I’m positive you’ve seen the commercials all over tv, the “Cash 4 Gold” commercials where the business offers you money for second-hand or unwanted gold scrap.

In reality, you’re getting pennies on the dollar for what was paid for the gold for the reason that the scrap value for the gold is insignificant, then the buyer takes his part from what he pays you.

Whatever the actuality of selling gold for scrap prices, the business is booming and lots of jewelry stores are cashing in on the fad. The craze has caused increased competition in the area and since gold has struck and hovered around $1000 an ounce, it has become a very lucrative business for gold buyers.

It has grown to be so popular that a number of jewelry stores have been holding gold peddling parties and certain websites are able to publicize at the time of the Superbowl.

One seller, Richard Stalter, has owned a jeweler, South Side Jewelers & More, for 19 years and at the present there is new rivalry for him as well.

“I once used to be the only one down here that did that,” said Stalter, whose industry model has always been for the most part based on generating most of its income from acquiring gold to sell for scrap. “Now, I have three competitors.”

Peddling any gold that you may have in your home could be a potentially devastating situation. I personally don’t trust anyone that I have to mail my loot to then wait for them to send me a check. That is too much belief in a business or person that I don’t know. I would rather go to a jewelry store to sell any discarded jewelry.

I don’t imagine I’m alone in that.

I have started to notice a huge jump in the amount of commercials for gold buyers and jewelry establishments that are taking gold from clientele as scrap. I know the jump in price is a huge encouragement for more and more people to get out there and try to put up for sale their gold, but I would imagine that more people would have some sort of schmaltzy value associated with their jewelry than what the scrappers are eager to give them for it.

On the other hand, I do assume if times are harsh enough then most individuals will do whatever they have to to keep food on the table, and there’s nothing wrong with that, but if you are at the point where you are going to sell your valuables, please do some research first.

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