CINCINNATI — The price of gold has just hit $3,700 an ounce, making your gold jewelry more valuable than ever.
But many sellers end up disappointed when they discover why payouts are often lower than expected.
The past few months have been very busy at gold-buying and jewelry stores, where sellers like Kurt Shearer have cashed in on the latest gold rush.
"It is stuff I don't wear anymore, so why not bring it here?" Shearer said.
But many sellers are let down when they realize how little they will be getting, according to BJ Foreman of Boris Litman Jewelers in Madeira, Ohio.
"Not all things that glitter are gold, just like in the stories," Foreman said.
Watch a realtor explain why you may not get what you hoped for your old jewelry:
Reasons your payout may be low
Foreman explains why your payout could be lower than you had hoped:
- Buyers and stores take a small percentage of the payout; otherwise, it would not be worth their time to buy it.
- 14-karat gold is only 60% gold, with the rest being alloy to make it stronger. That alloy is worth just pennies after melting.
- Grandma's gold bracelet may be gold-plated, not solid gold, making it worth a fraction of what you expect.
- Finally, some items stamped 14-karat are fake.
"Just because the clasp on a bracelet says 14 karat, doesn't mean the bracelet is," Foreman said.
Foreman said a good gold buyer will explain all that.
What to expect when you sell
So what's yours worth?
An average thin necklace that's 14-karat gold, weighing 10 grams, should bring you about $400 right now.
For a lot of sellers, any money is good money, even if it's not thousands.
So feel free to bring your gold or silver to a local jeweler.
But don't assume they are taking advantage of you if you get a lower quote than you expect.
In most cases, you are not walking in with pure gold. But if you walk out with some cash, it's probably still worth it.
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