Wednesday, April 22, 2009

Cash For Gold ...The Sign of the Times?

I don't usually talk business on this blog but right now it is my #1 priority. The current economic climate has seriously impinged upon my revenues, profits (or should I say lack thereof) and consequently, my lifestyle. I have not taken a paycheck in 2009 and suffice it to say the my W-2 from 2008 was substantially lacking. I had to cut back my monthly spending budget which include my personal training sessions 3 times a week, my weekly massage, my monthly facial, weekly blow drys, wining and dining several times per week, discontinued my membership in the Ravinia Club, traveling almost monthly and shopping. It has been an adjustment I am dealing with and hope that it is only temporary.
So, in order to generate some good ol spending money, I decided to hit up the jewelry stash. I have alot of old gold jewelry I don't wear because it is either out of style or broken. On Sunday night, I went through the stash and picked out the unwanted ugly earrings, rings, chains and opal ring I got for my sweet 16, the coral ring my grandmother gave me, old bangle bracelets and earrings I would never wear.My research indicated that the popular "cash for gold" places advertised online and on television are a big ripoff and there are alot of peole between the seller and the refiner. So if you are thinking of selling jewelry, go to your city's most reputable diamond dealer/ jeweler. On Monday I paid a visit to Atlanta's favorite diamond dealer/jeweler Solomon Brothers. Their business is on the 17th floor of a Buckhead highrise and it is like going to Fort Knox coupled with jewelry heaven. OMG! Diamonds and jewels to die for. I had to focus and remember I was there to sell and not to buy. I was escorted into a private room where one of the Solomon brothers examined each piece of jewelry with his jeweler's scope to determine whether it was 14k or 18k. Then the pile was put on the scale and weighed. The going rate was based upon the market rate for that hour. I ended up walking away with a sizable check and a big smile. Today I went to the bank, deposited a small amount and chose to take the bulk in cash. I have it tucked away in a safe place. In the days of the 1930s depression, our forefathers took their cash and hid it under the mattress. In the 2009 depression, alot of people are doing the same thing and I am one of them. My stash will see me through this rough patch and allow me to splurge every now and then. Vegas anyone?


Eugene said...

Next time I would recommend you check out the Silver and Gold Exchange first. Yes, they are an online company, but they are different than the others in several ways. They pay more than jewelers and pawn shops for one, and they also post the prices they pay on a live chart on their website at They also send a Fedex Agent to your door who gives you a receipt and insures the items for up to $25,000

inexactscience said...

I can't seriously imagine someone like you putting gold into a plastic baggy and mailing it off to some douche bag. But sadly there are people out there doing it. The disturbing trend that I'm noticing right now are the "economic crisis" exploitation artists. That seems to be a growth industry right now.

Riff Dog said...

Yeah, I can't see myself tossing jewelry into a baggy and mailing it off to some jokers I saw on TV.