SAN DIEGO (KGTV) – It takes a lot of heat to melt down gold.
“The melting point for gold is 2,000 °F,” Josh Morelock, general manager of Gold Refinery of San Diego, said.
The price of gold and the desire to sell it right now is higher than its melting point.
“We see deals up to, you know, a couple million dollars these days, and also just a lot of gold jewelry that people have been sitting on,” Morelock said. “So, I started here about 3-and-a-half years ago or so, and when I started here, gold was at $1,700 an ounce, and silver was at $17 an ounce. So now with gold over $5,000 just in the past couple of years, obviously that is just gangbusters.”
Morelock said the Mission Valley business has seen their customer base and walk-ins double over the last four to six months.
“I think a lot of consumers out there fear what's going on with the U.S. dollar, maybe what's going on with the global conflicts,” Morelock said. “So, I think a lot of it is just public fear and wanting to put their money into a safe haven investment.”
ABC 10News asked Morelock if the war in Iran could be influencing the market price of gold that we are seeing right now.
“Historically, when there's global conflict, usually gold does go up,” Morelock said. “I think a lot of that again is fear. I think its putting people putting their money in a safe haven investment.”
Morelock said there are a few things that will influence how much someone will get for their gold.
“So, the weight and the purity are the main things what to think about when you're thinking about how much is my gold worth,” Morelock said.
Little pieces of jewelry can add up, according to Morelock.
“To put it in like the simplest of terms, I would say the most common jewelry karat in America is 14 karat,” Morelock said. “And so, if you wanted to reach around 1 ounce of gold with 14 karat jewelry, you should have around 60 grams or so of 14 karat jewelry, and that would be around an ounce of gold in that material.”
If you’re looking to clear out your jewelry drawer for some extra cash in your pocket, Morelock has some advice.
“I would recommend calling around to get different quotes. A lot of people pay out quite different rates. So, I'll call around, get some quotes,” Morelock said. “But it's a great time to sell if you have stuff laying around. I would definitely sell it.”
