This is all a trick to "confiscate" gold in a different manner than the way it was done under Rooservelt were he actually had the gold of the US citizens "STOLEN" from them. Now with the dollar tanking the appearance is that gold is rising. The jewelers are building their own reserves by getting gold owners to part with it by offering good prices for their jewelery. These jewelers are preparing for a time when the dollar will crash, which will be sooner than anyone expects. Gold is a stable currency...the dollar isn't. If anyone has gold you would be wise to hold on to it.
Soaring Gold Prices Create Mad Rush To Sell
Nov 12, 2009 8:07 pm US/Eastern
Diamond District Jewelers Say People Who Need Cash Are Not Hesitating To Part With Treasured Personal Items Reporting
Kirstin Cole NEW YORK (CBS) ― Click to enlarge1 of 1
Then & Now The price of a precious metal has reached a record high.
It's a modern day gold rush -- and that's creating a lot of opportunity for both buyers and sellers.
All along the diamond district jewelers are not only selling, they're buying as customers look to cash in on gold's record price. They said it's good for everyone.
"What other business can you have a piece of jewelry and wear it for 10 years and then sell it and then still get money for it. Everyone's happy. It's a win-win," said Joy Galicki of Myron Toback Jewelers.
With gold going for about $1,000 an ounce you get almost that when you sell. No wonder it's a hot commodity.
Roni Rubinov, whose business, New York Estate Buyers, consists entirely of buying jewelry, said it's a frenzy fueled both by gold's high price and hard economic times.
"People are complaining about making money, business is slow, they're getting laid off, and basically the only thing they can turn into cash immediately is the gold, the jewelry they all ready have," Rubinov said.
Jewelers here said a lot of people are selling what they don't wear any more, broken pieces or jewelry that is out of date.
"Stuff lying around in boxes, stuff great grandmother or great grandfather gave them, collecting dust," Michael Toback said.
Still, any piece of jewelry can have sentimental value and be hard to part with.
Or maybe not.
"Oh I've got jewelry. My old class ring, I'd give it away in a heartbeat," one person said.
But Julius Johnson of Bedford Stuyvesant said he's hanging on to his.
"I believe my jewelry was made just for me and that is why I would never sell my jewelry," Johnson said.
Jewelers here, hard hit by the recession, said the selling trend is a bright spot in a tough time. They said they hope the benefits spread beyond their businesses to help the recovery at large.
"Hopefully they'll buy some gifts, stimulate the economy, and create more jobs," Michael Toback said.
