With Gold Value at Historic High, Local Business Helps Others Cash In

With gold trading at its highest amount ever, locals are trading in their jewelry for a little extra cash.

Gold was worth $1,505 per ounce as of Friday, which translates to about $18 to $20 per gram at Got Gold?, a storefront on Hancock Avenue in Murrieta.

"...Which is the highest it has ever been," said Gary Hawthorne, a partner at Got Gold?'s Murrieta location.

"There has been a resurgence in the number of people who are interested in gold. People that have been hanging onto gold and waiting for it to get to a respectable level are coming in and asking about it," he said.

"Our core business is watch and jewelry repair, but we've found that some days are busy with people wanting to see what their jewelry is worth. We get a lot of 1970s gold, so whatever they paid retail for it in the back then, they are getting back full price."

A wedding and engagement ring, if it is solid 14 karat gold, can bring in about $135, he said. The shop will take diamonds out for the customer. Then the shop melts down all the gold it has accumulated.

"It can go one of two places: to be melted into gold ingots (bars), or to make more jewelry. But we have to get it to its purest form so we have to melt it."

"As the dollar slides and inflation sets in, gold continues to climb. The government just printed too much money."

Hawthorne, who has spent his career in sales, got into the gold business about six months ago. The company also hold gold parties, during which it will travel to customers' homes or locations.

Another option for customers is to invest in a gold savings plan, Hawthorne said. The company is promoting the plan, which is free to anyone who wants to register. 

"It gets them registered with a company that will actually sell gold bullion to them in small quantities," Hawthorne said. "It is a neat program because through it we are helping out some nonprofit companies that help women."