Even the Cash-rich Cash-out of Their Old Gold Jewelry

By: Michael Gusky

Gold's high price is enticing wealthy consumers to venture into new territory - selling the family gold jewels.

According to Michael H. Gusky, president of online gold buyer GoldFellow.com, today's high gold price is tempting more affluent consumers to exchange out-dated jewelry for cash, instead of trading-up for more fashionable bling.

Though gold prices have dropped in recent weeks, they are still hovering in the $800's per troy ounce.

'We're only about $150 off gold's highest price, but more than $500 up from the lowest gold price of the past six years,' says Gusky. 'Even though gold prices are dropping, this is still the sweet spot in time to sell old gold jewelry.'

Gusky says even his affluent clients are sometimes surprised by the cash value of jewelry that's been lying around in their drawers and safes.

'It never occurred to me to sell my old gold jewelry,' said Merle Lundy who, with her retired surgeon husband, owns homes in Jackson Hole, Wyoming and South Florida. 'I nearly fell off my chair when they told me a couple of 80's style earrings and chains I never wear anymore were worth $700.'

Lundy, who sold her old gold jewelry to Gusky's company, acknowledged that she didn't need the money to pay her bills - but would put it to good use.

'I'm making a wedding for my daughter - I can always find something to spend $700 on,' she said. 'It really pays to clean out your drawers.'

GoldFellow staffers say some customers admit going through tough times but many, like Lundy, say they plan on using their cash for gold-selling windfalls for discretionary purchases like fine dining and gifts. One client claimed she purchased a horse for her daughter's birthday present using the money she got in exchange for her gold jewelry and one-ounce gold coin.

According to Gusky, GoldFellow.com has been purchasing large quantities of gold coins like South African Krugerrands and US $20 Gold Pieces as well as high-karat gold jewelry from individuals across the country.

'These items are not typical of low income households,' he observed.

Gusky says his company is also seeing a trend in better educated consumers.

'Before they select a buyer for their gold, consumers are doing their homework, comparison shopping and asking questions,' he says, adding he fields many customer queries personally. 'We try to provide consumers with an education so they can get the best value for their old gold.'

For consumers of all tax brackets Gusky maintains safety and security is paramount. He credits GoldFellow's&trade high-value customer appeal to features like free FedEx® packages insured up to $1,000 and the ability to insure packages up to $50,000. The company also boasts GoldView&trade, an exclusive Website feature where customers track their FedEx® packages from drop-off through delivery, view the value of their jewelry in advance, and have the opportunity to accept or decline their offer.

Michael Gusky is a 30-year gold jewelry industry veteran. The company he founded in1982 and grew into the largest manufacturer of gold jewelry in the U.S. was sold to Warren Buffett's Berkshire Hathaway in 2007.

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