Is It Time To Sell Your Gold?

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Story Published: Sep 17, 2008 at 4:41 PM PST

By Steve Wellman

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We've all seen the TV ads, with companies offering to buy your scrap gold. You put it in a mailer, and your money comes back a few days later.
Howie Mofshiel of “Cash4Gold.com” says "I'll buy your gold send it to me and I'll buy it."

Don't worry, it's not a scam. You really can get money for the old jewelry. The catch is, the price will probably only be a fraction of the market value per ounce, maybe between fifty to seventy percent. Still, plenty of people are cashing in…right now.

“I've never seen a day that it's taken this strong of a move, no.”At Ron's Coin in Yakima, owner Joe Mann watched the gold charts in amazement. He says American Gold Eagle gold coins are in huge demand.
“It's probably the most sought after that there are right now,” says Mann.

But good luck if you're looking to get your hands on some today.

Steve Wellman says, “Gold is going up so fast local dealers are having a hard time keeping it in stock. They might not have any to sell you even if you have cash."

Mann points to the phone. "We get maybe a hundred calls a day wanting to buy coins, but we can't get them"

Blanche Blaine decided this day was right to part with her personal stash. "I had some old coins that belonged to the family and it turned out to be a good thing,” she says. Steve Wellman asks “Were you surprised by how much they were worth?” “Yes!"

Gold fever…it's on.

"I could probably sell my ring," Blanche laughs.

But experts warn to think twice before you sell; because some predictions put the price of gold near double where it is now within the next two years.

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