Tips for getting the most for your gold

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by By DAVID SCHECHTER / WFAA-TV

Bio | Email | Follow: @davidschechter

wfaa.com

Posted on April 7, 2009 at 8:23 PM

Updated Monday, Oct 19 at 4:58 PM

PRICE OF GOLD

David Schechter reports

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ADDISON - Before selling your family gold heirlooms for cash, there may be some steps you should take to ensure you're getting the most for your gold.

In these tight times, many North Texans are flocking to jewelry stores in search of extra money.

"I would suggest you do a little bit of homework," said Ron Traxler, an Addison jewelry appraiser at Jordan's Jewelry.

News 8 decided to do just that. Before heading out to see what gold buyers would pay for a handful of gold items, News 8 went on a short stop to figure out what it's worth.

Traxler looked at the assortment of pieces and then handed out some advice.

Sellers can put the gold they want to sale on a postal scale for a rough idea of its weight.But first, sellers should sort out the gold by karat weight, which is stamped on the back.For example, 22k is more expensive than 14k. Once that is done, the different karats can be weighed separately.

Traxler then advised that sellers should check the daily price of gold using an online metal calculator.

News 8 found the top market price for the grouping of gold it was trying to sell was almost $3,000.But, that number is reserved for people selling pounds of gold.So, a good rule of thumb is to take the top market price, cut it in half and give or take 10 percent.

Traxler said that put the gold's worth somewhere between $1,300 to $1,600.

News 8 soon found that Traxler's tips could translate to more cash.

Dallas Gold and Silver Exchange offered $1,255. News 8 asked for $1,600, but they wouldn't budge.

Dallas Watch and Jewelry offered $1,557. News 8 asked for $1,600 and they said, "yes."

Finally, Fuller's in Addison offered $1,500. News 8 asked for $1,600, and they came back with $1,650.

"I'm thrilled," said Randy Rasberry, Fuller's manager, after hearing they made the best offer. "That's the best news I could hear."

Fuller's said it offered more because it would have melted some of the gold for use in the store, resold some of the other pieces and sold the rest.

"It's like going to a jewelry show every day," Rasberry said of his job. "We really see some neat pieces come through the door."

Dallas Gold and Silver said it offered less because it's only interested in melting the gold. The company said the small diamonds on the pieces actually hurt their value since they're worth far less than gold.

So, what was the bottom line?

By shopping around and understanding what one has, more money can be the result.

"You'll have better leverage to negotiate," Traxler said.

And maybe, a seller can shine up their profits by more than 30 percent, just like News 8 did. Bling!

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