Good ways to turn gold to cash

November 10, 2009 4:29:24 PM PST
The TV commercials say you can turn your gold into cash. But are you really getting the best deal when you do that.

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7 On Your Side went to a gold party to find out and each piece was examined and measured.

A reporter was offered $411 for a gold necklace at that party. She would later be offered $200 to $635 at pawn shops and it definitely pays to shop and compare.

The founder of Goldfellow says he'll pay you 62 percent of the gold's value.

"Some of the largest companies in this business are, pay as little as eighteen, twenty percent of the consumers value relative to the price of gold," said Michael Gusky.

Don't go to these parties without knowing the approximate value of your gold -- weigh it and check the current prices first.

Be prepared to negotiate. It could be worth a lot of money.

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