Record High Gold Prices

November 17, 2009 12:00:00 AM PST
Investors and people struggling to make ends meet are both cashing in on something time-tested - gold. The price per ounce hit a new record on Monday, $1,144-dollars an ounce. Prices have risen 29-percent this year, which is why more and more people in the valley are foraging through their jewelry boxes to sell off items they no longer need.Gold bracelets, rings and necklaces are typical of what the Fresno Coin Gallery will pay for in cash.

Steven Foster of the Fresno Coin Gallery said, "Pretty much everyone has something they don't care about anymore or don't use anymore or don't enjoy anymore."

It is the new gold rush. People are lining up to sell old jewelry.

Steven Foster's brother Phil said, "We have people of course who need money because of the rough economy."

Each item is tested and appraised.

Santiago Martinez of Fresno is a frequent customer. "Some people turn it in, get cash, sell their jewelry here. I have sentimental value with that necklace. I don't want to just sell it. I wanted to get a loan on a gold necklace I had."

Martinez got a 170-dollar loan to tide him over until his next payday.

The price of gold remains over $1,140 dollars for a pure 24-karat ounce, such as the Swiss gold bullion bars sold in the central Fresno gallery.

The jewelry you have at home is most likely 14-karat, or 58-percent pure. Here you could get between 12-and-15 dollars a gram.

Phil Foster explained, "Right now we are experiencing the best, the most customers selling gold in our history since 1982. People are coming and they're getting the highest prices they've ever heard."

Sometimes people bring in gold nuggets or even gold caps. Foster added, "A single filling could be anywhere from 20-80 dollars so you definitely don't want to leave it at the dentist's office."

Foster also said investors have also been busy buying gold coins. "We've sold hundreds of ounces of pure gold in the last week to investors who are uncertain about the dollar."

While some say it's difficult to part with items with sentimental value, others we talked to say it's not as difficult if the jewelry is out of style or never worn.


Load Comments