Could downturn spark a gold rush?
Tips for selling gold
Gate City Coin and Jewelry owner Tom Levesque, of Amherst, and pawn broker William Bishko, who buys and sells gold jewelry out of The Country Bear Bargain Store in Milford offer some tips for selling gold. n Shop around when you’re buying and selling. The price you sell your gold for can vary from 30 to 80 percent of the true value. Gold buyers who operate on television ads or out of hotels often don’t pay top dollar, Bishko and Levesque said. “You do yourself a favor by shopping around,” Levesque said. “If you don’t, you’re losing money.” n Gold may go up and down week by week, often based on activity at the International Monetary Fund. Bishko and Levesque follow kitco.com for current sale prices of gold. n Bishko said gold owners should sell when they think the price is high enough and shouldn’t wait for any particular target before they sell. Levesque expects spikes to hit $1,200 per ounce. n Even broken gold jewelry can be worth money because it can be melted down, said William Bishko’s son, Basil. n Buy coins as investments and jewelry as keepsakes, Levesque said, because retail jewelry is marked up too high to be an investment. n Karat is a measurement of purity; 24-karat gold is totally pure. To find your gold’s purity, divide the number on your gold by 24. So, with 18-karat gold, divide 18 by 24 to get 0.75. That means your gold is 75 percent pure.