Gold fever sweeps suburbia

As prices soar and personal finances sour, Californians are selling off their old jewelry to generate extra cash.

By Tiffany Hsu

Unwanted gold jewelry is melted down at NTR Metals in downtown Los Angeles'

jewelry district to be formed into bars and eventually recycled into new coins and trinkets.

 

Juggling glasses of white wine and baggies filled with baubles, dozens of women descended on a well-appointed Orange County home this week to trade in their old golden treasures for hefty checks.

There were earrings from ex-boyfriends, ring settings with missing stones and chain bracelets from sorority sisters. One woman brought in her husband's wedding ring -- from a previous marriage.

Julia Geivet, 39, had hopes of selling an "embarrassing" Italian horn bauble she had owned since eighth grade and a few other small trinkets, which she thought might get her $30.

"I figured I'd come get a little money and socialize and chat," said Geivet, who was recently laid off as a manager at Verizon Communications Inc. "It might not come out to a lot, but right now, every little bit helps."

She left with a check for $302.92.

Gold is hot. The precious metal soared $25.70 an ounce Friday to $1,001.80, topping the $1,000 mark for the first time in nearly a year. South African Krugerrands, American Eagles and other gold coins are in demand as people seek safe investment havens in uncertain times.

That has people digging through their drawers and jewelry boxes looking for watchbands, cuff links, chains and bracelets that can be sold to jewelers, pawnshops and other brokers to be melted down to feed the growing demand for gold coins.

 

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