As the U.S. economy staggers along, many people are selling gold jewelry to pay their bills. In bad times, precious metals rise in value, especially gold, now selling at over $1,700 per troy ounce worldwide. Google’s index for “sellling gold scrap” now numbers over 14 million.
The elderly get hit the worst. Selling cherished memories, found in gold and silver jewelry, cameos, old rosaries and music boxes to profiteers, are melted down for cash. Famous or not, those who lack the basics in life finally give in to put food on the table and keep a roof over their heads.
Selling Gold Memories to Pay the Bills
Thankfully, precious metal firms like Tyre, Bailey, Roberts & Associates take your gold and silver jewelry for a percentage of the market price. Online and local store retailers and wholesalers also take your gold scrap. Selling gold memories is a profitable business.
Saturday’s paper had a three page ad by Tyre Associates, costing tens of thousands, announcing its “7 Days Only Instant Cash for All” event at a few local hotels. Tyre had a similar event earlier this year in Orange County California.
Todd Tyre, the guy behind the events, springs from Ohio. He claims people who sell their memories at his events are not desperate. They only trying to get rid of things they and their kids don’t want. In his ad, he also claims Tyre’s buyers offer sellers more than competitors for their wedding bands, trophies and gold glass rings because they’re experts in the world-wide market for precious metals.
Most people who sell off their jewelry and coins are 65-70 years old, many in their 80’s, hoping to take home some pocket change, pay utility and other bills stacking up. Tyre even offers a 2% bonus on gold jewelry for senior citizens. (“Please present this coupon to the receptionist, the ad says.”)
“Tyre admits to riding a wave, gathering precious trinkets from those who need the money, paying a little, then ditching them on the open market. What he’s really doing is turning family treasures into cash. One lady sold “a little jewelry” for $129 to Tyre and Associates but declined their offer of $500 for some sterling silver. “‘The sentimental value of that silver set is greater than that,” she said.'”
Hard Times Increase Selling Gold Memories
What happens to your memories? If they’re made of gold and silver, they’re melted down. Since the recession hit and economies collapsed, gold has risen to over $1,700 an ounce. Some experts predict gold and silver prices will double in 2012.
Do you need that gold wedding band? Will your life become any worse without the icons in your lives–old birthday cards, family photos, gold trinkets? I suppose not. Keeping the furnace running is probably more important than memories of our past. But after the bills are paid, as we sit on the couch with the heat on, there’s one less memory to clutter our minds. It’s already melted down.