CBC News, CBC News
Published: Aug 10, 2011 10:33 AM MT
With the price of gold soaring amid another wave of global financial turmoil, experts warn that people seeking to cash in jewellery and coins need to be cautious about who they deal with.
The recent wild swings in the stock market and fears about government debts have driven the price of gold to record highs, as people seek a safe place to park their money.
It’s also driven up the value of old gold jewellery — by as much as seven times for trinkets like a 25-year-old gold chain.
But the Edmonton branch of the Better Business Bureau cautions people looking to sell their jewellery should shop around before settling on a buyer.
The widely advertised company Cash4Gold, for instance, only has a C rating from the bureau and has had 337 complaints against it in the last three years, as well as being under investigation in Florida.
“Before you’re even going to them, get some appraisals done on your own,” advised Ron Mycholuk of the Edmonton BBB.
Expert buyer and seller Clinton Beck of Beck Gold and Diamond Brokers on 144th Avenue advised to stay away from places where you have send gold off in the mail.
“You shouldn’t have to send anything that valuable away in the mail. The most it can be insured for is a hundred dollars,” he said.
A better idea is to try local pawn shops that buy gold, where a seller can get an appraisal right away and move on to the next store if they don’t like the price.
“Look online, that’s probably the easiest place to find local ones in your local marketplace,” Beck said. “Look for the most important thing, [which] is how long have they been in business, do they have a business licence.”
Dealers also recommend removing any gems from gold jewellery before bringing it in to be sold, otherwise they may get lost.
Gold futures hit a new nominal high of just over $1,800 US an ounce Wednesday morning — more than double what it traded at two years ago. The all-time inflation-adjusted high was in the early 1980s, when bullion traded at about $850 an ounce, or nearly $2,400 in today’s dollars.
I highly recommend doing business with Beck Gold & Diamond Brokers. As I had a rather large quantity of scrap gold jewellery, I did my research. Not interested in the “mail in” approach, I wanted to deal face to face and maximize the price per gram of my gold. After visiting several pawn shops that …
Clint, thanks again for the deal you gave me on my engagement ring. You saved me $1,500.00. It is gorgeous and better quality than I could find anywhere. I owe you one.
My wife Lisa Nelson introduced me to your services this week with an appointment with one of your sons, I think Nicholas. It was my first experience in trading in old, and unwanted gold and I found the experience so simple, friendly and it went off without a hitch. We went to your residence, or it a…
It was a pleasure to meet you today and I want to thank you for your very generous donation to Jessica’s Wish for our major fundraiser to be held on Sept. 4th, 2011. I know it will be a wonderful auction item and will help us to raise more money this year
Another good day… crawling out of debt. It pays to shop around even when selling gold! Thanks a bunch to Clinton Beck!
I am a student in college and I went to see Mr. Beck about 2 months ago to sell a ring with some small diamonds in it. Mr. Beck advised me that the ring was in excellent condition and I may wish to sell it on Kijiji before selling it for scrap gold as I could possibly get more money for it doing it …
Your professionalism made the process worth telling all my friends and family about your business. I look forward to our many dealings in the future, warmest regards,
As per our conversation earlier today and the successful sale of my gold, I would like to inform you that I did a price comparison regarding the 18k gold ring I sold you today. There is a gold buyer in Sherwood Park who goes by “Aaron Buys Gold” he claims to buy gold for the highest value in the …
I can’t tell you how thankful I am that you talked me out of selling my great grandmother’s gold coin necklace. It was something that I would never wear but it was very sentimental in value. Your idea of having it mounted in a shadow box frame with a picture of her brought tears to my eyes. My famil…
You were absolutely awesome to deal with! I have been busy referring all my friends and I know you have already seen one of the ladies this weekend.