Saturday, February 7, 2009

The Cash for Gold Scams

You've probably seen them.the commercials with famous dudes, like Ed McMahon telling you how much dough you can make by cashing in your old gold.

Well, in case that little voice popped up in your head and said, "RIP OFF!!!"...


I knew it.

Read THIS:

If you have old gold, like broken chains, old ring settings that have no real antique value or attractiveness, please, find a reputable dealer who will give you a fair price.

First, go online to see what actual gold value is on the open market. There are many sites that list the current fair market value. Many of these sites also offer online calculators to determine the value of the gold based on the carat content. 18K gold is 75% pure gold, 14K is 58.5%, 10K is 38.5%, 9K is 33.3% and so on.

Second, make some calls to some local pawn shops and ask them what they are paying per gram weight for whatever carat you have. 10K and 14K are generally most popular.

Third, stay away from the phone book ads or TV ads. Instead, call a reputable jeweler and ask him or her if they are buying gold and what they pay. Often they will pay much more than a pawn shop.

Fourth...finally, unless you are desperate, shop it around until you find someone willing to pay you at least 90% of the current fair market value. A simple google search found this:
(I am not suggesting using them, only their online caculator...and note, they charge a $100 processing fee on any request, as do many and most places. The more you have the better as far as minimizing these "smelting" or processing fees)

Be aware, though, that in desperation, the bottom feeders are likely to come out and that you will most likely get a small fraction of what your gold is actually worth. As of this morning, gold is about $913 an ounce...there are about 28 grams or 20 dram weights per ounce.

One final suggestion. If you have gold in the form of a Victorian brooch, an old watch chain, an art deco filigree ring, or any other piece of vintage or antique jewelry and it is NOT damaged and IS still wearable, do NOT scrap it..its antique and collectible value is generally MUCH higher than what even the best paying scrap dealer will ever pay. If that is your situation, and you want to sell or consign a piece of fine jewelry or estate stuff, just give ME a call and I promise you an honest and fair assessment!

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