With the price of gold climbing higher and higher everyday, people are growing curious about just how much their jewelry is worth. We spoke to the manager at Texas Gold about what the process is for those who are interested in selling their gold. "It goes up. It goes down, but for right now it's high, very high."
The current price for an ounce of gold is $1,838. That has many people looking in their jewelry boxes for unwanted gold jewelry.
"I'm coming here to check the price of some things for my mother. They will give me $1,275."
Many people are turning to these kind of stores as a necessity to pay their bills in this tough economic time. So it's important they get exactly what their gold is worth. Texas gold manager says they show the customer exactly what they're doing when they appraise the jewelry.
"They're always watching what we're doing, watching the weight, and everything's explained. Everything's done in front of them."
Once the gold is turned over to the store, Texas Gold sends it to a refinery to be tested for its purity and then melted down. Texas refineries have seen a 200% spike in revenue over the past year and don't see it dropping anytime soon. That has many people taking their gold to sell it pleasantly surprised.
"Yeah I'm really surprised. It's expensive. It's too much money."
Again the price of gold changes daily. It closed at $1,838 per ounce today and is only expected to keep rising. Lauren Kendrick Pro 8 News.