Sellers are cashing in as the price of gold soars..
“We definitely have seen an increase in sellers. … But there are still quite a few buyers out there,” said Mike Anderson, a salesman with Tulsa Gold & Silver.
Mike Orr, manager of Top Dollar Jewelry & Pawn, said he’s been surprised about how strong the price of gold has remained and noted that interest started rising a few months ago when it reached about $1,500 an ounce.
He said most people are selling things they don’t wear anymore.
“It’s surprising how fast it adds up. A few pieces can turn into several hundred dollars very quickly,” Orr said.
A 3-gram, 18-karat gold ring might fetch $75, while a heavier 12-gram, 18-karat ring could go for $300, Anderson said.
“Obviously, when you’re trading at an all-time, world-time record high you’ve got a whole lot of sellers and few who want to purchase because it’s so expensive,” said Tom Dixon, co-owner of Don’s Coin & Jewelry.
“There are so many different indicators that people try to watch, but it’s really hard to say,” Orr said. “As long as there is unrest abroad in the Middle East and problems in Japan with their catastrophe – those sorts of things worldwide typically have gold staying high or continuing to inch up.”
