Gold and Precious Metal Prices Push Consumers to Sell

Gold and Precious Metal Prices Push Consumers to Sell

biz.yahoo.com

CHICAGO (AP) -- A new kind of gold rush is unfolding at jewelry store and pawn shop counters -- featuring not prospectors, but consumers.
White-collar workers, retirees and many others have been digging through jewelry boxes and safety deposit boxes to cash in as gold prices flirt with $1,000 an ounce. Coins, old wedding rings, necklaces given by ex-boyfriends, hand-me-down gold pieces -- everything is fair game when it brings this kind of profit.

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I'm not sure this is a really good idea. People are selling their jewelry and anything else made of precious metal to pawn shops. This is probably the worst time to do so. If oil is at $120 a barrel six months or less from now and small banks are failing, well those people will probably be wishing they hadn't sold that precious metal to pawn shops.

biz.yahoo.com
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