Do you have a ring or necklace you never wear? Have you ever thought about selling it? The commercials are everywhere: "sell your gold for cash".
A spokesman for U.S. Gold Buyers, a mail-in company out of New York, tells me it had a 60% increase in business last month alone.
In tonight's on the money report, I talked to a local pawn shop, local jeweler and that national gold buyer to find out what you can expect.
It's been 160 years since the California gold rush. Now 21st century prospectors have a modern day twist, mining their own jewelry boxes.
Nicole Lasker, VP of Lasker jewelers says "they'll bring us a box of stuff, some of it's gold, some of it's silver or base metal. We sort through it and give them cash so they're happy."
Lasker says business has been buying gold for 80 years, but has noticed people are taking notice of it more lately, "it's a good way to make some cash."
There are lots of ways to sell your gold: jewelry stores, traveling shows, pawn shops or mail-in businesses.
Lasker says, "people hear oh it's so much money an ounce but that's for pure gold. What they have is gold alloyed with other metals so they won't get the price of pure gold, it's going to be melted down, so we're giving them a price for scrapping the metal."
What kind of price? Lasker says they have a formula and for this men's wedding band you would get $25.
They are paying a refiner, as does C and C Pawnbrokers in Eau Claire. The owner tells me they try to beat other buyers prices for your gold, but they also have to pay $200 to send gold to a refiner. They say the more gold you have, the higher the price you'll get for it.
U.S. Gold Buyers, a mail-in company, refines what people send in. Company spokesman Stanley Meir tells me that's why they can pay more.
He says before you use a mail-in company, make sure it provides a tracking number and insurance for your package. They give customers their Fed Ex number and call you the next day to work out a price.
You verbally agree to the price, then they wire you money or send you a check. Both Meir and Lasker say beware of companies that just send a check with no explanation of what you sent.
Lasker adds, "I'm sure there are reputable companies out there but do you want to be the test?"
So how can you test your jewelry to see if its gold? Lasker says check to see if it sticks to a magnet. If it does, it's not likely gold. She says look for imprints also to see if its 14 or 18 carat.
And if it has meaning for you., remember this, once it's sold for scrap, It's gone.
"Jewelry is like art. I don't want to melt down a beautiful piece of jewelry. If it's a dented up piece, then fine but some that just aren't," Lasker added.
As with anything, before you put your valuables or money at risk, check the BBB to see how a company stacks up for its customers. For instance, U.S. Gold Buyers Inc. had 9 complaints in the last year, all had been resolved.
