Your unwanted gold jewelry can fetch a pretty penny as gold price soars

Spot price hits $2,195 an ounce Friday

SAN ANTONIO – Gold is having a bright and shining moment.

The precious metal soared to an all-time high Friday, hitting a spot price of $2,195 an ounce. And, that’s creating a nugget of opportunity for investors and people who may have a stash of unwanted or broken gold jewelry.

“Gold’s currently at a record high right now,” said Dewey Bolton, owner of Alamo Heights Coin Shop. “A lot of people are very new to gold, and they’re coming in and, you know, kind of, ‘How to how do I buy physical gold?’” Bolton said.

But you don’t have to be an investor to cash in.

“A lot of our business is also buying unwanted gold,” Bolton said. “We tell people we buy gold in any form. I don’t care if it’s teeth.”

Bolton said people are bringing in single earing, broken chains and old watches.

At Alamo Gold and Silver Refinery, Paul Evans also buys gold in any form.

“The gold purity - the higher it is the more it’s worth,” he said.

The spot price of gold is for 24 karat. Much of the jewelry people sell is 14 karat.

When someone brings jewelry in to sell, Evans first checks the purity using a stone and acids that can reveal how pure the gold is or whether it’s a fake.

At any number of gold shops, sellers typically get what’s called scrap price because the metal will later be melted.

The payout depends on the purity, the spot price and the percentage that business pays.

After testing a necklace and a few earrings, Evans said that small handful would fetch more than $980.

Just as all gold is not the same, neither are gold buyers. It pays to do your homework and find a reputable business. Also, shop around and get quotes from a variety of buyers.

About the Authors

Marilyn Moritz is an award-winning journalist dedicated to digging up information that can make people’s lives a little bit better. As KSAT’S 12 On Your Side Consumer reporter, she focuses on exposing scams and dangerous products and helping people save money.

Adam Barraza is a photojournalist at KSAT 12 and an El Paso native. He interned at KVIA, the local ABC affiliate, while still in high school. He then moved to San Antonio and, after earning a degree from San Antonio College and the University of the Incarnate Word, started working in news. He’s also a diehard Dodgers fan and an avid sneakerhead.

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