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How you can cash in after price for gold soars

HOUSTON – For the first time ever, the price of gold shot up to more than $2,000 an ounce this week. It’s not as if we have bars of gold lying around, so you may be wondering how you can all take advantage of the skyrocketing commodity.

You know the old saying “buy low and sell high?” It definitely applies here. This is not a great time to buy gold but if you have some to sell, such as old or broken pieces of jewelry that you don’t care for, you can make a pretty penny.

Certified GIA gemologist Steven Silver owns Jewelry Appraisal Services. He says the soaring price of gold is keeping him busy.

“If you’re selling gold, you could get 20% more today than you would if you sold say 30 days ago,” said Silver.

Putting it into perspective

The price of gold typically sits around $1,500 to $1,600 an ounce. Wednesday, Aug. 4, it shot up to $2,041 an ounce.

Before you rush out with your jewelry box, you should know only 24 karat gold is solid gold. Most jewelry is 14-karat gold. It contains 58.5% gold. The rest is some other metal or alloy.

A 2-ounce 14k gold necklace would be worth about $1,750, up $300 from just last month.

Most reputable businesses to sell gold

Silver says the “We Buy Gold” storefronts don’t often offer the best price for your gold. You can shop it around. Depending on how much you have, it may or may not be worth your time.

He recommends checking with these types of business:

  • Coin shops: These businesses often buy gold. They buy and sell gold coins and are familiar with the fluctuating value.
  • Jewelry stores: Some jewelry stores that make jewelry will buy your old gold. They can give you a better price because they are melting it down and not trying to sell it to someone else.
  • Gold Brokerage Service: Silver’s company will actually appraise your jewelry and shop around for a gold refiner that will pay you the most. If you don’t like the offer, you don’t have to accept it.

The importance of getting gold reappraised

Even if you don’t want to sell anything, if you have any gold jewelry insured, Silver says you should get it reappraised at today’s value because if your jewelry is lost or stolen, it’s going to cost you more money to replace it. Silver said appraisals start at $75.