Walnut Creek, California (EastBayDaily) — Selling old gold jewelry is an easy way to pick up some extra cash, which is why it has become popular during the current economic slump—especially now that the holidays are rolling around. But the amount of money sellers will get for their unwanted gold can vary widely among retailers. Super Silver urges sellers to be cautious when choosing a buyer. The Walnut Creek cash for gold and silver specialist recommends avoiding online buyers and one-time gold buying events.
The price of gold has been on the rise for several years, creating a flood of new gold buying operations, some of whom are not entirely above-board in their business practices. The Better Business Bureau estimates complaints against gold, silver and platinum dealers are on track to double over 2010 numbers.
“There are a lot of fair buyers in the industry but there are quite a few paying less than what’s appropriate,” BBB spokesperson Kelsey Owen told CNN.
Many people who want to sell their gold quickly take the most convenient avenue by selling their gold online and dropping it in the mail. But some online gold-buying operations operate less than truthfully.
“You might send your gold in thinking you will get a certain amount of money,” said Robert Truhitte, owner of Super Silver of Walnut Creek. “Then, when you get a check back, you find it’s nowhere near what your thought it would be. And when you call them, they say ‘sorry, it’s already been melted down.’”
Truhitte says selling gold by mail or over the Internet is taking a risk. Sellers are much better off doing their transactions in person, where they can agree to a quote and get their money right away, without having to worry that their payment will magically decrease.
The East Bay gold appraiser also cautions against one-time gold-buying extravaganzas. “The places that rent out large rooms in hotels pay next to nothing for your gold,” said Truhitte. “It’s simple math: they have to pay for the space, travel expenses, and salaries for all of the employees. In contrast, we already have employees and a store that pays the bills with our jewelry sale and a direct connection with a refinery, so we can afford to pay top dollar.”
Truhitte urges sellers to do a little research on the current value of gold, and then seek out a reputable neighborhood gold buying store. Sellers should keep in mind, however, that gold buyers have a profit margin, so if gold is trading at $1,300, they can’t expect to walk out with that entire amount.
“By taking a few extra precautions, you can be sure you’re getting a fair price for your gold jewelry,” says Truhitte.
Super Silver also advises people to check out the value of their gold or silver jewelry even if it is broken, missing one or more pieces, partially destroyed or discolored by some chemical. “Flaws don’t affect the value when you are selling gold and silver,” says Truhitte.
For more information about selling gold or silver in the San Francisco East Bay area or any of Super Silver’s products and services, call them at (925) 233-4455 or visit them on Facebook at facebook.com/supersilverwalnutcreek.
About Super Silver Super Silver is a Walnut Creek jewelry store and East Bay gold buyer that specializes in gold and silver jewelry sales, gold and silver purchases, jewelry appraisals, watch repair, engraving and styling. The Walnut Creek unique jewelers serve the San Francisco Bay Area communities of Alamo, Berkeley, Blackhawk, Brentwood, Concord, Diablo, Dublin, Lafayette, Livermore, Moraga, Oakland, Oakley, Orinda, Pittsburg, Pleasant Hill, Pleasanton, San Francisco, San Ramon and Walnut Creek.