'it pays to get a couple of quotes for your gold'
We asked an expert in buying gold what he would advise his mother if she were selling gold.
Richard Walsh, who runs Galway-based Goldparty.ie with his daughter Laura, advises that people should be in no rush to sell gold at the moment.
He feels the current global economic uncertainty will mean that the price of gold will rise for a while yet.
Mr Walsh, whose company has 40 agents around the country, says the prices on offer for scrap gold vary hugely and people should shop around.
"Ireland is now saturated with gold-buying businesses. There can be two to three operators in any given town. So its pays to get a couple of quotes for your gold."
He also says people should negotiate with whoever is buying their gold. Buyers are often prepared to go up to 20% higher than the price they will initially quote you for your gold, especially if you are selling a number of items.
"There is always a bit of flexibility in the price, especially if there is a large volume of gold being sold," he said.
Mr Walsh cautions that people often over-estimated the weight of their gold. They weigh their gold using the kitchen scales but do not realise that an ounce or gram on that scales is not the same as a troy ounce.
Many people think their jewellery is gold, but when it is tested it turns out that is may not be gold at all, he added.