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About The daily Nebraskan. ([Lincoln, Neb.) 1901-current | View Entire Issue (Feb. 16, 1981)
1 VI 0 i a? M ' it- 1 j . r . - --'BC - mi -i i : Not all glitters in gold market Photo by Mark Billingsley Perspectives is a Publication of the Daily Ne braska!). Unless covered by another copyright, material reprinted in Perspectives may be reprinted with permission of the Daily Nebraskan. Perspectives Editor: Mary Kempkes, Layout Editor: Kim Hachiya. Editor in Chief: Kathy Chenault. Advertising Manager: Art Small. Photo graphy Chief: Mark Billingsley. Art Director: David Luebke. Production Manager: Kitty Policky. Business Manager: Anne Shank. Cover Art by Jeff Jahn. By Betsy Miller It may have been the right thing to do one year ago, but right now selling gold may not be your best bet. According to Louis Jicha, a stockbroker for Piper, Jaffray and Hopwood, Inc., the market for gold is not good. Jicha was referring to the market for scrap gold which some people try and cash-in on by selling old jewelry such as class rings or fraternity and sorority pins. Jicha said that Lincoln is not the best place to sell gold because some gold buyers here may not be able to pay the full price of gold per ounce. "It's awfully hard to consciously buy that stuff and make a profit," Jicha said. A visit to some of the local gold buyers in Lincoln proved his point. Gold buyers are not only paying a lower price for scrap gold, sometimes the jewelry is not worth as much as one thinks it is. For example, a girl's 1979 white-gold class ring is worth roughly $15 in scrap value. The original price was $60. Silver less valuable Silver class rings seemed to bring even less money. One dealer said his firm would not be interested in any silver materials, while another examined the ring and decided that the silver was not pure, but some type of alloy. This ring was from 1981 and purchased for approxi mately $70. Most people who bring in old jewelry are usually just looking for an estimate of what they could get and are not interested in selling, according to Doug Smith, a Lincoln representative of Tri-State Gold and Silver. Smith said that he has seen everything from rings to gold teeth fillings presented for a price estimate. However, this may not be as far-fetched as it seems. "Just a little piece could bring in seven dollars," Smith said referring to a filling. Fillings may be profitable because they are made from 16 karat gold, he said. Tri-State opened for business Dec. 22 and Smith said that his firm buys scrap gold and then attempts to resell it and make about a 20 percent profit. One ounce of gold is currently worth about $507 and Smith said his firm would probably resell it for $541 . Tri-State is a branch of International Coin Incorporat ed which does business in Nebraska, Iowa and Missouri. The firm opens 10 offices a week and the Lincoln branch had been doing a rushing business until the last 2-3 weeks, according to Smith. The drop in gold prices, a result of the fluctuating international situation, has received wide attention and has not been ignored by Lincolnites, according to Smith. "They really know about the drop out here," Smith said. This sentiment was echoed by a spokesman for Nebra ska Gold & Silver, a traveling company that sets up shop in the Great Plains Motel about twice a month. The employee, who declined to be identified, said that business was much slower for the company than last year when gold and silver prices rocketed. Nebraska Gold & Silver has been doing business in Lincoln for six years and was formerly known as Apple Valley Coin Co., the spokesman said. He said that Nebraska Gold will buy gold at 80 percent of the full price. The materials they purchase are then shipped to a refiner for reprocessing, according to the spokesman. Old coins may be good commodities if they are uncir culated, according to an employee of Centennial Coins, Stamps and Antiques. Tri-State's Smith said many people come in and try and sell silver dollars, half dollars, quarters and dimes. However, Smith said that like jewelry, most people are just curious as to the coin's worth and aren't thinking seriously of selling. Smith said that all potential sellers should be aware that materials such as silver will have to be marked as such if they are intended for sale. If this identification is not present, Smith said the piece will probably not be bought. &J&rf&s J&-v -S',f' Photo by Jon Natvig page 4 perspectives monday, febiuary 16, 1981
