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Transcript: Selling gold jewelry

Anchor Intro: Every day across America thousands of people are mailing their gold jewelry into places that will turn it into cash. Is it a good idea for you? Bankrate.com takes a look.

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SOT: "I buy jewelry. I buy jewelry from the public all over the nation. And if people are looking to sell their jewelry, come to me. I'll buy it from you."

Voice over 1: On an average day, cash4gold.com gets about a thousand packets of jewelry from all over the country. Each is assayed, paid for, and ultimately melted down. Two years ago they had fewer than 15 employees. Now they have 135. Why is business so good?

SOT: "The fact that gold prices are high helped, but I think what it really is attributed to is people needing money in the trying times of the economy."

Voice over 2: These internet businesses also offer people a way to get cash for jewelry anonymously: no awkward trip to the jeweler or pawn shop.

Voice over 3: But here's the golden rule: Wherever you sell your gold, see what they're going to pay first. And don't expect to get close to the current spot price of around $900 and ounce.

SOT: You could see prices anywhere from 50 percent of spot to 80 percent of spot based on how much again that you're sending in.

Voice over 4: So if you've decided to sell your gold jewelry... shop it around. And take your time. According to some experts, gold's only going higher anyway.

SOT: "As we continue to see demand strong and we see production squeezed, we will continue to see a rise in the price of gold per ounce." THEN “We see gold in the next two to three years going between $1,200 and $1,500 an ounce."

Standup: While selling your unused gold may not be a bad idea, you definitely want to get the best possible deal, so you've got to shop it around, In other words, do a check before you accept a check. For Bankrate, I'm Kristin Arnold.

Bankrate.com's corrections policy
-- Posted: July 15, 2008
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