Ohio: Selling gold? Stick to licensed dealers

8/16/2011

COLUMBUS, Ohio — State officials say Ohioans looking to cash in on the high price of gold should take their jewelry or other gold items to dealers licensed by the state.

The Ohio Department of Commerce also is encouraging people to find out from several businesses what they’d be willing to pay. Commerce Director David Goodman says in a statement that shopping around helps ensure you’ll get a “reasonable price” for your gold.

Gold’s value has shot up 24 percent this year, trading as high as $1,800 an ounce. The precious metal is attracting investors who have concerns about the global economy and are looking for a relatively stable investment.

The state Commerce Department says Ohioans selling gold might want to ask a neutral appraiser what their items are worth.