WHITE PLAINS, N.Y. - Gold's steep price tag has some local jewelry shops, including Joe Soares' Cressida Jewelers, bustling with customers looking to make money from their gold..
"They've been clearing out their jewelry boxes and coming in," said Soares, 56, an Ardsley resident who took over the Mamaroneck Ave. shop five years ago. "I see about 10 more people a day selling their gold."
Gold dropped to about $1835.61 per ounce Tuesday evening, after its value kept rising to new records this month. Gold, which rose to over $1,850 an ounce in mid-August, was worth about $1,248 per ounce at this time last year.
"It kept making the news because it was a new record everyday. Customers are really aware of what they have today. There's still a decent profit margin," said Soares. "It hinders the retail because everything is so expensive. You sell more sterling silver because it's the poor man's gold now."
Gold's inflated price has left sales sluggish at Rodriguez Jewelry Corp., according to Dionicia Rodriguez.
"Nobody's buying. A few times they buy the cheap, cheap [jewelry]," said Rodriguez, who has run the Mamaroneck Avenue store with her husband for 10 years.
The White Plains couple began buying jewelry and gold about two months ago and said it hasn't proved lucrative so far.
"Maybe we started too late," said Rodriguez.
Despite the stock market's recent volatility, local jewelry stores said investors weren't flocking to White Plains shops looking to put their money in gold.
"In 2008 more people were buying gold as an investment, not now," said Soares.
Jerry Piscitelli said he wouldn't think of investing in gold while monitoring his stocks at the local Panera Bread.
"I don't know about gold. Europeans are buying a lot of gold so it's going up, but eventually it'll go down," said Piscitelli, a Rockland County resident who has faith the market will return to normal in the next two or three years.
Have you sold gold lately? Was the extra cash useful? If you have investments in the stock market, has the markets' recent volatility made you reconsider where to invest your money? Email thoughts to email@example.com and we'll include your responses in future coverage.
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