Gold Rush: How to Get the Most Money for Gold Jewelry and Coins

With gold steadily rising, consumers like NBC 10’s Tracy Davidson are cashing in their necklaces, earrings and more. Here are some helpful tips from the American Society of Appraisers.

Are you kicking yourself? I am. Like so many others, when the price of gold started climbing a couple of years ago, I rummaged through my jewelry box for all the broken chains, single earrings and pins, and went looking for the highest bidder. I did a story on NBC 10, so other women could also put a few extra dollars in their pockets. I mean, holy cow, gold was almost $1,000 per ounce. But that’s why I’m kicking myself—the other day, amidst the market meltdown, gold briefly touched $1,800 an ounce.

“What’s going on with gold?” you ask. When markets are volatile, some investors run for safety—and gold is seen as “safe.” In fact, some market analysts use gold as a “fear gauge,” i.e., fear of the markets. Gold has been increasing pretty steadily for the past few years. Check this great website to see what I mean:

My pawn shop owner, Stanton Myerson of Lou’s Jewelry & Pawn in Upper Darby, tells me that customers are pouring into his store with their gold, a few even bringing gold fillings. So, if you’re one of the only people on the planet who still has a tangled mess at the bottom of their jewelry box, it might be time to sell. How do you get the most money for your gold? Here are a few suggestions from the American Society of Appraisers:

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1. Shop around for the best price. Know what the price of gold is going for, and get the price in grams.
2. This one’s a biggie: Make sure the shop is licensed.
3. Beware of cold calls or mobile outfits popping up on the corner.
4. Do not sell gold coins by weight. They may be worth more to a collector.

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