'You Might Have Enough To Fund A Roth IRA' – Suze Orman Tells Listeners To Sell Unused Gold Jewelry And Accessories

Many investing experts recommend buying and holding onto gold, but Suze Orman tells listeners to sell it in a recent episode of her Women & Money podcast. Orman shared how she and her partner, KT, recently sold old gold jewelry they hadn't used in years and walked away with a "very, very nice check."

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Orman noted that many people likely have gold jewelry or accessories that could be worth more than they realize. For some, selling these items might be the key to funding a Roth IRA or paying off debt. 

Gold tends to hold its value as an investment due to its rarity, durability and historical significance. But with gold prices reaching record highs in 2024, selling might be an attractive option for those looking to make some extra money. 

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Why Sell Unused Gold Jewelry? 

Many people have gold chains, rings, bracelets – you name it – collecting dust in a drawer. You may not even realize that these items still hold value. Orman made the point that even small forgotten pieces can bring you a significant sum when added up. You might be surprised at how much they could fetch when sold to a reputable dealer, whether it’s thin gold necklaces or tiny bracelets. 

Even if your old jewelry only brings in a few hundred dollars, that money could make a meaningful difference in paying off debts. Orman said it could even help fund a Roth IRA. So, your forgotten gold could become a treasure trove that helps you invest in your financial future. 

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How to Sell Gold Without Getting Scammed

When talking about selling gold, Orman makes a key point: find a reputable dealer. Selling gold isn't without its risks. The key to maximizing your profit is doing research. Selling gold can be costly, kind of like exchanging currency. Buyers typically offer prices below the current spot price for gold, so it's smart to shop around to ensure you get the best deal possible. 

According to CBS News, Kathy Kristof, the founder of Sidehusl.com, advises sellers to be cautious and choose reputable buyers. She recommends The Alloy Market and Express Gold Cash, both of which offer competitive rates and provide insurance for shipments.

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Before making any sales, check reviews on platforms like Yelp or Trustpilot and read the fine print. Some companies may not cover items lost in transit, leaving you out of luck if something goes wrong.

If you're considering selling gold, remember that not all items are equal. Gold jewelry, for example, varies greatly in purity, with 18-karat gold only containing 75% pure gold. So, those pieces with lower percentages of pure gold won't receive as much. Some jewelry may also have more value as an aesthetic piece, so explore different sellers. Depending on the piece, you might even consider selling to a jeweler rather than a gold dealer. 

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While many people turn to gold as a secure investment option, selling unused items can be the answer to a financial struggle or a new opportunity to fund your retirement. With gold prices near record highs, it might be time to gather your forgotten jewelry and see its worth. 

Consider speaking with a financial advisor to determine the best route for your unique financial circumstances.

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