Holiday giving was on the minds of staffers at Lamorinda Weekly, an independent, locally owned and operated newspaper in Moraga, California when someone came up with the idea of getting cash for gold. In the spirit of the season the group decided to pool everyone’s old jewelry and other items containing precious metals together and pay a visit their local GoldFellow® store in Lafayette, California to see how much cash for gold they could receive. Their intention was to sell gold and donate all the money to a local charity – in this case – the Lamorninda Spirt Van which helps local seniors live independently by ferrying them to the grocery store, pharmacy, doctor appointments and the senior center.
The Lamornida Weekly staff searched their homes for items they believed contained precious metals like old gold jewelry, dental gold and silver serving pieces. Like many people who hear on the news about gold price, they believed their gold jewelry would be valued at the price of gold per ounce, unaware that jewelry is karat gold – not pure gold.
“That’s a common mistake people make…thinking that the price they hear about – the gold price as it relates to pure gold traded on the commodities market is the price they can get for karat gold jewelry,” said GoldFellow® customer service manager, Mary Hamilton. “Karat gold jewelry is scrap gold. Only the pure gold contained within has value. We have to melt the gold jewelry and refine it to recover the pure gold.”
GoldFellow® purchases karat gold jewelry by weight and purity. As Cathy Tyson, the reporter who wrote the story, “Turning Gold into a Good Deed” for the December 21st edition of the newspaper discovered, 14 Karat gold is 14/24 or 58.3% pure. GoldFellow® assistant manager, Yecenia, explained to Tyson how karat relates to scrap gold value and explained pennyweight – the unit of weight measure used in the precious metals industry. As Tyson learned, there are 20 pennyweights to one Troy ounce of gold.
As it turned out, some of the items the staff collected were not Sterling silver which is .925 pure – but rather silver plated – which GoldFellow® does not purchase. Yecenia recommended a consignment store for items like that. But, the small, random gold items Tyson offered for sale including an orphaned earring and a dental crown were 14K gold and yielded nearly $200!
GoldFellow® is often approached by representatives of charitable organizations and their supporters to participate in fundraisers where the “donors” get paid for their gold and GoldFellow® donates 10% of everything it purchases back to the host charity. But this was different. This time, the donors gave 100% of their gold’s value to benefit their chosen cause.
“It was such a heartwarming initiative,” said Steve Hansen, president of GoldFellow® when he learned of the reporter’s visit to the Lafayette GoldFellow® store. “I think it’s great that these people turned something they had and weren’t using into something so positive for their community. They didn’t have much to sell that was precious metal, so our store manager kicked in a little bit more to help the cause.”
For information about hosting a gold party fundraiser in your community, contact GoldFellow® at 1-877-696-5346 x 231.