Customers cashing in on record gold prices

August 9, 2011 6:32:56 PM PDT
Stocks rose Tuesday after the Federal Reserve announced that it's talked about ways to spur the economy. But the more unstable Wall Street is, the more attractive gold looks. Tuesday, gold was priced near $1,750 per ounce.

If you believe all the ads online and on TV, it is time to sell your gold. And gold sellers are checking around to see who is offering the highest price.

Shirley Trawick went to Gold Star Jewelers in San Jose with an assortment of gold pieces.

"Gold is high and it's stuff that I don't use and I don't wear," she said. "It's just sitting there and I might as well make a little money on it."

Zoro Kharmandaryan's family shop has paid $60,000 in the past week to customers cashing in on record gold prices.

"Honestly a lot of people I think are desperate and a lot of people need money to pay their bills or mortgage or even feed their children," Kharmandaryan said.

"Any time's a good time if the money is right and it's right, so I'm here," Trawick said.

Trawick's assortment of 10 and 14 karat gold jewelry paid her $1,746.

But have gold prices topped out?

James Simos is a certified financial planner in oakland.

"Do I think that you're going to see $2,000 an ounce gold? It's quite possible if we have problems in Europe and more volatility," certified financial planner James Simos said. "I just think people are going to want to hedge the volatility in their portfolios and they're probably going to go out and buy gold."

It is an unusual situation in that it is both a buyer's market and a seller's market. There is lots of competition to buy gold, so the experts say be sure to get plenty of estimates before you make the ultimate decision.

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