More people are selling their gold as its value continues to rise. That's creating what local pawn shop owners are calling a gold rush.
Bing Miller owns City Jewelry and Loan, a local pawn shop. He says over the past four months he's noticed an increase in customers looking to sell their gold. As the value of the dollar decreases, gold prices are higher than ever sitting at around $1,000 an ounce and consumers are taking advantage.
But some are trying to sell fake or damaged gold and they don't always know it. Miller says some customers buy from a seller on the street thinking they're getting a good bargain. "You know if a good deal is too good to be true, it probably is cause there are most people, 99% people can't tell if a piece of jewelry's gold or not, so just be careful if you're buying gold from strangers," said Miller
But while people are rushing to sell their gold.Stores can't seem to get rid of it and Miller says he knows why.
"People can't pay the price of it. When they come in wanting something reasonable, it's hard to find anything reasonable in gold, but you know, anything in a... Gold ring under a hundred dollars now is very, very rare. Like I said, cause the meltdown values on most rings are now 50, 75, to a hundred dollars any ring," says Miller.
Even with gold prices rising and less being bought people are still buying jewelry. So what could be taking the place of gold? Shop owners say this cloud has a *silver* lining.
"...you can buy silver jewelry so much cheaper, so people are starting to wear silver jewelry more than they are gold jewelry," said Miller.
Source: kauz
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