and silver items to the heir, it can be easier to convert the items to cash and split the money equitably as opposed to trying to split the different gold and silver items.
- Out of Fashion – As jewelry gets old, it goes out of fashion so people sell their old stuff to go buy the new jewelry.
- Unexpected Expenses – When big expenses comes out of nowhere, people don’t always want to tap into their savings so they can sell a few, valuable items to offset the expenditure.
- Kids and Grandkids Don’t Want it– Since seniors tend to have most of the old gold and silver, they first go to their kids to see what they want and then they sell the items that are unwanted by the family members.
- Charitable gift– Many charities take gold and silver as a donation and they come to me to convert it into cash. I have a program called “Gold 4 Good” that charities can use as a fundraiser using this method.