It is therefore time to sell your unwanted Silver and Gold Jewelry

So you've been thinking about selling some of your old silver and gold jewelry. You know, your Aunt Ida of vintage silver medallion, a gold pendant, that a gift of an ex-boyfriend-maybe even an engagement ring that you no longer need the wish (or need) to hang on.

So why haven't you? There are several reasons why people do not part with their old or unwanted silver and gold jewelry:

• Sentimentality: you can't put a price on emotional attachments

• Laziness: you just haven't gotten around to it yet

• Uncertainty: you don't know how to sell your jewelry or where to go

On the other side of the coin, there are a few good reasons to sell now. For a silver is in great demand. A recent study by the Silver Promotion Service, showed that 70 percent of those polled consumers prefer to accessorize with silver jewelry more than gold jewelry because silver is cheaper than gold.

More compelling are the current prices of gold and silver. The past year has seen investors flocking to precious metals to hedge against inflation and economic instability. This makes many people realize that their jewelry needs more than ever and worth are cashing in to help to pay their bills. Even a recent New York Times article published in May reported on the new trend of the people who sell their silver and gold jewelry at pawn shops around the county.

What would you do with the money you make from the sale of your silver or gold? Pay debt? A new piece that you really want to buy? You may be surprised by what your Aunt Ida of vintage silver medallion is actually worth these days.

Please note that the current price of gold and silver not necessarily what your gold jewelry is worth. Most gold jewelry pieces are not 24-karat, unless it says so on the piece. Both gold and silver are mixed with alloy metals during the jewelry making process. Before your sell is the best to educate yourself on what to expect.

The best way to find out what your gold and silver jewelry is worth is to bring it to a reputable jeweler and have it reviewed. When searching for a good appraiser, do your homework. Ask friends and family that they would recommend, and make sure they GIA-trained. Once you decide your silver or gold to sell, make sure you check to see how long the pawn shop already exists, because there are plenty of fly-by-night operations that have sprung up in recent times are looking to take advantage of people who are not familiar with the process. It is best to take it to a pawn shop that specializes in buying jewelry.