Getting the best price for your old gold may depend on where you take it. NBC Connecticut's Troubleshooters repoters Chris Coffey visited several Connecticut jewelry stores, gold dealers and pawn shops to see which paid the most for gold.
If your gold necklace is buried at the back of your nightstand, chances are it's no longer high on your fashion radar. You can say the same about the gold earrings you never wear.
But gold is in high demand and it can fetch you that extra money you may be needing.
"This is a very good time, actually," gold buyer Sandra Chaves said. "Gold is pretty high right now."
An NBC Connecticut investigation reveals shopping your gold around to several dealers can pay off.
We took several pieces of jewelry to Neil Cohen, a Master Gemologist Appraiser in West Hartford. Cohen inspected each piece closely and confirmed we had gold. He said someone paying top dollar would offer us between $700 and $750. And he told us the importance of having jewelry appraised before you attempt to sell it.
"The guy that is buying it has the knowledge," Cohen said. "The seller has gotta get the knowledge. By getting an appraisal, he brings himself up to the knowledge level."
We then took our gold to several locations:
Good Ole Toms in East Hartford offered $510. Fast Eddy in West Hartford offered $603. Silas Dean Pawn and Jewelry in Wethersfield offered $600. We were presented a similar offer of between $600 and $650 from Dynamic Coin and Jewelry in Wethersfield. Connecticut Gold Buyers in Wallingford offered $695. And Superior Exchange in New Haven offered the best deal at $719.
The next day we received somewhat lower offers from dealers in Vernon and Windsor Locks. However, the price of gold can fluctuate day to day. Gold closed at nearly $1700 dollars an ounce on both days of our investigation.
"When jewelry stores need it the market goes up and it fluctuates that way," Chaves said. "Same goes with silver."
Since gold prices are so high, jewelry thieves may be tempted to steal the precious metal for a quick profit. That's why Connecticut recently toughened up it's law that requires dealers to pay by check instead of cash.
"It's a lot easier for us and the police department to find the person who actually sold the jewelry with a check that's physically made out to them," Chaves said.
Jewelry experts say about 95% of the gold that is sold to dealers these days is being melted down.
Still, honest sellers can take advantage of a sellers market and a much better offer for your gold could be found just a few miles away.