Record gold prices lead to pawn show gold rush - WDRB 41 Louisville News

Record gold prices lead to pawn show gold rush

Posted: Updated:

By: Tamara Evans - tevans@fox41.com

LOUISVILLE, Ky. (WDRB Fox 41)

With gold hitting a record high of $1,600 an ounce this week, many people have found themselves cashing in.

For many pawn shops, jewelry is the main part of their business, so whenever gold prices hit a record high hey quickly took notice.

"You get phone calls 6-7 times a day on checking prices," says Jeff Stein, Manager of Stewart's Pawn Shop.

Customers are wanting to know about the cost of buying and selling gold.

"Ever since gold's hit $1600, we've had a lot more customers. People emptying their jewelry boxes and things like that because they can get a lot more money now for their gold….scrap rings, chains, bracelets, anything," says Jeff Stein.

There's a big difference in what customers are making now, compared to years ago,

Stein says a 10K gold chain that you may have sold last year for $250 is now selling for $350.

While some analysts believe by the end of the year, prices will drop down again, in the meantime, the latest jump continues to have some pawn shops busy.

"It's been $1200 for the last couple of years and now it's been climbing, climbing, climbing," says Jeff Stein.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WDRB. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.