How to get the most cash for your gold

BUFFALO, N.Y. (WIVB) - The airwaves are filled with commercials urging people to sell their gold jewelry and if you drive down the street and you're bound to see a "we buy gold" sign. 

But how do you know where to go to get the best possible price for your gold pieces?

No one investigates like News 4 so the News 4's Investigative team went undercover to find out what your gold could be worth.

Peter Manka, Senior  from Ben Garelick Jewelers said, "If they don't feel they can trust a person they're dealing with, go get two or three prices. Whoever pays you the most, that's where you'd sell it."

News 4 had UB Research Director Peter Bush of the University at Buffalo's Instrument Center at the School of Dental Medicine examine two rings.

Using an x-ray fluorescence analyzer, Peter was able to determine the alloy composition of the rings.

Bush explained,, "A beam of x-rays emitted from the end of this gun, and there's a little miniaturized metal detector that picks up other x-rays that come back from the sample."

The analysis shows that the rings are all 14 karat gold. One has a jade stone, one has a diamond and the other is made of a synthetic material.

To see what prices would be offered for the rings, News 4 took the rings first to Andrew's Jewelers on Transit Road.

Roy, a News 4 employee wearing a hidden camera, was offered $195 for the gold and told he'd get the stones back.

"We pay top dollar for the gold. You're not going to find anybody who's going to want to resell that and use that stone in there."

But later the offer increased to $220 dollars, and the jeweler said if we can find a better price elsewhere, he'll try to match it, "If not, I can give you that cash right now; save you on the gas."

M and M on Main Street in Williamsville would not commit to a specific price.

The jeweler there said, "Let me ask you something. If I can give you more than $190, would you want to sell them today?  I might even give you $300. But if I said $300, you'd say well I might be able to get $310. So you see what you can get. I might be able to go $300."

$300 was the highest offer so far and the lowest cash offer came from Marcus Jewelry on Niagara Falls Boulevard.

Marcus Jewelery offered, "$168 cash or if you want a credit to buy something, it'll be more like $250 if you wanted to spend all the money here."

Different locations. Different prices. The confusing process is enough to make your head spin.  Even Manka, of Ben Garelick Jewelers agreed.

News 4's Luke Moretti said to him, "This is quite a confusing process," and Manka replied, "Yes, it is."

In part two of this story, on Tuesday night on News 4 at 11,  News 4 will tell you what you need to know before you play the "gold game" and tell you where we got the best offer with no questions asked.