Selling Old Gold and Silver to Make Extra Money During an Economic Inflation

Sep 15, 2022

How to Make Money Fast by Selling Old Gold Jewelry and Selling Old Silver Flatware

Inflation--if you haven't read about it or heard it talked about on the television or radio, you've definitely felt it in your wallet. Although inflation has declined since its forty-year high in July, experts say it will likely take years for prices to come down from the highs we've seen (so far) in 2022. What this means, simply, is that your money will buy fewer goods and services than it once did. 

If you're like everyone else, you're probably thinking to yourself, "how do I make extra money fast" to counteract the effect of inflation on your purchasing power (and standard of living). One of the easiest ways is by selling old gold and silver jewelry, coins, and flatware

Precious metals have long been known as safe haven assets during times of economic adversity such as a period of rapid inflation like we are currently witnessing. Depending on the amount of old silver flatware and gold jewelry around your home, you may be able to make enough cash to "beat" inflation for months, or even years. The only way to find out is to gather your scraps, find a precious metals dealer to sell to, and learn how much your items are really worth. 

The Relationship Between Inflation and Precious Metal Prices

With the value of the dollar going down everywhere else, you might think gold and silver prices are also taking a nosedive. Fortunately, this isn't the case. Unlike paper currency and stocks, physical precious metals (including the silverware in your kitchen cabinet and that gold necklace in your vanity) derive its value from scarcity. Because investors flock to precious metals as a way to protect their wealth during times of economic uncertainty or instability, this means that the demand for precious metals increases. This is one of the reasons why gold and silver have a "countercyclical" relationship with inflation, meaning it tends to counteract the fluctuations in an economic cycle. 

What Kind of Gold and Silver You Can Sell for Extra Cash

Because refiners melt down items to remove impurities and collect only the precious metal, it doesn’t matter the size, shape, or condition of the items you want to sell. From thin gold necklaces to sterling silver flatware, there’s no limit on what you can sell to earn some extra cash in these hard economic times. One bit of advice when rummaging through your silverware drawer: look for markings to identify plater vs. sterling silver flatware. Plated items are typically marked with hallmarks such as “silver plate,” “plated,” or “EPNS” (electroplated nickel silver), while sterling is virtually always marked either “sterling,” “ster” or “925” (referring to the 92.5% concentration of silver that is required to be considered sterling). 

Selling Gold and Silver During an Inflation is Easy

In the not-so-distant past, when people wanted to make extra money fast by selling old gold jewelry or silver flatware, they had to settle for sketchy pawn shops and businesses or gimmicky 1-800 numbers. Fortunately, there's an easier (and faster) process to sell silver and gold items. The internet has revolutionized the way people do pretty much everything, including the amazing act of turning precious metals into cash. In fact, the hardest part about selling valuables is simply finding it all around your home and in storage. But the nice thing about selling gold and silver coins, jewelry, and flatware is that you have the option to send as much as you'd like--even if you don't think it’s worth very much--and an expert appraiser can tell you exactly how much your items are worth. 

Whatever your financial situation, if you’re feeling (or fearing) inflation and need money fast or want to get extra cash to invest in a safe hedge against inflation and recessions in the future, Precious Elements can help. Not only are we one of the leading online gold and silver buyers in the United States, but we also have a physical location that you can visit if you live in Phoenix or the surrounding Valley area. 

Call, chat, contact us online, or visit one of our two Valley locations in Phoenix and Chandler to get an expert value of the old gold and silver items you have for sale. There is no obligation for receiving an offer. Send us a photo and we’ll send an offer—then, if you’re satisfied, send us your items and after we verify the quality and authenticity of your items, we will confirm the final offer and send you same day payment via your preferred method.