Rising Gold Prices Bring More Sellers and New Scams to Coachella Valley

Gold prices have climbed to some of their highest levels in months, and local buyers say more people are looking to cash in on old jewelry, coins and other precious metals.

At local gold-buying businesses, customers are bringing in everything from old jewelry and coins to broken chains. Staff test each item to determine its purity before making an offer based on the current market price.

For example, 14-karat gold is about 58% pure gold. A standard Troy ounce of pure gold weighs approximately 31.1 grams.

Valeria Rosenthal with Precious Metals Refinery says some customers are using the extra cash to help pay bills, fund travel or simply get rid of jewelry they no longer wear. Others are taking advantage of the market to purchase bullion as an investment.

But local gold buyers are warning consumers not to rush into a sale.

J&J Gold Buyers owner James Fawcett recommends getting more than one offer and understanding what your gold or other valuables are worth before making a deal.

Experts are also warning about scams targeting people who may be unfamiliar with the value of precious metals.

Consumers have reportedly been approached in places such as casinos and gas stations by people claiming they need quick cash and offering to trade gold or luxury items such as a Rolex. The items may appear valuable, but scammers can use fake gold or counterfeit luxury goods to make victims believe they are getting a bargain.

With gold prices high, experts say consumers should research the value of their items, use reputable buyers and compare offers before selling.