Don't Waste Your Money | Gold hits record high, yet stores still pay less for jewelry

LOUISVILLE, Ky. (WDRB) -- The price of gold has just hit $3,700 an ounce, making your gold jewelry more valuable than ever.

If that's the case, why won't stores pay you thousands for it?

The payouts can be low due to several factors:

14 karat gold is only 60% gold, the rest is alloy to make it stronger.
In addition, grandma's old gold bracelet may be gold plated, not solid gold, making it worth a fraction of what you expect.
Some items that are stamped 14 karat are fake.

A good gold buyer will explain all these facts.

These days, an average thin necklace that's karat gold, weighing 10 grams, should bring about $400.

For a lot of sellers, any money is good money, even if it's not thousands.

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