Cash for gold

April 27, 2009 9:59:42 PM PDT
It took a matter of minutes for Linda Field to cash in a box full of gold rings, bracelets and pins for some cold, hard cash. "I thought some if it was truly junk," she said. "I thought it was just costume jewelry. He said everything was gold. Some of it was so gaudy, I thought nobody could have done it, so I was a little bit surprised."

In this economy, what's no surprise is the number of people pouring into 'cash for gold' businesses like those in Manhattan's Diamond district. The 'walk-in' business at U.S. Gold Buyers Incorporated is up 40 percent.

"Most of the people are looking to make payments on a mortgage, pay the kids tuition, things like that...things that are necessary in life," Jose Caba of U.S. Gold Buyer said.

And nowadays people are selling much more than just bracelets, rings, and pins. Buyers told us in recent months they have seen gold teeth, musical instruments, trophies.

"The gentleman walks in with an 18-karat trophy. It's pretty heavy. The man walked out with over 13-thousand dollars that day," Caba said.

Late night television is filled with advertisements coaxing people to earn a quick buck by sending their gold through the mail.

The price of gold has soared 33-percent in the last year to roughly 900-dollars per troy ounce.

Jewelry experts advise sellers to do some homework before they decide to part with their pieces.

"An appraiser who is educated and accredited will absolutely help you understand what it is worth, so they can manage your expectations, try to help you understand the value of the piece," said Helena Krodel of the Jewelry Information Center.

Too often, Krodel says, sellers often add emotional or sentimental value to their jewelry. All the buyer is concerned about is the number on the scale.


NEW YORK AND TRI-STATE AREA NEWS

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