Consumers mining jewelry boxes for gold

[eppur_se_muova]

Source: AP/CNN

CHICAGO, Illinois (AP) -- A new kind of gold rush is unfolding at jewelry store and pawn shop counters -- featuring not prospectors, but consumers.

White-collar workers, retirees and many others have been digging through jewelry boxes and safety deposit boxes to cash in as gold prices flirt with $1,000 an ounce. Coins, old wedding rings, necklaces given by ex-boyfriends, hand-me-down gold pieces -- everything is fair game when it brings this kind of profit.

Shop owners across the country are marveling about the phenomenon they say began in the latter part of 2007 and accelerated through the winter, reflecting torrid gold demand like none had ever seen. There are even gold parties, where people gather to sell their jewelry.

"Everybody's trying to sell," said Richard Rozhko, owner of a jewelry store on the northern edge of Chicago. "People are trying to cash out because they don't believe that gold's going to go higher than $1,000 or $1,200" an ounce.

Read more: http://www.cnn.com/2008/LIVING/wayoflife/03/13/selling.jewelry.ap/index.html

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Further confirmation that the US economy is strong!
:sarcasm::sarcasm::sarcasm:

[DemocratInSoCal]

1. "People Don't Believe Gold's Going Higher Than $1,000 or $1,200/Ounce"

These people are going to be saying the same thing when it's at $2,000. They won't believe it's going higher then either.

[KayLaw]

3. That's what I say.

NT

[Angela Shelley]

2. Thanks for the useful information!

[Lance_Boyle]

4. demand must be awfully high

for this supply glut to fail to lower prices.

But screw gold - the real money's in copper. ;-)

[fed-up]

5. they're cashing out cuz they need to EAT and have HEAT nt

[phantom power]

6. They'll wish they'd saved it longer, when things get really bad.

[SpiralHawk]

7. Unless they are cold and hungry now...

under the republicon economic surge...

[NEOhiodemocrat]

8. My Mother in Law

82, low fixed income, Chemo once a week, has asked my husband to take a few of her gold things to see about how much money she can get for them. Sad situation when this is what it comes to for someone who worked all her life. They tried to cut off some of her medical, said the chemo was too expensive for her to get. She says the government just wants her to die so they can save some money.

[thecrow]

9. Be aware that this also means a rise in crime

as less than savory persons break into our homes and try to do a little mining of their own.

[eppur_se_muova]

11. They've been stealing copper too -- seen more than a few reports of that. nt

[BadgerKid]

10. I guess gold-filled teeth are next.

:scared:

Edit: just a little CYA