NewsChannel 9 WSYR, NY
Syracuse, New York (WSYR-TV) – Efforts by the Fed to stem the financial crisis have sent the price for an ounce of gold through the roof.
It surged briefly Thursday to more than $900 — that’s a significant jump from the $700 price tag we were seeing last year at this time.Â And Wednesdayâ€™s gain of more than $80 was the highest ever seen for this commodity.
Itâ€™s leading many to trade in their gold to pay for necessities.
â€œA little over a month ago, a couple came in and sold the wedding bands right off their fingers — because they had to,â€ says Mark Caiello of the CNY Coin and Silver Exchange.
For some, itâ€™s become necessary to trade in treasured belongings to make ends meet.
â€œWhen yesterday we had that $88 surge in the gold markets, it was very very busy again. Phones ringing — and the jewelry business was very, very active,â€ Caiello says.
So active, some shops may look to take advantage. Pay close attention to how valuables are being priced.
Make sure the exchange shop you bring your jewelry to is sorting through your items and dividing them up by karat value. 14-karat gold, for example, will be worth more than 10-karat gold, and you want to be sure that each value is being weighed separately.
If someone offers you a price you think is too low, get a second opinion.
Just in case you have second thoughts after you’ve traded in your gold, a state law requires each shop to hold your valuables for seven days before the transaction is complete.
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