Rising Gold Prices Bring More Sellers and Scammers

Gold prices are climbing, and that has more people looking to cash in on old jewelry, coins and other valuables.

Local gold buyers say they are seeing more customers bring in everything from broken chains to old coins as prices remain near record highs.

At Precious Metals Refinery and J&J Gold Buyers, staff weigh each item, test its purity and determine its value based on current market prices.

Experts say understanding the purity of your gold is important. For example, 14-karat gold is about 58% pure gold, while 18-karat gold contains about 75% gold.

Some customers are using the extra cash to help pay bills, fund travel or simply clear out jewelry they no longer wear.

Others are choosing to reinvest by purchasing gold bullion.

But experts warn consumers not to rush into a sale.

J&J Gold Buyers owner James Fawcett recommends getting multiple quotes and researching the value of your items before accepting an offer.

He also warns about scams in which people approach consumers at places such as casinos and gas stations, claiming they need quick cash and offering gold or luxury items in exchange.

In some cases, those items may be fake.

Experts say consumers should have valuables tested by a reputable buyer and compare offers before making a deal.