Local News

Slow economy driving surge in gold sales

Posted November 11, 2008 7:09 p.m. EST

— Clayton jewelers say they are seeing a surge in the number of customers selling or trading their old jewelry for extra money.

More and more customers are looking to sell gold items because the value of gold has remained high. Jewelers are also making a profit by selling it to refiners.

Debra Austermuehle owns Main Street Jewelers.

"Not only are we able to turn it around, we have someone we send it to to refine the gold so we do make a bit of a profit on that," said Debra Austermuehle, owener of Main Street Jewelers.

The price for gold peaked last spring at about $1,000 an ounce. It has since come down some, but experts say, overall, gold is holding its value better than most things.

"In good times people by jewelry, they enjoy it, and in bad times, it's a safety net," Austermuehle said.