Gold Selling Frenzy Hits New York

New Yorkers are going wild — for gold. Gold has recently hit an all time high, with it selling for more than $1800 an ounce. As Michael Toback, the president and owner of the gold company Myron Toback Inc. describes it,

“It has been almost a frenzy. It’s wild. People are trying to get the money before it drops.”

Last Wednesday, gold set its all time record at $1,817.60. New Yorkers have been cashing in their heirlooms for money, understanding that the gold in their hands now is worth money in their pockets.

Toback, who has been working in the jewelry industry for 32 years, says that he usually receives about three calls a day from people who want to sell their gold for cash. These days, however, it’s more like 40 calls a day!

Lining Up Outside the Store

The New York Daily reports that at one store, Albert & Sons Jewelers in Manhattan, customers were actually lining up outside of the store.

The flip side of the rush to sell gold items, however, is that jewelers are having trouble selling their gold jewelry. Stores like Jay Jewelers in downtown Brooklyn say,

“For us who sell gold, it’s bad. We’re not getting a lot of customers. We try to bring prices down, but it’s never enough.”

Understanding What the Prices Mean

It’s important for potential sellers to understand that the gold price is for pure 24-karat gold; most jewelry and other heirlooms isn’t pure gold, but contains other metals. Many buyers, as well, won’t pay the full value of the gold, since they need to melt it down, sell it to someone else, etc.

Even so, the price of gold is luring New Yorkers to look through their closets and under the cupboards for that hidden treasure that just might help them pay the rent this month.