Stretching the Dollar Part 4: The Gold Rush of 2010
Jan 09 2011 08:00 PM | Sabrina O’Malone in Coupons & Discounts
Perhaps you’ve heard that the price of gold hit an all-time high. Maybe you’re thinking “So what? I’m thinking more about keeping a roof over my head than investing in precious metals.” Well, think again.
This is a true story. One of my relatives found herself in the unenviable situation of being completely broke, running low on gas with payday still 3 days away. In desperation, she got the idea to take her old jewelry to the Gold Rush kiosk in the mall.
She got over $300 in cash! (More than enough for gas.) So she told her aunt about it, she took hers there and got over $1000! In my family, news like this travels fast, so I gathered up 3 mismatched earrings, 2 busted necklaces, a ring & a too small bracelet, took it to the Gold Rush kiosk near me and got $268.38!
There’s a simple explanation why they’re paying so much. The weight of five quarters equals an ounce. With gold valued near $1400 per ounce the weight of 10k, 14k or 18k gold jewelry can add up quickly.
But there’s a sad part to this story. Another relative took her old gold to a nice-looking, local store with a “We Buy Gold” sign, instead of driving all the way to a mall kiosk. Based on how much we got, she had hoped for several thousand dollars. But she walked out of there with just $100 - which was better than nothing, but a far cry from what she expected.
So if you’re kind of desperate for money yourself right now, you might consider converting some of your unused gold into cash at a reputable kiosk or getting several different quotes before you sell it.
Sabrina O’Malone works full-time while raising and homeschooling her 6 children ages 13 and under. (That’s no typo - six kids + a full-time job + homeschooling!) Thanks to the Great Recession, she is rediscovering the lost art of frugality - and writing about the secrets to maintaining a great lifestyle while saving money. To keep up to date on Sabrina’s comings and goings and other hot-button topics, check out the following:
WorkingMom.com
Newsletter
1 Comments
gibby&raya'smom
11 January 2011 - 05:30 PM
Great article! I have a similar story. I had a lot of gold jewelry laying around that was broken or just not as appealing as when I first bought it. I took it to my local Cash for Gold store and got almost $300! There were a few pieces that I kept for sentimental reasons, but the money came in handy and I didn't feel like I had lost anything.
Featured Article
Make your “Joe” – save a “Benjamin”
- posted by Doreen Kukral
The “Benjamin” I’m talking about is Ben Franklin… the face on the one hundred dollar bill. And what if I told you it’s possible to save $100 a month by changing just one daily habit…Your coffee… yes, your daily “Joe”.
If your day typically starts by dropping in at your favorite coffee spot, you’re likely spending a few dollars on your “Joe” or even more on the fancy concoctions. Add an afternoon pick-me-up, a spouse or partner, and you’re spending some serious cash, each and every day.
Featured Discussion
A Special Thanks to Suze
by: jhamilton
This is just a special thank you to Suze for creating her simple to use and understand "Must Have Documents." I just went and had my revocable trust notarized and instantly I felt a sense of relief.