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More Folks Turning Gold Jewelry into Cash

February 25, 2009 by Administrator · Leave a Comment 

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More Californians are taking advantage of a jump in the price of gold to turn their old gold jewelry into cash, says the Santa Cruz Sentinel. The price of gold, which rose to $1,000 an ounce last February and March, then dropped to the mid-$900s, is back above $900 an ounce, sparking a gold rush.

The newspaper article mentions that Santa Cruz Pawn is the only licensed and bonded pawn shop in the city of Santa Cruz, and that it has been in business for more than 10 years, paying cash on the spot for jewelry that might be damaged, missing pieces or just not your style. Bruce Pedersen, owner of Watsonville Pawn, says that most people don’t know that they can come to a pawn shop to sell their gold jewelry. This is unfortunate, since Pedersen said that when he called the “cash for gold” phone number advertised on television, he got referred to another phone number, where he found the voice mail full and no longer taking messages.

Pederson also stated that the $900 per ounce advertised price quote is misleading because it applies only to pure 24-karat gold. Most gold jewelry is 10 karat or 14 karat, so it is worth less, he said. For example, 12 karat is 50 percent gold so the price could be $450 an ounce, half the rate for 24 karat gold.

Other advice worth remembering is that “if it’s gold over silver, it’s worth less,” says Michael Craig, owner of Monterey Bay Estate Jewelry and Antiques, explaining that silver is priced at $12 an ounce.

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While people of all walks of life are turning gold jewelry into cash, the opposite is true too. Many people are now turning cash into gold, seeing gold as one of the few secure investments in this volatile economy. To read about the cash to gold trend, go to this article: Record Sales for Gold Bullion and Coins.

The United States Mint Suspends Sales of 24K Gold Buffalo Coins

October 3, 2008 by Administrator · Leave a Comment 

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San Diego gold buyers won’t be able to purchase any gold buffalo coins this week. The United States Mint is temporarily halting sales of its American Buffalo 24k gold coins because it can’t keep up with soaring demand. The Associated Press reports that sales from the Mint were being suspended because demand for the coins, which were first introduced in 2006, has exceeded supply and the Mint’s inventory of the coins has been depleted. Read more

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