Soaring gold price triggers rush to jewelry boxes
Like a winning contestant on a game show, Michelle Dayrit exclaimed with joy as a gold dealer told her what he’d pay for her old gold jewelry.
“Oh my God! Are you serious? I can’t believe it!
“I was hoping for $100,” said the San Francisco State University junior, whose necklace, watch and rings brought in $1,230. “I just bought a computer; this will pay for that and then some.”
As the price of gold has skyrocketed – more than doubling since early 2008 – a modern-day gold rush is occurring all over the country. People are prospecting for treasure in their jewelry boxes or attics. Investors large and small are turning to gold as a safe haven during a time of turmoil on Wall Street and in the worldwide economy. Police in Oakland and other cities are reporting a rash of robberies of gold jewelry from pedestrians. More visitors to California’s Gold Country are trying their hand at panning in the Mother Lode.
This entry was posted on Wednesday, September 7th, 2011 at 9:16 am
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