Right now the price of gold is nearly at an all-time high. With a sluggish national economy, it’s a good time to think about trading in your gold jewelry for cash.
Josh Rust with Rust Coin shares information on how and why to do that.
Rust Rare Coin — one of the oldest coin shops in Utah and family-owned for three generations – offers an easy way to sell gold. It’s at a very high rate: $1,725 for an ounce. Last summer it was about $1,900 an ounce – so we’ve seen higher rates but this is a very good time to cash in.
Gold shops are looking for jewelry of all kinds – bracelets, necklaces, rings, earrings – watches, coins, or other items that might be gold-plated or contain gold.
Some gold items are purer and thus more valuable than others. Pure gold is considered 24 karat or 24k. A necklace that has an ounce of 10k gold has less than half the gold of a necklace with an ounce of 24k gold. So when you go into a gold shop to sell something try to understand the value of what you’re selling.
Most U.S. jewelry is made of 14 to 18 karets – and there is good gold value in that. If you’re not sure what you’ve got come and we’ll look it over and give you an estimate. If it’s a gold object, we’d scratch off the surface in a discreet spot onto a stone. The trace left behind is then tested with acid. If acid eats the metal it’s not gold.
Some gold items may be worth more when sold as they are, rather than if they are melted down. If your gold necklace or bracelet comes from a well-known designer or maker, it may have a value to some buyers beyond the gold it’s made of.
The amount of cash that you get for your gold will depend on two features. The first is the weight of your gold. Generally, gold is measured in Troy ounces. A Troy ounce is approximately 31 grams. Make sure that your gold buyer correctly measures the weight of your gold. Beware of illegitimate scales and sneaky weighing techniques.
The second feature is the amount of karats in your gold. Because pure gold is much too soft to be used for jewelry and other gold products, it is typically combined with other metals that add strength. A karat measures the amount of pure gold in a gold item. A larger number of karats in your gold translates into a higher value.
A news story that aired recently on NBC’s Today Show indicated that you will get the most for your money at your local jeweler or coin shop – as opposed to online dealers. NBC said that local shops will pay up to 70% of the gold’s value.
Also, remember, you don’t have to jump at the first offer for your gold. Shop around for a few different bids. To ensure you are really getting the best price for your jewelry, have it appraised before selling. This may cost you more up front, but your jewelry may be worth more than its weight when you include workmanship, artistic value, and embedded gems for the piece as a whole.
The best way is to make sure a business is reputable is that they are registered with the Better Business Bureau. Stay away from gold buyers that have a large number of complaints or that have numerous complaints that are unresolved.
Gold buyers are required by law to ask sellers for government-issued identification, This requirement is designed to protect consumers by helping police investigate the sale of stolen property and prevent money laundering. All reputable gold buyers comply with these rules, so if you don’t get asked to show your I.D., be warned.
Rust Rare Coin is located at 252 East Broadway in downtown Salt Lake and we’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.
You can find them online at http://www.rustcoin.com