Value of gold nearing all-time high, Americans are cashing in

Gold Rush 2.0: Turning Jewelry into Cash

The current surge in gold prices has sparked a modern-day Gold Rush. Instead of prospectors searching for gold nuggets, people are now cashing in by selling their gold jewelry.

Gold is currently selling for over $3,200 an ounce, prompting individuals to rummage through their jewelry boxes and visit pawn shops, jewelers, and smelters to exchange their pieces for money.

Sabashden M. Hernandez, a worker at A&M Precious Metals in Los Angeles, expressed astonishment at the sudden influx of customers looking to sell their gold. The shop offers customers 99% of the gold’s market value, taking only a 1% cut.

To maintain profitability, A&M relies on high volumes of transactions. Hernandez shared that on a good day, the shop buys over 400 ounces of gold, amounting to over $1.2 million.

Hernandez noted a significant increase in customer appointments, indicating a growing trend of selling gold for cash. The shop acts as a middleman, melting down the gold into bars that are sold to refiners who then provide the metal to jewelers.

Alberto Hernandez, the smelting expert at A&M, demonstrated the intricate process of transforming gold into molten form, ready for further refining. The gold is then checked for purity before customers are compensated for their valuable items.

Customers are often surprised by the amount of money they receive for their gold, especially as the prices continue to soar. Business at A&M fluctuates with gold prices, with some customers even parting with family heirlooms for quick cash.

As the gold market remains hot, more individuals are seizing the opportunity to turn their forgotten jewelry into a valuable asset.