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Gold rush

Buyer says it’s good time to consider cash value of gold, silver

September 26, 2009
From staff reports

WEIRTON - If you've got some unused gold or silver jewelry or coins it might be a good time to consider their value in cash, according to gold buyer Steven M. Herres, president of National Gold and Silver Refinery LLC.

Herres has been holding hours since spring at the Holiday Inn of Weirton, and last week at the Baymont Inn. He said in four days each week in Weirton he's been averaging payments of $50,000 total to area residents. With gold at more than $1,000 an ounce, it's a good time to sell what might be considered "junk" in a drawer at home, he said.

He said customers must know the difference between appraisal value and cash value. The appraised value is the replacement value. He said often jewelry stores have a requirement to spend on new items what was paid on an older item, whereas he pays cash value immediately.

The customers have been coming in a steady stream, as evidenced by the groups that moved through meetings with Herres while he answered questions for about a half hour at the Baymont earlier this week.

He said he's had many repeat customers, and he anticipates the stream of customers will continue.

"With the economy, the price of gold, we've been seeing everyone from all walks of life. We've got a very nice clientele," he said.

Herres conducts his evaluation of the jewelry and coins in front of the customer and advises them if they'd be better off keeping the item. For instance, he said he generally rejects any piece with small gemstones or diamonds, though he is buying larger diamonds.

Everything except diamonds or particularly rare coins is refined, he said.

Gold, silver, platinum and palladium items all may be evaluated and concerted for cash. National Gold and Silver Refinery is licensed by the state of Ohio and is a member of the American Numismatic Association, a nonprofit educational organization dedicated to educating and encouraging people to study and collect money and related items.

Herres will be keeping hours at the Holiday Inn of Weirton from 10 a.m. to 6 p.m. today through Tuesday.

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