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FAQ

Frequently Asked Questions

What’s the history of the Gold Silver Exchange?

In 1982 Jerry and Eddie Breyer opened the Gold-Silver Exchange in the Columbia Mall in Grand Forks. It was a result of a friend being in the business in Fargo who encouraged them to open theirs. Jerry felt that people needed to be alerted of what’s coming based on Bible prophecy in the world financial situation.  In October 2009 GSE opened on Gateway Drive, our present location.

What are the Gold Silver Exchange’s business values?

Gold Silver Exchange is a Christian-run, family owned and operated business that has a national reputation of honesty and integrity. We get referrals from all over the U.S.

How do the gold and silver exchange’s prices stack up?

We follow what’s going on in the market and we stay competitive. That’s part of our policy – to be competitive and give people the best deal available.

What makes gold a secure investment?

Gold is first mentioned in the Bible in Genesis, I believe it’s Chapter 12:3. It says the gold of the land is good. So historically, gold has been God’s money. There’s only so much gold, and gold is a metal that has such unusual properties. There’s no other metal like it; the scarcity of it is pretty amazing. They say that if you add all the gold in the world together, it wouldn’t be as much as the Washington Monument in volume.

It’s scarce and our Constitution originally says that our money is to be backed by gold and silver. In 1972, that backing was taken off, and it allows the government to print money with no backing. I guess if they’re printing it with no backing, what’s the value of it?

We highly recommend that you buy precious metals, particularly gold and silver, because they are a store of wealth. As inflation erodes the purchasing power of the dollar, your purchasing power is maintained by having gold and silver.

What’s the procedure for mailing in my precious metals?

We will ship anywhere in the United States. After you have decided what you want to purchase, we agree to a price, and then we lock that in. Then you would send us a money order, bank check, or a personal check. We ship right away if we are given a bank check or money order, and 10-12 days after receiving a personal check. We will ship the product right to your address via USPS so the package is registered and insured.

Where should I store my precious metals?

A lot of people that have their money in safety deposit boxes may not be able to get at their wealth during a time of crisis. We highly recommend that you store it somewhere in your home, such as in a personal safe. Don’t let your future be determined by the banking system.

What kind of gold scams are out there that I should be aware of?

Unfortunately, there are many dishonest “buyers” that will scam people. Some buyers come through and set up in a hotel room. They’ll pay maybe 50% of what we pay. They come out with a full-page newspaper ad and make it look like it’s really a hot deal. Problem is, this business is a lot similar to insurance. When you’re dealing with insurance, you’re at the mercy of the person selling the insurance. 98% of the people in the country don’t know the insurance coverages that are available.

This is an industry that people don’t deal with everyday, so they don’t know the values of the precious metals and can get taken advantage of very easily. Only trust honest and credentialed professionals.

How do you determine precious metal quality?

We buy it by weight and we buy it by grams. So if you bring in a whole plastic bag full of jewelry, we take a magnet. That’s our first test, because gold and silver are not magnetic. So, anything that’s magnetic obviously disqualifies.

Then we have to look at it and find out what it says on the piece. If it says 14 karat, then we are pretty sure it’s 14 karat. We do have two ways of testing that stuff. We have an electronic tester, which will tell us what karat rating that particular piece is. If that fails, we have an acid test. We test that stuff by a process of elimination. We have 10 karat acid, 14 karat, 18 karat, and 22 karat acid. Whatever category that falls in, we buy that by the gram. This is the same process with silver.

We buy silver by the ounce. Silver is 12 troy ounces in a pound, whereas the groceries you buy at the store are 16 avoirdupois ounces. We base what we pay for this jewelry on the New York Commodity Exchange. Our quotes are current because we have a constant screen that is tied directly to the Commodity Exchange that is only about 2-3 seconds behind the actual ticks on the floor.

What’s a good precious metal buy for a beginner?

Our recommendation has been, since 1982, in the dimes, quarters, half dollars, 1964 and earlier. Those coins were minted for the purpose of immediate exchange. If we ever get into a barter situation, you’ll have something to barter with, because it is a medium of exchange.

The other thing is, right now, those are under priced in relation to other types of gold and silver on the market, particularly silver. We highly recommend that you have, say $500 face value, which would be 5000 dimes, 2000 quarters, or 1000 half dollars for each member of your family. Back in 1979, Howard Ruffle writes a newsletter called The Rough Times”. He came out with that kind of a recommendation. I think it’s a pretty valid one.

If we never get a barter situation, you still have the silver. It’s the best way. We do handle one-ounce silver, 10 ounce, 100 ounce bars. In gold we handle…our number one item is US gold eagles. We handle Canadian maple leaves, the South African Krugerrands, the Credit Suisse. We buy and sell anything in gold and silver. If somebody comes in with some odd pieces, for example from Panama or some nation like that, we always have a market for those things. We’re open buyers. Whatever we buy, we have an out, so we have a potential to take care of any of your sale requests or purchase requests.