With the international economy in shambles, governments and banks are buying gold in an attempt to stabilize their financial footing, driving the price of gold to an unprecedented high. So where does that leave all the old earrings, cufflinks and other golden pieces you haven’t worn in years? Is your fortune sitting in your jewelry box?
If you read community circulars mailbox flyers and local bulletins you probably can’t help noticing advertisements for selling your gold promising quick cash for those old earrings sitting at the bottom of the jewelry box the ancient cufflinks or the out-of-style kallah necklace. Is it just coincidence or is there really a rush on the gold market?
“As my husband says ‘Gold stays gold. Gold always maintains its value. It has a value as soon as it comes out of the ground. It’s not the value of gold that fluctuates; it’s the value of money that fluctuates’ ” says Mrs. Judy Goldring proprietor of J. Goldring Jewellers in Boro Park (and yes that’s her real name). “And unfortunately the dollar the euro and all the currencies are doing poorly against the value of gold right now.”
The skyrocketing price of gold — or to stick with Mrs. Goldring’s viewpoint the US dollar’s terrible performance against the value of gold — has driven a stampede on the precious commodity. As always in times of stormy economic seas people seek safe harbors for their financial assets. And gold has consistently offered the promise of lasting value.
And when dealers want gold they’re willing to pay for it.
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