Local News

Jewelers: More People Exchanging Gold For Cash

BALTIMORE (WJZ) ― As the prices of gas and food continue to skyrocket, so has the value of gold.

Gigi Barnett reports some local jewelers say that's causing a gold rush.

Fourteen, 18, and 24 karat gold are going back to jewelers by the pound.  With the recent rise of gold, owners are ready to unload it.

"If it's sitting around their jewelry box and doing them no good, they want to come and get money for it," said Mark Motes.

Motes runs Smythe's Jewelers in Timonium.  With gas more than $4 a gallon and food prices almost as big, he says some of his customers need the money.

"Probably the majority of people this week, as soon as I give them the check, it's, `Oh, that will put gas in my car' or `That's a little extra vacation money that I didn't know I had.'  I think it's just extra money for everybody," he said.

Nancy Rubin saw a payoff from her gold.  She's willing to swap the money for some vacation time.

"I saw an article about selling gold.  This is a good time to do it and so I decided to try," she said.

Most jewelers are taking anything that's real, even if it's broken chains or one earring or even teeth.

"A lot of teeth," Motes said.  "You wouldn't believe how many gold teeth.  It's still good gold, just been in somebody's mouth for the last 20 years."

Jewelers say it's not just gold. Silver and platinum are up, too. 

Jewelers don't know how long the price of gold will continue to rise. Some believe gold could go back down by the end of the year.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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