posted on March 5, 2008 08:20:34 AM new
An interesting article in today WSJ 'Turning gold jewelry into cash',the author has 60 pennyweights or 3 ounces of gold(assorted 18k,14k jewelry),she tried a few places on days when one ounce of gold is selling between $902-939,here are the results:
.travelling dealer in a local Dallas hotel,$750.
.Dallas Gold and Silver exchange $600.
.Dallas gold broker she found on internet $730 ,revised to $1000 when he heard gold is at $939 over the phone.
.U.S.Goldbuyers in Manhattan diamond district,it buys and refines precious metals,it pays 96% of the spot price for 5 ounces or more and on a sliding scale for lower weights.
The author overnighted her gold to the dealer and they gave her a quote over the phone the next day when gold hit $949,they offered her $1570.17.
She accepted the offer and the check came next week.
(if she does not like the offer,they will return her gold at no charge to her via their Fed Exp account,if she accepted the offer over the phone,then payment is processed within 24 hours,payment can be either wiretransfer,Paypal or check thru mail).
