Gold Rush, Cash for Gold

In these tough times, we're seeing more ways you can get some quick cash. One way is to sell your gold, silver or coins. I spoke with a local shop owner about the gold rush.

"turn your used, unwanted, broken gold jewelry into cash."

You've seen and heard the commercials, like this one for goldkit.com, enticing you to send your valuables through the mail...for cash.

"wouldn't you rather have cash than gold jewelry gathering dust? goldkit pays cash for rings, chains charms, bracelets and more."

But slow down consumers, sending your prized possessions in the mail may not be best for your wallet.

"the thing is you're sending your stuff off to somebody you really don't know, you don't know what kind of price he's giving you, you don't really have any effective means to shop or compare."

Larry, who only wants us to use his first name, at Belmont Coin Shop, in the 700 block of Watervliet Avenue believes mailing in pricey goods leaves you at a disadvantage.

"very easily in my opinion, now i don't know what goes on there but yes it would be very easy to scam someone through the mail."

Belmont Coin Shop, like many others, are advertising in the newspaper....and they're getting plenty of business.

"you got a twenty dollar gold piece, a ten dollar gold piece, a five dollar gold piece, a two and a half dollar gold piece, and a one dollar gold piece."

Dealers say gold is at an all time high and if you need the money, this is a better way to sell it. Larry says, don't mail in your collectibles, go to a local dealer....you'll feel alot better about who you're selling to. And the power of being a consumer is left in your hands.

"if you walk in here or anybody else in town, if you don't like the price you pick it up and walk out the door."

Now, according to the metropolitan Washington DC Better Business Bureau -- goldkit.com has a satisfactory record. They've only received 38 complaints in the last year. Again, there are a number of local dealers in the Miami Valley willing to give you a fair price. All you have to do is check the local newspaper, the Better Business Bureau.