Value of gold nearing all-time high, Americans are cashing in

We’re in the middle of the Gold Rush 2.0.But this time folks aren’t making money finding gold – they’re making money selling it.With gold near an all-time high, selling for over $3,200 an ounce, folks are raiding their jewelry boxes and heading to pawn shops, jewelers and smelters to turn their little-worn necklaces, watches, bracelets and earrings into cold hard cash.“Every day we have more customers just coming in, selling their gold, raiding their cabinets and stuff like that, looking for jewelry,”  said Sabashden M.

Hernandez, who works at family-owned A&M Precious Metals in Los Angeles’ jewelry district.“I have not seen anything like this.

I’ve been in this business for about eight years and this is pretty crazy for me.”And at A&M, people are getting their money’s worth.Because the price of gold is so high, customers are getting 99% of the gold’s market value.

The shop only takes a 1% cut. So how does A&M make a profit? Quantity.On a good day, Hernandez is buying over 400 ounces in gold – at 24k, that’s over $1.2 million.“A couple years ago, we would have about seven to eight appointments a day.

Now we’re in a range of 15 to 20 customers a day,” said Hernandez.Hernandez says his shop acts as a middleman.The gold is melted down into gold bars, which are then sold to refiners.

Refiners turn it into a form that jewelers can work with, getting back to storefronts in no time.And it’s all done in a few block radius in downtown Los Angeles.

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Hernandez holds up a jar filled with gold pellets – the contents weigh exactly 1 kilogram.“Jewelers here in the jewelry district grab this so they can make chains and stuff,” said Hernandez.“The kilo nowadays is about $107,000...