NJ residents cash in on high gold pricesPosted: Updated:
The price of gold has hit a record high, and pawn shop owners say they are seeing more customers coming in to sell their jewelry as a result.
The price of gold has hit a record price of $1,000 an ounce. Though some say they would never part with their gold jewelry, Roman Rychlik, who owns Elizabeth Coin and Jewelry Exchange, says more people are turning their scrap jewelry into cash. Rychlik says with the high price, even trinkets are valuable.
Rychlik, who buys gold items by weight or vintage value, says he sells odds and ends to be melted down and made into new jewelry. He also re-sells finer pieces.
Rychlik adds that the rising demand for gold, and lower production, are driving up the price.To watch an interview about gold prices, go to channel 612 on your iO digital cable box and select iO Extra.