User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


41° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

Share your Photos, Videos, and Stories on uShare! Click here to get started.

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

How To Get The Best Value For Your Gold

August 14, 2012, 10:00 PM by Peggy Moyer

How To Get The Best Value For Your Gold
SIOUX FALLS, SD -

The price of gold is holding steady around $1,600 an ounce. While that's not a record, it is high and has many people looking to sell.

Earlier this year CBS did an undercover, investigative report on traveling gold and silver buyers. It turns out, one of the companies scamming people, THR and Associates passed through Sioux Falls.  

With today's high price for gold, Riddle's Jewelry in Sioux Falls finds itself buying more of the precious metal everyday. From broken gold chains to class rings and Black Hills Gold jewelry, customers are looking to change their gold into cash.

"The price of gold being over $1,600 per ounce right now, it's a good time to get rid of your metal if it's sitting there in a drawer," Riddle's Jewelry general manager David Stensrud said.

Just last September, THR and Associates brought its traveling team to Sioux Falls.  It's the same company the CBS investigative report found to be cheating its customers on the quality and value of their gold.

Stensrud says there's no minimum offer buyers are required to pay for gold. And since traveling companies’ breeze into town for a few days and then leave, Stensrud says they have nothing to lose by low-balling you. He even put them to the test.

"They're not paying you what its worth. Guaranteed that. Because I've sent my employees with metal to them to see what they're going to pay and they'll pay less than half of what we'll pay for the metal," Stensrud said.

Stensrud says Riddle's has been in Sioux Falls for more than 30 years and its good reputation comes from not only the sale of jewelry, but also from treating customers right when they're selling it back.

One of the best ways to get the most money for your metal is to shop around. Get a few offers so you know the value of your metal before you sell.

"The main thing is to go where you trust somebody. If it’s some of the pawn shops because you like them, great. But don't trust these traveling shows. There's a reason why they're here for two to three days and they're gone," Stensrud said.

Just to give you an idea of what some items could be worth, the pile of jewelry on the left is 10 karat gold. Riddle's paid $135 for those items. The pile on the right is made up of 14 karat gold and was worth $370. The company takes into account the amount of gold in each piece when determining how much it is worth.

"Be fair. Be honest. Be reputable," Stensrud said.

By law, a person can only sell $600 in gold a year without paying taxes on it so Stensrud says it should be a red flag if someone wants to pay you cash for your gold without having you fill out paperwork first.

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

View business

You may also like

Pierre Woman Wins On In-Flight Game Show

10/17/2014 12:10 PM

A South Dakotan is a winner on the Allegiant Airlines' first in-flight game show called "The Game Plane."  The reality show is film...

Full Story
Minimum Wage In South Dakota

10/13/2014 6:12 PM

An initiated measure on the South Dakota ballot this November proposes to raise the state's minimum wage from $7.25 per hour to $8.50.  Suppo...

Full Story | Watch
Pop-Up Holiday Shop Coming to Downtown Sioux Falls

10/15/2014 11:45 AM

Unglued: Christmas Market, will open in the space formerly occupied by the Book Shop in the Carpenter Building on Phillips Avenue from Nov. 20 through...

Full Story
Ebola Scams Surface

10/17/2014 2:15 PM

It was only a matter of time before scammers started capitalizing on the Ebola scare.  The Better Business Bureau is warning consumers about a va...

Full Story
Lumber Hunt

10/16/2014 10:05 PM

Connor Burtis is holding a treasure hunt with the ultimate prize: A handcrafted piece of furniture.

Full Story | Watch


Events