Oklahomans Cash In On Record High Gold Prices

Dave Davis, News On 6

TULSA, Oklahoma -- It's no secret the value of precious metals, like gold and silver, are on the rise and many Oklahomans are cashing in on the latest gold rush.

With gold hitting a record $1,600 an ounce this week, the time to sell has never been better.

Spencer Fisher, co-owner of Tulsa Gold and Gems is seeing the results.

He has boxes piled from floor to ceiling full of gold items that have been shipped to him from around the country.

"It's taken off like wildfire," said Spencer Fisher.

But, are people rushing to auction off precious family heirlooms to the highest bidder?

Fisher says that is largely NOT the case.

"People do a little bit of digging, spend five minutes, and they could come up with thousands and thousands of dollars that they never knew they had," said Spencer Fisher.

Linda Haslett is selling items that she doesn't wear anymore, like a gold oil derrick pendant that her father gave her.

When asked if it was hard to part with, she said it wasn't.

"The [items] I found hard to part with I didn't bring in," said Linda Haslett.

And just because the market price of gold is $1,600 per ounce, doesn't mean you'll get that from the buyer.

"What most people have is 14 karat gold, which is 58% pure", explained Spencer Fisher. "You're only to see going to 58% of that rise or fall [in the market]."

Fisher adds that the gold buyer has to make their profit margins as well.

Fisher gives a few tips to keep in mind when selling gold:

1. Don't get greedy and wait for the price of gold to keep going up. Strike while the iron is hot.
2. Do your homework on gold buyers. Online customer reviews are often a good way to do that. You should also check their Better Business Bureau rating online.
3. Most gold buyers don't accept gold-plated or gold-filled items. This information is typically stamped on the item, i.e. "GF" stands for gold-filled.