SCOTTSDALE (InvestigateTV) — Earlier this year, the price of gold surpassed $5,300 per ounce. The milestone marked a 160% increase in value over the last five years.
“It really bumped up, we think, because of fear and this flight to hard assets,” said Oliver Smith of Oliver Smith Jeweler in Scottsdale.
Even broken or mismatched pieces can be worth significant money in today’s market.
“Most people sold when it got to $2,000 a year and a half ago, so we’re seeing a lot of things coming out of the woodwork,” Smith said. “We also have our clients who have the little chain, the broken earring, the unmatched pair of earrings, and they might only get $100 or $200 for that, but it’s still something.”
Silver prices are also significantly higher than previous levels.
How the process works
“We have an X-ray machine that tells us what the content is. We have scratch testing we can do with acids, too to tell what the content is. It’s all weighed on scales,” Smith explained. “Then we make the offer based on what the spot is that day. There’s a difference between what you’re going to get and what you’re selling because certain things take more work for us to work through.”
After its purchased, gold and silver are melted and poured into bars.
“It really gets put back into the system,” Smith said. “We refine it and we either use it to make new things or we sell it to the refinery.”
Red flags to avoid
Smith advised customers to watch for warning signs when choosing where to sell jewelry.
“If you don’t feel comfortable in a situation, then just leave. The red flag is the hair standing up on the back of your neck, they guy’s not looking you in the eye. They’re not writing down the quote for you,” Smith said.
“My advice would be to stay away from that kind of fly by night operations that want to take advantage of a high market. Use your local neighborhood jeweler or coin dealer,” he said.
Experts recommend taking gold to multiple locations on the same day to compare offers.
You should also find out if buyers are legitimate, according to Nerd Wallet. You can do that through reviews and the Better Business Bureau.
It’s also recommended finding a buyer that is transparent about what they pay and don’t obligate you to sell after getting a quote.
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