TRIAD – More area residents may be selling gold jewelry for extra cash rather than receiving it as a gift this Christmas.

The value of an ounce of gold has continued its record breaking rally throughout most of the year, settling at $1,131 on Thursday. Combined with a growing number of families who are struggling to afford presents, gold is the item to be sold this season, pawn store managers said.

“With the holidays and this time of year, gold has definitely stimulated our market,” said Jim Greene, owner of Coins and Stuff at 1017 E. Lexington Ave. “It’s good for our business, and it’s taken off this year.”

Some who sell their gold to Greene say they are taking advantage of its high value, but most say they need extra cash for other necessities.

“The people that come in are telling us they need to make their house payment, catch up on bills or buy Christmas presents,” he said.

Though the shop specializes in coins and jewelry, Greene said people also had brought other items to try to sell for additional funds like antique paintings and clocks.

The scene is similar at Thomasville Pawn and Jewelry, where gold is the main item customers are selling and electronics are the main item they’re buying.

“People are looking for bargains and trying to beat high store prices,” said Jason Cranford, manager of the store at 710 E. Main St. in Thomasville. “They’re bringing things to us to turn into cash so they can afford Christmas.”

Cranford said the store has collected more gold this season than ever before, and sales are up from last Christmas. People also are buying gold at the store, mostly in the form of women’s gold rings, he said.

Cranford and Greene agree that now is the best time to sell gold, but they warn against advertisements that encourage viewers to mail their gold to companies for an undisclosed amount.

“It’s a lot safer and better business if you go to a local person that you can look in the eye that will look at your gold,” Greene said. “That way, you’ll get a fair and honest price.”

phaynes@hpe.com | 888-3617