Is gold losing its luster?
Prices of the precious metal are down 20% since spring. And that leaves some consumers wondering if they’ve missed their chance to cash in on this years new gold rush.
With gas prices up…grocery prices up….and the the value of your dollars down….many of us have been rushing to the jewelry store this year, to unload old gold at record high prices.
In the peak of the frenzy back in May, we caught up with Stephanie Clements selling some old chains, bracelets, and rings.
Stephanie says “I had a few pieces that I no longer wear…They had no value to me.”
Gemologist Rick Fehr at Richter and Philips Jewelers inspected and weighed her collection…..and gave her a rough estimate of its value. Fehr says “I’d pay $300 to $600…buying it outright.”
But had she waited until now — September 2008 — Stephanie would receive less. After peaking at $1,000 an ounce in April, the price of gold has fallen back to $800.
So is it Too Late?
So then what about all those ads and TV commercials urging you to sell your gold now? Should you ignore them, until prices rise again?
Jewlers we checked with say “no” They say its still a good time to sell, because gold is still far above its 20 year average price of $250. Most say as long as it remains above $500 an ounce, you can make decent money selling old jewelry.
Rick Fehr says “a collection of chains they haven’t worn for a long time may bring $200.”
Bottom line: Don’t let today’s prices scare you away from selling: They are still historically high. But get an appraisal from a local jeweler before you respond to an ad from a buyer…So you don’t waste your money.
I’m John Matarese.
Copyright 2008 The E.W. Scripps Co. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Source: www.wcpo.com/content/news
