If you’re looking for some quick Christmas cash, Josh Rust of Rust Rare Coin, a family owned business in Salt Lake since 1956, explains why gold is so valuable right now.
Gold is high right now because the dollar is so weak and continues to lose value. At $1,200 an ounce it’s the highest it’s ever – having tripled in value since 2000. And since gold has been used for monetary exchange going back to 2,700 B.C. , it’s a safe bet it will hold its value
How do I cash in? The easiest way is to bring in jewelry that you don’t need anymore and cash it in. Bracelets, necklaces, earrings, pendants, rings, even gold filings — just about anything. Once Rust Rare Coin determines that it’s authentic, you’ll probably have your money in about 10 minutes.
How does it work? Let’s say you walk into Rust Rare Coin with a piece of jewelry. They would run a quick test to make sure it’s authentic -that the purity is correct. Then, they’d weigh it and pay you -depending on the going rate for gold at that moment.
And right to the moment is when you get the going rate. Rust Rare Coin gets updates every two minutes about the price of an ounce of gold. Recently the price increased $15 from opening to close of day. So Rust would pay you the market value at the time of the transaction.
What happens to the jewelry? Rust Rare Coin sends it to a refinery, where it’s melted down and resold and then made into coins, new jewelry or gold bars. If you bring in silver jewelry, they could buy that as well, but silver is not paying as much – it’s about $20 an ounce.
A quick tutorial on the value of most jewelry sold in the U.S. Much of it is 14 caret – there isn’t much gold in that. But pure 24 caret jewelry is fine gold and is more highly valued. If you’re not sure what you’ve got come in and will look it over and give you an estimate.
Also, a lot of Rust Rare Coin business is done appraising and buying coin collections and estates. So if you have coins, precious metals or other heirlooms, they can liquidate those for you. The Federal Reserve Bank currently holds between 25 and 30% of the world’s official monetary gold reserves.
Rust Rare Coin is located at 252 East Broadway in downtown Salt Lake. They’re open from 10 a.m. to 5:30 p.m. Monday through Friday and 9:30 a.m. to 2 p.m. on Saturdays. Check them out on the website at www.rustcoin.com