Jul 30, 2014 7:55 PM by Marisa Mendelson
TUCSON - Stores that buy gold continue to pop up all over the country. However, how do you know if you're getting a good deal? Investigative Reporter Marisa Mendelson put some stores to the test.
News 4 Tucson went undercover to three different stores that buy gold. In the end, we got dramatically different offers for the same 14-karat gold jewelry. Since gold prices can fluctuate on a daily basis, we stopped by all three stores on the same day.
Tucson Coin & Autograph on North Oracle Road offered us the most money for our gold. The store has an "A+" rating through the Better Business Bureau. Tucson Coin & Autograph offered us $997.35.
Next, we went to Mini-Mint of Tucson on Prince Road. It also has an "A+" rating through the Better Business Bureau. At first, Mini-Mint of Tucson offered our producer $850, but then upped their offer to $900. However, $900 is still almost one-hundred dollars less than the $997.35 offer we got at Tucson Coin & Autograph.
The owner of Mini-Mint of Tucson gave us a statement. Christopher Ramsey said: "We've been here for 18 years. We've never had a complaint with the Better Business Bureau and a lot of customers keep coming back because of proven trust. We specialize in foreign coin and paper money, but we'll buy jewelry and flatware as well."
Precious Metals Refinery on East Speedway gave us the lowest offer for our gold. Precious Metals Refinery has a "B" rating through the Better Business Bureau. Precious Metals Refinery offered us $750 for our gold.
News 4 Tucson went back to Precious Metals Refinery to find out why its offer was almost $250 less than our highest appraisal. This time a different employee came to the door.
Marisa Mendelson, News 4 Tucson: "Can you explain why it's so much less than other offers we got?"
Employee, Precious Metals Refinery: "I can't explain that to you. I didn't make the appraisal. So you'll have to deal with that person direct."
After we left Precious Metals Refinery, we called to see if they wanted give News 4 Tucson a statement. However, we haven't yet heard back.
Here are some tips for selling your gold or silver:
- Be sure to get several appraisals before you decide who to sell it to.
- Find out what the price of gold is for that particular day, because it does change on a daily basis.
- Before you go to a company, check out their rating on the Better Business Bureau's website:
If you have something you'd like the News 4 Tucson Investigators to look into, email us at email@example.com or call (520) 955-4444.