Of late, my clients are always asking me what to do with their gold. With gold well over $1,600 an ounce, and other metals at extreme highs, it seems like you should melt whatever precious metals you have just sitting around in outdated jewelry. The Atlantic recently asked if there is a bubble going on now. I’m not one to try and predict metal markets. I’m just along for the ride like everyone else.
But I can say if you decide to cash in on some gold, diamonds, silver flatware, or other precious metals, please do be careful. With a 75% increase in price over the last three years, the scammers have come to prey. There are many horror stories about selling your valuables, but what’s less understood is exactly why a few old rings don’t add up to that much cash. Most rings are 14 karat (58.5% pure gold) or 18 karat (75% pure gold). The refinery is only paying you for the pure gold not the alloy. Also the original jewelry has the labor and profit which you lose at scrap prices.
Be careful if you decide to sell your old scrap metal. It has value and you want to get the highest price possible. Richard Dolgin Private Jeweler promises to be discreet and treat you with courtesy and integrity.
Remember, Richard Dolgin Private Jeweler has been repairing, selling, and creating custom jewelry as well as buying gold and other precious metals for over 30 years.