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Even though gold prices are dropping, this is still the sweet spot in time to sell old gold jewelry.Gold�s high price is enticing wealthy consumers to venture into new territory � selling the family gold jewels.
According to Michael H. Gusky, president of online gold buyer GoldFellow.com, today�s high gold price is tempting more affluent consumers to exchange out-dated jewelry for cash, instead of trading-up for more fashionable bling.
Though gold prices have dropped in recent weeks, they are still hovering in the $800�s per troy ounce.
�We�re only about $150 off gold�s highest price, but more than $500 up from the lowest gold price of the past six years,� says Gusky. �Even though gold prices are dropping, this is still the sweet spot in time to sell old gold jewelry.�
Gusky says even his affluent clients are sometimes surprised by the cash value of jewelry that�s been lying around in their drawers and safes.
�It never occurred to me to sell my old gold jewelry,� said Merle Lundy who, with her retired surgeon husband, owns homes in Jackson Hole, Wyoming and South Florida. �I nearly fell off my chair when they told me a couple of 80�s style earrings and chains I never wear anymore were worth $700.�
Lundy, who sold her old gold jewelry to Gusky�s company, acknowledged that she didn�t need the money to pay her bills � but would put it to good use.
�I�m making a wedding for my daughter - I can always find something to spend $700 on,� she said. �It really pays to clean out your drawers.�
GoldFellow.com staffers say some customers admit going through tough times but many, like Lundy, say they plan on using their cash for gold-selling windfalls for discretionary purchases like fine dining and gifts. One client claimed she purchased a horse for her daughter�s birthday present using the money she got in exchange for her gold jewelry and one-ounce gold coin.
According to Gusky, GoldFellow.com has been purchasing large quantities of gold coins like South African Krugerrands and US $20 Gold Pieces as well as high-karat gold jewelry from individuals across the country.
�These items are not typical of low income households,� he observed.
Gusky says his company is also seeing a trend in better educated consumers.
�Before they select a buyer for their gold, consumers are doing their homework, comparison shopping and asking questions,� he says, adding he fields many customer queries personally. �We try to provide consumers with an education so they can get the best value for their old gold.�
For consumers of all tax brackets Gusky maintains safety and security is paramount. He credits GoldFellow�s� high-value customer appeal to features like free FedEx� packages insured up to $1,000 and the ability to insure packages up to $50,000. The company also boasts GoldView�, an exclusive Website feature where customers track their FedEx� packages from drop-off through delivery, view the value of their jewelry in advance, and have the opportunity to accept or decline their offer.
Michael Gusky is a 30-year gold jewelry industry veteran. The company he founded in1982 and grew into the largest manufacturer of gold jewelry in the U.S. was sold to Warren Buffett�s Berkshire Hathaway in 2007.
Even though gold prices are dropping, this is still the sweet spot in time to sell old gold jewelry.Gold�s high price is enticing wealthy consumers to venture into new territory � selling the family gold jewels.
According to Michael H. Gusky, president of online gold buyer GoldFellow.com, today�s high gold price is tempting more affluent consumers to exchange out-dated jewelry for cash, instead of trading-up for more fashionable bling.
Though gold prices have dropped in recent weeks, they are still hovering in the $800�s per troy ounce.
�We�re only about $150 off gold�s highest price, but more than $500 up from the lowest gold price of the past six years,� says Gusky. �Even though gold prices are dropping, this is still the sweet spot in time to sell old gold jewelry.�
Gusky says even his affluent clients are sometimes surprised by the cash value of jewelry that�s been lying around in their drawers and safes.
�It never occurred to me to sell my old gold jewelry,� said Merle Lundy who, with her retired surgeon husband, owns homes in Jackson Hole, Wyoming and South Florida. �I nearly fell off my chair when they told me a couple of 80�s style earrings and chains I never wear anymore were worth $700.�
Lundy, who sold her old gold jewelry to Gusky�s company, acknowledged that she didn�t need the money to pay her bills � but would put it to good use.
�I�m making a wedding for my daughter - I can always find something to spend $700 on,� she said. �It really pays to clean out your drawers.�
GoldFellow.com staffers say some customers admit going through tough times but many, like Lundy, say they plan on using their cash for gold-selling windfalls for discretionary purchases like fine dining and gifts. One client claimed she purchased a horse for her daughter�s birthday present using the money she got in exchange for her gold jewelry and one-ounce gold coin.
According to Gusky, GoldFellow.com has been purchasing large quantities of gold coins like South African Krugerrands and US $20 Gold Pieces as well as high-karat gold jewelry from individuals across the country.
�These items are not typical of low income households,� he observed.
Gusky says his company is also seeing a trend in better educated consumers.
�Before they select a buyer for their gold, consumers are doing their homework, comparison shopping and asking questions,� he says, adding he fields many customer queries personally. �We try to provide consumers with an education so they can get the best value for their old gold.�
For consumers of all tax brackets Gusky maintains safety and security is paramount. He credits GoldFellow�s� high-value customer appeal to features like free FedEx� packages insured up to $1,000 and the ability to insure packages up to $50,000. The company also boasts GoldView�, an exclusive Website feature where customers track their FedEx� packages from drop-off through delivery, view the value of their jewelry in advance, and have the opportunity to accept or decline their offer.
Michael Gusky is a 30-year gold jewelry industry veteran. The company he founded in1982 and grew into the largest manufacturer of gold jewelry in the U.S. was sold to Warren Buffett�s Berkshire Hathaway in 2007.
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