People cash in as gold reaches an all time high

POSTED: Tuesday, August 9, 2011 - 4:20pm
UPDATED: Friday, April 13, 2012 - 9:54am

BRYAN -- Gold is continuing to climb to record high prices today, at over $1,700 an ounce and with the credit downgrade and our increasingly shaky economy, more Central Texans are looking for a fast and safe way to cash in.

Alta Olden had some old jewelry that she never wore lying around her house, so when she heard that gold was at an all time high, she decided to see what it was worth.

"$492, so I was pleasantly surprised for one pair of earrings and a bracelet," said Olden.

People are selling anything from earrings, chains, to even dental gold. So people are cashing in.

"I got like $227 for one little bitty simple chain and so I said, you know what, my husband and i are going to take some vacations so i decided to go through my box and get out all the jewelry I don't ever wear," said one customer, Rhonda Moore.

Whether they're spending it on vacations or even bills, Olden said the extra cash is a huge help.

"It gives me extra money, takes a little of the burden off you know higher expenses and utilities."

And thanks to the spike in value, Steve Chaney with Coin and Jewelry Exchange, said he's seeing more people interested in the precious metal.

"You have people taking advantage of the high price of gold and selling gold to make their ends meet and then the others who are actually investing to hedge against possible inflation or dollar collapse," said Chaney.

Whether or not the dollar collapses, Chaney said he has a feeling more people will continue to turn to gold.

But before you buy or sell it, Chaney recommends you do your homework and see where you can get the best bang for you buck.


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