“Strong gold prices push shoppers to invest in bling” |
| Strong gold prices push shoppers to invest in bling Posted: 13 Dec 2010 09:11 PM PST Published: December 14. 2010 12:01AM The run-up in gold prices is driving jewelry prices higher, and it also is driving more people to buy jewelry as an investment, giving jewelry stores a boost after a tough 2009. Advertisement "The rise in gold prices raises the value of all the jewelry people already own," said Nancy Schuring, owner of Devon Fine Jewelry in Wyckoff, N.J. "That is an affirmation that, 'Hey, I bought something and it got more expensive.' "Gold has gained 26 percent this year, reaching a record $1,432.50 an ounce last week. Gold prices that have been on a steady climb for the past seven years have fueled a "cash for gold" frenzy, with one national company advertising on the Super Bowl, and charities holding "turn in your gold" parties to raise funds. Many jewelry stores stayed afloat during the retail recession by buying gold jewelry and reselling it to refineries. "People bring stuff in and they basically do a trade-in, like a car," said Stevan Buxbaum, president of Buxbaum Jewelry Advisors, an affiliate of liquidation and turnaround specialist Buxbaum Group. "They sell some of this, and they get credit and they turn around and buy something else," said Buxbaum. -- wire report This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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