Re : "I have been ... positive on precious metals" ...................................................
Houstonians swap old gold jewelry for cold, hard cash
06:22 PM CDT on Sunday, March 16, 2008
By Courtney Zubowski / 11 News
HOUSTON -- With the price of gold gaining more than 20 percent just this year, Houstonians are rushing to exchange the precious metal for cash.
Carrie Wolf is one of the gold rushers. She’s visited the Houston Gold Exchange three times this month, netting nearly $800.
“I started going through my drawers, called my mom and said, ‘Mom, get all your gold. Let’s go,’” Wolf said.
Employees at the Houston Gold Exchange said they saw ten times the amount of people Saturday as they do normally. Customers were bringing in a little bit of everything.
“Broken pieces, just outdated pieces that have just been lying around the house for awhile. People saw gold got to $1,000 and they’ve been knocking down our door ever since then,” Gilmar Franco of the Houston Gold Exchange said.
But here’s something to keep in mind:Not all gold will bring in the big bucks.
Twenty-four-karat gold is worth $1,000 an ounce, whereas 18-karat is worth roughly $750 an ounce. Fourteen-karat gold rakes in $583 an ounce, and 10-karat will get you about $417 an ounce.
Most people are handing over 10- and 14-karat gold.
Fran Davis left the Exchange with around $1,400 for 3 ounces of 10- and 14-karat gold.
“My husband thought I was crazy for coming down here,” she said.
Some experts predict the price of an ounce of gold could go up to $1,200 by the end of the year. Others say the price could double.
And that makes for a golden opportunity for those willing to part with their old jewelry.
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