Junk Gold Mine

Unemployment rises and the holidays are fast approaching and bills are coming due.

There are a lot of people trying to find ways to come up with quick cash.

And one option has many digging into their jewelry and safety deposit boxes.

Amy Wood is investigating the gold mine to see where you can get the best deal.

It's the stuff you no longer wear. The old broken gold chains, class rings, and other items that have been sitting in a drawer for years.

Or in some cases a necklace like this one, that you treasure but you know your kids are counting on Christmas, and you have no other choice. I took this necklace to see where you can find the best deals.

Pawn shops have signs up, enticing you to bring in your gold like the Morgan Square Pawn Shop in downtown Spartanburg.

We came down the street to do that shopping around and here at this pawn shop we got a different price and weight 20 point 8 grams offering me 350 for the same necklace.

Our next stop Skatells jewelry, where they're seeing a lot of people bring in gold.

Yvonne Lindsay Skatells sales associate says "What we basically after is things people don't use anymore old chains or old rings meltdown jewelry the necklace I brought in, they warn, might get more being sold on consignment, than just melting it down."

At Skatells the piece would get 279

All walks of life in homes and businesses people are having gold parties.

Leslie Hardy says she normally she goes to home shows, and leaves spending money, it's one of the rare times leslie says she'll leave with some cash.

"Its really good to walk away feeling good instead of guilty whether you're handing your gold over at a party, or in a pawn shop, or jewelry store... when it comes to gold, there is a bottom line: shop around." she said.

But since we shot the video at the party we learned home and unpermitted business parties are illegal in South Carolina and 17 other states. First offense fines of 500 dollars.

We've posted the law below. And up on the left you'll see a video interview with Jeweler Ed Yarborough who helped write the state law back in the 1980's.

So here's how my gold experiment turned out. The necklace cost about 500 bucks 10 years ago.

Pawn shop one offered a meltdown price of $161.
Pawnshop two where I think they would have tried to resell it $350.
The jewelry store was giving a meltdown price of $279.
For the same piece of jewelry! that's a 189 dollar difference!

Here's what you need to keep in mind when trying to find your gold mine.

1. Clearly first and most important tip shop around. Remember you won't get full value these folks have to make some money too.

2. If it's a nicer piece consider consigning it in a jewelry store, or taking it to a pawn shop that sells jewelry to get a better price.

The Law regarding dealing in precious metals in S.C.

Precious Metal Act Law