Dec. 6—A local precious metals dealer recently opened a new Painesville Township store for people looking to buy and sell gold, silver and platinum goods.
Owner Clint Reider opened the new Ohio Gold and Coins store, located at 1656 Mentor Ave., in November. He previously ran the business in Painesville City from 2011 until the start of the pandemic, when that location's operations moved entirely online.
"I pretty much buy anything that's gold and silver, doesn't matter what it is," he said, noting that these items can include jewelry, coins, bullion and gold teeth. Unlike a pawn shop, Ohio Gold and Coins does not offer loans.
While Reider primarily focused on buying precious metals at his previous location, he noted that he will emphasize both buying and selling in the new space. The building includes display cases with various items for sale, including those that he has repurposed.
He added that he is "pretty excited to be on Mentor Avenue," saying that he has seen both old and new customers in the weeks since that store opened. These customers come for a variety of reasons, Reider noted, and they range from first-time sellers to experienced professionals.
"The majority of our business is people who inherit a collection or jewelry they don't know what to do with, they don't have any emotional ties to it," he said, adding, "We also sell a lot, like coins, to investors, collectors, all levels from someone that's beginning to a true dealer, a true professional."
Reider added that he appraises items for free.
"There's no pressure for you to sell, I don't mind," he said. "I enjoy looking at people's stuff and maybe at a later date you give me a shot to buy it, but I'm not pressure oriented to where you must sell."
Reider explained that the value of gold and number of dealers both started to increase around 2008, which was around the time he entered the market. The number of dealers has since decreased.
"This is a career for me," he said. "People wanted to make a quick score and then they got out of the business, so the guys that are left now are pretty much career."
According to Reider, precious metals are less volatile and more tangible than other investments.
He said that he prices precious metals and jewelry, including estate jewelry and custom diamonds, based on market rates, adding that he has less overhead costs than larger companies.
"If you find the right product, you can buy local and buy at the small mom-and-pops and still be cheaper," Reider said. "That's why I like this business so much."
Ohio Gold and Coins is a state-licensed precious metals dealer and uses x-rays or acid tests to determine the authenticity of precious metal products, he explained. The building also includes cameras and a security doorbell.
It is closed on Sundays and Mondays and opens at 10 a.m. the rest of the week, closing at 6:30 p.m. on Tuesdays, 5 p.m. on Wednesdays through Fridays and 2 p.m. on Saturdays. For more information, Reider said that people can call the Painesville Township store at 440-579-4403.
Additionally, he noted that Ohio Gold and Coins operates a Bainbridge Township location at 8535 East Washington St. For more information, people can call that store at 440-468-0099.