Since late 2007, many gold store owners have witnessed a strange phenomenon occurring in their stores.
Normal every day people have been digging through their old or unused gold collections and jewelry boxes and bringing in every kind of gold they can find.
Gold prices have been nearing $1,000 an ounce – a historic high – which has many consumers selling their old gold for a profit.
Some speculate that this “reverse gold rush” is also partly caused by the recent economic slowdown. As people are having a tougher time paying their bills, it only make sense for them to sell their old jewelry.
Recently a number of websites have popped up for selling gold online including GoldKit.com and Goldpaq.com. These sites let you collect and mail your jewelry to processors who weigh, appraise, and pay you cash for your gold, making the entire process easy for just about anyone.
A recent AP article quoted a shop owner in Chicago:
“It’s stuff that’s lying around the house, so they figure: Why not make money from it?” said co-owner Wayne Cohen. “The price of gold is so ridiculously high that they’d be stupid not to get rid of it.”
We’ll explore more reasons why the price of gold is at an all-time high in the coming weeks and also help you profit from this unique time in gold’s long history.