Many people who come in to sell their gold ask, “Is now a good time? Is gold going to go up in price?”. The truth….NOBODY KNOWS! Sometimes gold will fluctuate with the stock market, sometimes the two act completely independent of each other. When the stock market crashed last year, gold shot up in price because people felt that gold would be a more solid investment. Then the price fell dramatically, with seemingly little cause. As I’m writing this gold is at $944 per troy ounce. By the end of next month it could be $200 more or less or exactly the same. My best advise is to start watching the gold price daily. If you can, check it a few times a day. You’ll start to see trends, and if you are planning on selling your gold, it will allow you to pick a good time to sell.
Some people who don’t want to sell their gold outright, want us to make a new piece of jewelry with their gold. Does Precious Metals do this? The short answer is no. We wont take your gold, melt it down, and make it into something else. If you melt down old gold from chains and other unwanted jewelry items, the end product tends to be brittle and difficult to work with. The solder and other impurities in the jewelry compromise the end product when it is re-melted. Some jewelers will do this, typically with the understanding that the product will be of lesser quality, but we’ve found it is more trouble than it is worth. What we will do is a metals exchange. If you give us 10 units of 14K gold jewelry, we’ll give you 9 units back in newly refined and alloyed 14K gold. Because we have to pay to have your 10 units of 14K gold jewelry refined, we deduct that one unit to cover this cost. This exchange can save you a lot of money if you are looking at making a new piece of jewelry, and the end product is of the best quality.
If you don’t want to lose the actual metal of your gold jewelry, we can redesign pieces, creating an updated and more wearable piece of jewelry. Your parents’ wedding bands can be turned into pendants or earrings, or they can be sized to fit you. Re-working a piece that you are no longer in love with is often less expensive that replacing it with a new piece, and it can be very satisfying to find a new love for a piece of jewelry you thought you would never wear again. I find that the soul of most jewelry is the stones, and at Precious Metals we specialize in taking stones from your old jewelry and using them in new and exiting ways. Stones that have been abraded from years of wear can often be re-cut to look like new. There are endless ways to “make over” your jewelry.
