Americans sell off jewelry amid record rise in gold prices — Fox Business

According to Fox Business, many Americans have recently decided to sell their jewelry to take advantage of the record-high price of gold, which has surpassed $3,200 per ounce. In the Los Angeles jewelry district, A&M Precious Metals acts as a middleman, buying precious metals from customers and melting them down for resale.

One of the organization's employees, Sabashden M. Hernandez, has seen a dramatic increase in the number of clients and the volume of deals. He notes that many customers are willing to part with family heirlooms for quick financial gain. On a good day, Hernandez purchases more than 400 ounces of gold. That's about 24 carats, or more than $1.2 million.

The jeweler says profits vary from day to day. More customers come in during morning price increases, and sales slow down as the cost of the precious metal drops. Sometimes, people bring relics and antiques to A&M Precious Metals worth more than their value in gold. Hernandez notes that private sellers have long anticipated this significant increase in the price of gold, considering the current moment the perfect time to sell.