KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com | Local Gold Rush

Local Gold Rush

Ryan Cody
NewsChannel 10

Amarillo, TX - Local residents are rushing to jewelry stores and exchanges to sell their gold. With the economy being at a low and the price of gold reaching an all-time high, it seems like more people than ever are finding ways to make a few bucks. 

"We've had four of five people in here already today wanting to sell their gold." Franky Hill owns the Amarillo Gold Exchange, and he says there are a few reasons why he see's so many people trying to sell their old gold.

"We've had people come in to sell so they could make a car payment, rent payment, utility payment. They're out of work and they need cash."

But before you think about selling some of your old gold there's a few things you should know. "the best thing to do is go around town and get different bids." says Gemologist Richard Wiggin. 

You also want to make sure you check the price of gold beforehand because it changes so often says Hill.

"They need to know the spot price of gold. That will give them an indication of what their gold is worth."

We took a gold necklace to a few places today to see what local jewelers are paying and even though the value of gold is the same nationwide, some jewelers were paying less then others.  The three places that I visited all said they were paying a different percentage of the gold's actual price. I was appraised at anywhere from 12 to 15 percent of our gold's spot value. So it can only help to shop around town