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.
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 …
Any jewellery hoarders out there? I was both impressed and amazed by Clinton’s professionalism and honesty when he appraised my gold. I highly recommend Beck Diamonds if you have old gold that is collecting dust or if you are just in need of cash. The value of gold is great, and I was pleasantly …
When I decided to sell my gold, I was terrified. I had inherited my mother’s gold and held onto it for almost nine years. My mother had always told me “never sell your gold, it’s your only asset when the economy goes bad.” Well, the economy got bad, I became injured and still had bills to pay with n…
I’m so happy to have met you yesterday when I came to sell my gold jewellery. I was so confused and had a hard time parting with it and shared with you my reasons for selling. You were so kind, patient, polite. Your advice and good thoughts gave me great confidence that i’m selling it to the right p…
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 …
I took my gold to a few jewellers and the highest price they offered me was $160.00. I phoned your office to get a quote over the phone and you estimated that I would receive roughly $440.00. I was pleasantly surprised when I arrived at your very professional office. After you tested some of the gol…
I went to Londonderry Mall where a business was set up to buy gold. Their estimate was much lower than yours and I did not have a good feeling about them. I certainly had a great feeling with you; you were very professional and also very honest. I have already passed your name to a number of my frie…
Thanks Beck Diamonds, Friendly and honest service. Upfront and helpful. Thanks for the tour as well. Lots of neat stuff, like a mini museum.
I was very impressed by my experience of meeting you, and how professional you were in the sale of my bracelet. I will definitely refer you to other people who could use your service. All the best in the New Year.