Date: 5/10/2012 12:36 PM EDT
No matter where you look you see ads claiming to pay you the highest prices for your gold and scrap jewelry. Diamond Gold Connection has once again been proven to Actually Deliver the highest prices! WWLP Investigated places to sell your gold and the news is in - Diamond Gold Connection in West Springfield, MA pays the highest!
Check out the Report:
I-Team: How much is your gold worth?
The I-Team compares 10 different gold buyers
Updated: Monday, 07 May 2012, 11:23 PM EDT
Published : Monday, 07 May 2012, 5:35 PM EDT
SPRINGFIELD, Mass. (WWLP) - The price of Gold
isn't as high as it was last summer when it briefly topped $1900 per
ounce. Just four years ago, gold was consistently less than $1000 per
ounce. Gold has been trading in the $1600's for the past month
The 22News I-team
investigated the businesses that benefit from this gold rush.
Just about everywhere you look; you see signs saying that someone wants to buy your gold.
give you the highest price, they'll beat any price anytime or they pay
the most. Lots of promises to draw you into their store.
The 22News I-team did some comparison selling to see the differences in prices from gold buyers.
has their own opinion and policies as to what they think a fair profit
margin is”, says Euclide Desrochers, owner of Gold and Coin Exchange in
The formula is fairly simple. It's figured out by
the price of gold at that moment, the weight, and its purity. Pure Gold
is 24 Karat and the price goes down from there.
The gold buyers
then have to sell it to a smelter; the smelter then sells it to a
manufacturer. And everyone wants to make some money.
a lot of people jumping on the bandwagon because the price of gold is
so high. There's some quick money to be made”, says Desrochers.
Some businesses claim they'll give you the most cash for your gold. We went to ten different places that buy gold in Springfield
and West Springfield
. To show you what they're offering.
22News I-team did not identify themselves as we asked how much each
store would pay for a 14 karat gold cufflink. It was a two day
investigation. The national price of gold fluctuated between $1652 an
ounce to $1663 an ounce on those days.
The prices we were offered ranged from $75 to $150. A $75 dollar difference for a small piece of gold.
would get more than one opinion as to the value of your things. Don't
sell it for the first offer that you get”, says Desrochers.
We classified five stores as jewelry stores. The Diamond
Gold Connection in West Springfield offered us $150 dollars last
Wednesday. Jewelry Exchange on Sumner Ave in Springfield offered us
$138 on Tuesday. A salesman did recognize me and I did tell them that
this was for a news story.
Robbins Jewelers at the "X" offered
us $120 on Tuesday. Wednesday, Stevens Jewelers on Riverdale road in
West Springfield offered us $105. Smith and Son Jewelers on Sumner Ave
in Springfield offered us $85 on Tuesday.
We also separated five stores into precious metals dealers or pawn shops. The Gold and Coin exchange on Allen Street
in Springfield offered us $130 dollars Wednesday. Tuesday, The Gold
Trader offered us $112 dollars. Wednesday, Riverdale Gold exchange in
West Springfield offered us $111 and on the same day Dezi's Jewelry
Exchange on Boston Road offered us $75 dollars.
Tuesday, the Money Stop/Pawn Shop at 450 Main Street in Springfield also offered us $75.
store at 450 Main Street in Springfield has a sign that says "Highest
price paid in cash for your gold", yet they offered the lowest amount of
money of these ten stores.
The 22News I-team tried to find the owner, but we were told that he was not there.
If you're planning to sell your gold anytime soon. Shop around, if you don't, it could end up costing you hundreds of dollars.