Gold rush on at local jewelry stores

DETROIT -- (03/18/08)--The employees at a Flint Township jewelry store have been very busy lately, as a lot of people have been rummaging through jewelry boxes and exploring their attics in search of gold.

The price of gold has risen so high that selling an old ring or necklace can bring a lot of cash.

Gold is selling for as high as a $1,000 an ounce, and at that price, people are more than happy to sell jewelry they no longer wear.  If there's a diamond or other gem in the piece, it can be pried out at the store.

"It's probably the last six months I would say," Randy Baumbach of Palace Jewelers said of the rush.  "We've been having anywhere from five to 20 coming in everyday."

"I've got jewelry I don't wear that wasn't a gift from anybody," said Judy Mellow of Genesee.  "I'm remodeling my bathroom and today I got enough to buy my bathtub."

Others have used the cash from selling gold to buy furniture.  Flushing's Meredith Wright did half of her remodeling with the cash she received from selling gold.

Typically, those selling gold leave the store with between $200 and $600.  Some people have been hosting gold rush parties in their homes. Friends and neighbors bring gold items to sell and after it's tested, are paid cash.

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