More South Georgians selling old gold -, Albany News, Weather, Sports

More South Georgians selling old gold

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By Jim Wallace - bio | email

November 12, 2008

ALBANY, GA (WALB) -     With the slumping economy, many Albany businesses say they are seeing more customers bringing in their old jewelry to sell.

 The price of gold is still high, and we went to see what people are willing to sell now, to bring in extra cash.

A bucket holding the gold that people have brought in to sell so far this week at Allen's Jewelers. Owner Steve Allen said "This is kind of an off week of buying. We usually do a good bit more than this a week."

People have brought in almost every kind of gold object, including someone's custom made teeth grill.

Allen said "Old wedding bands, little charms like that. Tons of that kind of stuff. I even noticed we had a few coins in here."

The price of gold has come down in recent weeks to 718 dollars an ounce today, but Allen says all kind of people are still selling.

 Allen said "People are struggling. People are needing to do what it takes to make the payments and come up with the money to buy gasoline and heating bills and things like that."

Allen says he also has people selling gold who just want to cash in while the price is still high. "Wedding sets like that. We take the diamonds out of them. We buy the diamonds too."

Allen says he expects to see an increase in people selling gold as the holidays approach. "This is a way they can get something new to give as a gift. And then we are going to see the people who are outright selling it so they can get the money to buy children's presents." That's sad. "It is sad."

Lots of people selling gold, to get through tough economic times.

Allen sells the gold he buys to a refinery, which melts it down to resmealt. He resets the diamonds and stones he buys in new jewelry.