Gold Hits Record High, Local Jewelers May Be In Trouble

A dark cloud passed over Rockland County earlier today and although there was a brief rain, there was a line of people at Barry’s Estate Jewelry in Bardonia. Most were there to sell gold. Gold is trading at an all-time historical high today—going over $1,700 an ounce according to the current gold market.

“I brought in anything that was broken or one earring. There’s no point in keeping it,” said Claire Eichenholtz. “I also brought in pieces that I don’t have a use for or don’t want anymore. I might as well get something for it and use the money to go out to dinner or get a tank of gas.”

Eichenholtz came in with her gold and left with cash.

Barry Fixler, of Barry’s Estate Jewelry, has the live gold prices on monitors in his store so his customers can always see what the price of certain metals are.

“I’m very competitive. I have a great reputation and 30 years in this business,” he said. “The process is very simple. Bring in your gold. We’ll identify the metal—whether it’s gold, platinum or silver—and the karat weight. We’ll weigh it and buy it based on the current metal price.”

Fixler said that about half the people who come into his store are there to buy and the other half to sell. His customers buy and sell a variety of jewelry and that he’s seen generations of families come through.

Another local, Don Golub, brought in some of his wife’s jewelry to price out.

“This is stuff she doesn’t wear anymore. It’s just been sitting at home and plus, I’m paying insurance for it,” he said. “I was pleasantly surprised at how much I could get for it. I had no idea how much it would be.” Some leave without trading in their gold for cash. At Barry’s Estate Jewelry, they will weigh and price out the jewelry for free.

However, Golub was one of many to be “pleasantly surprised” at what their gold got them, but Fixler is worried about the skyrocketing gold market.

“The gold market price is very abnormal. The price is too high,” said Fixler. “I’m concerned it’s going to hurt the jewelry industry. I’ve been here since 1981—30 years—and it used to be $300 an ounce for gold. For the last three years, it’s been out of sight.”

He added that he feels jewelers won’t be able to continue to sell solid gold pieces, except for wedding and engagement bands, if the trend continues.

“I’d like to see gold prices at $700 per ounce,” he said. “That would be good for the jewelry industry and good for America.”