Tips For Selling Your Gold

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By Laura Donaldson

Story Published: Nov 20, 2009 at 6:50 PM EDT

Story Updated: Nov 20, 2009 at 6:52 PM EDT

FORT WAYNE, Ind. (Indiana’s NewsCenter) - With the price of gold at an all time high many people are cashing in.

But local experts say there a few things you need to know before you jump on that golden bandwagon.

“The whole crux of anything that we talk about with consumers is, who is it that you're dealing with,” Mike Coil with the Better Business Bureau said.

Coil says it seems more people than ever are finding ways to make a few bucks on their old jewelry. But he says there are a few things you need to know before you jump on that golden bandwagon.

“Gold is going for $930 an ounce and I think people think they can weigh whatever they have and they can multiply that by $930. That's not going to happen,” Coil said. “Purity of gold is always an issue, whether you have other things on that gold is an issue. So going and getting some kind of estimate from a jeweler here, in town here, or somebody you know, I would certainly think that's worthy of doing.”

He says you should think twice before mailing your gold to a company.

“If you're dealing with someone here in town who has a shop and who has a physical presence you can go back and talk with them,” Coil said. “Once you put that gold in the mail and send it off your control over that is next to none.”

Coil says if you decide to ship your items make sure they are insured so if they're lost you can recover them if they’re lost.

He says you should also ask about the company's guarantee if you are not satisfied with the price offered.


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