Cash for Gold! or We Buy Gold……….is everywhere. Nearly all jewelry stores are buying gold these days to keep their doors open. The market has changed so much that many jewelry stores are buying more gold than actual retail purchases from customers.
This new consumer behavior is another sign of the times. People are looking to find extra cash in every direction. Some are selling gold, such as old class rings and broken chains to pay for a wide variety of things. Some are using their pocketed cash for gold to pay for trips like spring break, but some are using it to pay rent or other life expenses.
A recent article was written in the StarTribune on who is paying what in the metro area for gold. http://bit.ly/9GfN23
Timothy’s Fine Jewelry located north of the Twin Cities is currently paying approximately $20 for gold to stay competitive with other gold buying resources. Like many of the other independent stores, buying gold for a small business is its surviving force. Competing with The Gold Guys, who are not Minnesota native, remains a struggle due to their mass marketing and advertising campaigns.
So support your local businesses if you need to sell gold. Help them keep their doors open so when the economy picks up again they are still around to help you in your future jewelry purchases.
