Unwanted gold for needed cash

MATAMORAS — So what happens at a gold buying event?

The Gold Buyers Group (GBG) had a gold buying room set up on the first floor of Matamoras' Hampton Inn earlier this month. People young and old brought in their unwanted - or wanted but-in-need-of-cash - jewelry for a quick appraisal and sale.

Buyers set a table a room filled with chairs for those waiting for appraisals. People brought their gold articles to the table where it was quickly tested to determine whether it was 10k, 14k, 18k or 24k gold or not gold at all. Items had to pass the “magnet” test to see if it was gold at all. Magnetic is not golden. After that items were rubbed on a special surface and then had to pass the “acid test.” The small scraping left on the surface of the test stone was touched with a drop of 14k acid, as most gold articles of jewelry are 14k.

If the drop remains clear it is at least 14k. If it turns black, which means the 14k acid burned through the scraping, it is probably 10k. If it passes the 14k acid test the appraiser uses 18k test acid. Again if it remains clear it is at least 18k, if it turns black it is 14k.

The various pieces are placed in separate bowls which are weighed to determine the gross weight of the jewelry. At $1,635 per ounce the multiplication is simple. The unfortunate part is 14k gold is not solid gold, but only 58.5 percent. Only 24k gold is the price stated as the current price of gold.

Buyers were also giving an additional $100 for the first $1,000 of gold being sold and a lesser amount for additional weight (value). GBG takes 30 percent to cover their profit and expenses.

With the slip of paper in hand you go to the “cash out” table and you are paid in cash currency. GBG makes the rounds of many area hotels on a regular basis for gold buying and will be back to the Hampton Inn in about a month. You can find out more information on their website www.goldbuyersgroup.com .

— Jerry Goldberg

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