August 22, 2011
Even people not in the know, when it comes to the stock market, have heard how the price of gold continues to soar.
The price of gold per ounce hit a record $1,830 on Thursday, marking a steady climb in the months-long rapid escalation of the price of the metal. Jewelers across the country are reporting a noticeable increase in the amount of people coming in to sell their gold jewelry, which some are reluctant to refine.
â€śItâ€™s turned into a feeding frenzy,â€ť David Rotenberg, owner of David Craig Jewelers in Langhorne, Penn., said of buying gold. â€śItâ€™s all weâ€™re doing. People are lining up in the store.â€ť
The economyâ€™s hiccup earlier in August contributed to the increased number of consumers selling gold, Rotenberg said, and also to the types of gold jewelry theyâ€™re bringing in.
â€śTheyâ€™re obviously digging deeper,â€ť he said, â€śWe went through a period, around 2008, where everything we were buying was scrap metal. Around 2010, people started coming in with nicer pieces of jewelry.â€ť
Now heâ€™s seeing scrap metal again, which leads him to believe that consumers are finding gold to sell that they havenâ€™t considered before, including mementos.
Source: National Jeweler
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